The COVID-19 pandemic seems like an old news in today’s perspective. The worldwide pandemic might have been laughed off a decade ago but we all witnessed firsthand in 2020 how very real it was. Though there are still a number of positive cases present in some countries, much of the world population is already vaccinated. Some people may call this a gradual triumph in the fight against the pandemic.
A world crisis that has already won over or not, the pandemic has changed the world in so many aspects including business. It is clear that it won’t be “business as usual” anymore. When it comes to business decisions, corporations are still faced with difficult decisions in order to help out organizations restructuring strategies and improve resilience in this new era called “The New Normal”.
Here are the things companies should do to drive profitable growth in the new normal.
INVEST IN A FUTURE CRISIS STRATEGY
The COVID-19 pandemic has been a wake-up call for everyone. Now might be a good time to invest in future crisis prevention plans. Businesses should think about how the company can handle another potential health pandemic or crisis.
Companies should consider how much there were impacted by travel bans or locational lockdowns. If there is one that propelled much this pandemic is technology. Now is the time to think about moving into the digital age. Maybe automation tech and outsourcing could become wise investments going forward. The transition to remote work and virtual interactions has resulted in unanticipated efficiencies in terms of both time and resources. It will allow companies to improve proactive client outreach and build an entirely new sales and customer experience.
Most companies have already have shifted anyway to utilizing a range of digital channels in order to limit the danger of viral transmission and ensure a smooth return to work. By replacing in-person meetings with online video conferencing such as Zoom or Google Meet, businesses have and are communicating with consumers via video conferences without fear of virus infection.
LOOK FOR NEW OPPORTUNITIES
Even if the economy has tightened as a result of the pandemic, there are opportunities that have opened. Covid-19 has prompted lifestyle modifications, opening up new markets and sales opportunities. This includes companies selling their products more so online.
Take into consideration, Lin Qingxuan, a Chinese cosmetics firm. It had a 90% drop in shop sales during the outbreak, when many locations were forced to close and others noticed a drop in foot traffic. As a result, the company devised a plan for digital connection with clients that would replace the in-store experience: it transformed the company’s in-store beauty experts into online influencers. The success of this strategy has led to increased investment in digital channels. Lin Qingxuan’s improved online sales have more than compensated for the drop in store sales during the crisis, particularly in hard-hit Wuhan.
CONCLUSION
Businesses continue to experience hurdles as a result of COVID-19 changes, but it could provide unexpected opportunities for creating better sales process with prospects and consumers. Company executives must also focus on building a resilient organization in the near future in order to successfully handle any crises that may come. Companies can emerge from the new normal stronger than ever if they make thoughtful changes to their plans and use their inventiveness.
References
https://hbr.org/2020/09/adapt-your-business-to-the-new-reality
https://www.ey.com/en_be/strategy/how-to-create-a-strategy-for-the-new-normal
