COVID-19 has had a far-reaching impact on the global economy. Many businesses are taking unexpected decisions to curtail cost amid pressure on revenue due to slowing demand. Certainly, there are a few lessons for businesses to learn from this crisis.
First, it is glaring that businesses must maintain a flexible operational structure by embracing technology in a bit to adapt to the changing market dynamics. This ensures a smooth transition when implementing remote working structures. Secondly, the need to communicate the business continuity measures with key stakeholders and manage expectations from shareholders, customers, suppliers, and employees, is paramount.
Also, the pandemic presents an opportunity for companies to explore the potentials in the digital space by creating an online channel for driving sales as well as utilizing digital and social media marketing channels, to boost volumes.
Finally, companies need to review their operating structure with a focus on how to cut waste rather than cost, to identify activities that can be discontinued in the post-COVID 19 era in a bit to reduce operating cost and support margins. In all, the pandemic affords businesses the opportunity to look beyond their traditional operations and identify other business lines, which they can add to their existing operations.
Also, businesses might need to efficiently channel existing resources to better their position for life after COVID 19.
United Capital Plc Research