Since the global pandemic of COVID-19 spread, stress, and fear due to uncertain times have spread even faster. Consumer hysteria is on a high but the virus’s impact falls on the supply side as well, not just the demand.
Affecting 10% of the travel and tourism industry, millions of jobs worldwide, and triggering the downfall of many countries’ economies, the pandemic is clearly going to affect businesses on a long-term effect, even after the lockdown lifts.
Future Workplace’s recent survey, entitled “The Impact of the Coronavirus in the Workplace”, was conducted among 350 HR leaders in the USA to explore the topic.
When asked the question, “How will COVID-19 be advantageous to your business function?”, How to reinvent your business model? Many survey respondents responded in a similar way.
The HR executives commented on how the pandemic could serve as an opportunity to re-evaluate their assumptions on their current services, products, and business model. They are also beginning cross-training to be better prepared for the next pandemic.
So, how can you apply the same kind of thought process to your business post-lockdown? Here are a few ways:
Reinvent your business model
As an entrepreneur, you will have to reinvent your business model to adapt to the changes left behind by the pandemic. The first step you have to take towards this is deconstruction. Re-evaluate the framework for key elements of your business. All functions like resource management, customer relationship, revenue, and others will have to be tweaked to suit the changes.
As social distancing is being practiced on a large scale, this will serve as an impetus to enterprise tech startups in India. Companies that originally relied on face-to-face meetings with foreign clients are increasingly adopting enterprise tech.
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Hiring in organizations will become lean as the few employees that organizations already have will deal with a larger scope of work. Soft skills and the ability to learn and adapt quickly will become key in this new age. Companies will reduce costs for various functions that can simply be done by outsourcing or automation. Businesses will slowly leave the hierarchical, linear model of progression. This will lead to cost reduction with fewer people at the top.
Invest in employees
Good employees are the most important assets for your business right now, so invest in them. Increase communication and engagement for your workers so that they stay committed and work harder. Implement a peer-led program rather than a hard cutting boss-driven model. Check your sick leave policy, provide benefits to employees to ensure their mental health, and implement flexible working conditions.
Focus on Innovation
If you don’t want your business to fall behind, you’ll have to innovate for a better business idea and model. This will form the foundation for getting back into the groove in a do-or-die situation. Faster innovation will lead to your company being more competitive with more value, while better innovation will lead to increased revenues and a better structure.
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Change is inevitable and with the coronavirus pandemic, it’s becoming faster and faster every day. With the onset of the Fourth Industrial revolution, you will have to reinvent your business, and take every possible step.