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5 ways for businesses to revamp their economic outlook in the post COVID-19 world.

Fa calendar 16 grey June 19, 2020   
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A lock down exit strategy is essential in the transitioning from crisis management mindset, to a creative and innovation mindset.

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Photo credit: Picha Stock

In his words, Martin Luther King Jr. once said that war is the greatest plague that can afflict humanity, it destroys religion, it destroys states, it destroys families, and any scourge is preferable to it. What we have today, as a pandemic is not a scourge but a war within itself. A war which has adversely affected the global communities – governments and businesses. For the economies to see the light of day in the world after Covid, they have to win this war not only in the battlefield but also off field.

Now, governments and businesses have taken cautionary measures to curb the spread, and risks posed by Coronavirus. This has caused economic shifts as a result of structural change, setbacks in progress, and emerging risks following hefty technological adoption.

According to the World Economic Forum, the need to move from a shuttered economy to a path towards growth and prosperity involves three phases – flatten, fight and future.

But the big question is - in the midst of a calming storm, how can businesses make short-term strategies eyeing the long-term goals? How can businesses win this war in the battlefield and prosper in the aftermath with respect to revamping their economic outlook?

Here are five ways that businesses can employ to revamp their economic outlook in the post Covid-19 world.

1. Devise a lock down exit strategy.

One way or the other, markets will be opened again. Without proper planning, this catch businesses unaware. The same way governments are planning for lockdown exit strategies, businesses need to do the same. To do this, businesses need to properly assess themselves to understand the risks that Covid-19 has subjected them to. Through scenario planning, having an exit strategy beforehand would help avert another economic shutdown that might occur in the aftermath of Covid-19. It will also prepare staffs psychologically towards the new reality. A lock down exit strategy is essential in the transitioning from crisis management mindset, to a creative and innovation mindset.

2. Safety of employees first.

Successful transition into the post Covid-19 world is highly dependent on whether employees would be willing to resume working in the office. They will be asking one question, is it safe to go back? Businesses’ priority should be protecting and safeguarding its human resource. To do that, businesses for instance, could conduct brief pandemic training to enhance the organizational and employees crisis response. The businesses should also ensure that requirements for sanitization are made available in order to instill confidence in their employees.

3. Restoring customer trust.

In a world of uncertainties and restrictions on social mobility, what every consumer wants to hear form service providers, is the assurance that it is safe, and business can operate as usual. Post the Covid-19 pandemic, consumers are looking to interact with businesses that can ensure their safety. A business can do this by communicating with customers. Businesses can send messages to customers online through social media or webinars. Businesses can also develop short questionnaires that can be filled online by customers concerning feedback and their post Covid-19 expectations.

4. Investments in virtual technological infrastructure.

Even though technological advancement seems to have taken root before the pandemic, the restrictions imposed by governments, has caused acceleration in technological advancement by businesses. Some of the businesses that adapted technology in their day-to-day management have had an easier time dealing with the crisis. However, businesses should not adopt technology and later abandon it when employees resume working from the office. Technology has proven that e-commerce and physical presence of businesses go hand in hand for it be effective. Technology should be used to complement the workforce and not to replace staff.

5. Embrace the cultural and behavioral shift that Covid-19 has induced.

We are living in the new normal, Covid-19 has changed the way we view things. It has changed social relationships and brought with it a new set of culture and behaviors. The success of a business lies in their understanding of how the culture of operating businesses is changing on daily basis. For instance, businesses have realized that they can operate without having a physical presence; this means that the staff might have an option, and no excuse for missing an important meeting. In attempts of monitoring the staff, businesses would allow some employees to continue working from home. The behavior of consumers has also changed. More consumers are shopping online and in the aftermath of Covid-19, businesses will have to remain in the virtual world. This has also created new opportunities for businesses, as the cost of operating globally has been reduced, since they can now operate virtually.

The Covid-19 pandemic has shown how interconnected we are. To be on the safe side and ensure we survive this storm, businesses need to team up with other stakeholders such as the governments, local and international agencies and most importantly the health sector. The economic outlook for businesses might take a while to revamp, but with the above strategies, the wait will be worthwhile.

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Comments

    Heritieh | July 12, 2020 05:21

    Thank you for your appreciation

    Ashedo | July 08, 2020 11:32

    I real like it back


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