There is no argument that the Covid-19 Pandemic has been a disastrous occurrence for several businesses and industries. Millions of employees lost their jobs, thousands of businesses suffered unexplainable losses, and several even closed down.
Studies prove that around 83% of enterprises were unprepared for a Pandemic. Not only that, many even refused to take immediate actions until the threat became irreversible. And because of that, nearly 43% of businesses reported suffering from a significant impact. A recent study also showed that over 51% of respondents reported a substantial decrease in sales. Moreover, almost 60% of business owners said the closure of their businesses was solely due to the Pandemic. Small companies were, by far, the worst hit by the Pandemic.
These statistics are enough to prove the integrity of the Pandemic and the severity of its effects. Prevention of such downfalls requires a well-strategized and sorted-out plan. That means certain modifications are vital if businesses want to survive the new normal.
Below, we have mentioned a few trends every business should consider implementing as part of their post-Pandemic strategy.
Work-from-home is probably one of the most significant changes companies, and their employees had to adjust to during the Pandemic. Multiple lockdowns and strict restrictions on going out led to a temporary closure of offices. Although work-from-home seemed highly inefficient initially, almost two years into the Pandemic, the realization of its benefits has finally hit many employers.
Entirely shifting to work-from-home might not be doable for several businesses. Still, many can consider implementing work-from-home partly into their operations. And companies who want to transition to remote work permanently can look up a serviced office space whenever a team wants to meet up in person.
The possibilities are immense. Suppose you strategize correctly and put a well-organized plan into action. In that case, work-from-home has the potential of benefiting your organization in remarkable ways. It boosts productivity, increases job satisfaction, promotes streamlined communication, and reduces overhead costs. You save more time to focus on other crucial things, build a better brand reputation, and witness a tremendous improvement in inclusivity and sustainability.
Building a website
We reside in a highly technologically advanced era. Many experts claim that the only way a business can reach its true potential in today’s time is by utilizing technology to the fullest. And the Pandemic further aided that claim. The rise in online shopping during the Covid-19 Pandemic was exceptional. Over two billion people purchased goods online, and online retail sales exceeded trillions of dollars.
Business websites had a significant role to play in reaching these statistics. The ease and accessibility that websites provided customers and clients with made them realize their actual benefits. And it is safe to say that several millions of customers worldwide will continue to prefer online shopping even after the Pandemic ends. That means owning a website has become exceedingly essential for every business to succeed.
A website guarantees credibility. It increases your business’s accessibility, helps attract more potential clients, and also cuts down costs. Having a website also allows customers to find you anytime and anywhere. It improves your SEO ranking, increases your leads, and assists you in influencing an even broader range of customers. Websites give you a chance to narrate your story, create new selling points, and advertise your services to reach a wider audience.
Optimizing social media
As mentioned above, integrating technology into your firm’s operations is essential for success. Digitization can reshape your entire business structure and for the better. Another crucial tool you must focus on is optimizing social media to its entirety.
Social media held significant value to a commendable number of people even before the Pandemic. However, during the Pandemic, its importance rose to a shocking extent. With little to no physical interactions, social media acted as a powerful communication tool for several people. It helped stay connected to the world and gave lives a little spark, which otherwise would have been dull in this depressingly unprecedented time.
Small businesses also benefited from social media tremendously. It helped them gain access to a broader range of customers and improve their brand image. Social media is here to stay. It is likely to grow even further and become an even more significant part of peoples’ lives. Hence, no business should hesitate in taking its full benefit. After all, it can increase your market reach, reduce marketing costs, and keep track of your competitors. Its faster, easier, and much more convenient and allows for broader networking and partnerships. It also boosts your organic visibility, increases web traffic, and helps in establishing your brand as a thought leader.
Driving systemic changes
One thing that the Pandemic made everyone realize is how different yet interrelated societies are. Systemic resilience amongst shareholders and stakeholders has become increasingly crucial for businesses to survive the new normal. Enterprises now understand the significance of building trust, integrity, and authority with the stakeholders.
Systemic change assists in recognizing a firm’s interdependencies and making all the required alterations. Systemic changes lead to smoother transitions and align your business strategy and goals with your internal business functions. It helps in raising confidence and improving project outcomes.
A systemic approach also encourages an enterprise-wide strategy and a shared understanding of the problem. It allows different perspectives and ideas to land at the best possible decision. Lastly, it helps in achieving a robust future vision for a company.
Did you know that many companies failed during the Pandemic because they ignored their competitors? Not strategizing for the competition is one of the worst things you can do for your business. Everyone wants to stay a step ahead of others, especially during these highly competitive times. Therefore, you must always align your strategies and decisions based on your competitor’s actions.
It is essential to stand out from your competition during such economic crises else you can quickly lose market share. Remember, a little initiative goes a long way and can benefit your organization tremendously.
We have to agree that there is no going back to normal even after the Pandemic ends. The Pandemic didn’t only significantly alter business activities but also reshaped lifestyles. And expecting people to go back to the way things were once everything is over is preposterous.
Therefore, adapting to specific modifications is critical for every company’s success. The ones mentioned above are a start. Once you are in the game, you’ll realize you are stepping into a world of betterment.