Post COVID-19 lockdown business revolution is definitely going to be huge and heavy. With all the changes that are shaking up the old-age VUCA business methodology, that revolved around businesses being volatile, uncertain, complex, and ambiguous altogether to a new-age highly intense digitalized concept, many businesses are sure to face abnormal variations in their progress.
The Business regime is yet to see some marvelous changes ahead of the post-COVID-19 lockdown. Some of the priorities, such as the digitalization drive, remote working, updated talent acquisitions, modified work schedule, automation, artificial intelligence, security, etc., are revolutionizing the work culture altogether. True that the government’s recent updates about supporting the SMEs and MSMEs have been a relief! But, even post lockdown there are few steps that every business has to keep doing, to keep running in the race.
7 things that every business has to keep doing to run the race:
1. Focus on the bird in hand than worrying about two in the bush
Economic stability is a key factor that needs attention. Growing liabilities, pending payments, piled up stocks aren’t going to keep your company living for a long time. Any contagious partnership that delays either in rendering services or completing payments needs to be blacklisted and kept aside, as troublesome partnerships aren’t going to be our growth allies.
Many businesses have been counting on China for all of their source materials. With the growing silent rebellion among the countries of the world and China is going to impact hugely on all sector businesses. Keep your SME’s and MSME’s financially safe and in trusted allies. Let your focus be on the parallelly partnering company, rather than the ones that keep promising you of false remunerations.
2. Keep the digital transformation drive high all the time
The survival of the fittest in the recent COVID-19 has become the biggest run for every micro/macro business. Transcending completely to digitally-driven work culture has been saving resources all round. This Immediate transition has given another chance to every small/large business to encase digitally working, shopping, collaborating, and analyzing opportunities. There are still factors like production quality checking, which need solutions since they cannot be done digitally.
Spending on technology and accelerating the digital transformation journey will make businesses more competitive. It is technology and digitization journey which allow the business to continue operation remotely, cloud computing, audio-video conferencing, cybersecurity applications, etc make this possible. Post lockdown, the business will be entering into a new environment, there will be many challenges. Making human resources learn machine learning, artificial intelligence, automation, and enhancing their skills could help to solve this problem once the lockdown slowly lifts and when a limited number of resources can resume working gradually.
3. Customer engagement
Engaging customers is essentially important to survive in the business race. There is tough competition in the market across the sector, and the crisis when spending has decreased, losing existing customers will affect the cash inflow and revenue.
Buying a new customer is harder than before. It is important for every business to efficiently communicate and keep in contact with the customers, catering to their needs. There is no powerful resource than a customer himself spreads out words about your business.
4. Be ready to run once the the lockdown is releaded
A healthy organizational immune system is necessary for healthy growth in the long run. Identifying the smallest of problems at the earliest stage could significantly avoid massive bombing at the later period. Had China done it earlier, we would have been in a better state today. Getting back to the field after months-long of lockdown should be significantly a difficult task at hand, but it is important in order to stay in the good books of clients and customers.
Restructuring the previously laid out business plans, prepping up the organizational work routines, and enhanced ways of communication are all crucial to be ready to run the race once the lockdown ban is lifted.
5. Know government’s policies and schemes
With the global supply chains being stranded all the way mid, there has been an increasing crisis in the procurement and delivery of materials. It is well known that there have been varying government notices on the smooth operation strategies for industries.
There is a constant variation in the count of COVID-19 infections along which the government is also forced to keep changing its industrial instructions for every lockdown. Hence, shift your attention from focusing only on Business economics to keeping a note of the constant updates in the Government policies.
They are important in case you want to start your operations back in full swing and see increased leverage. Rebuilding the essential supply chains with the help of local MSE’s and MSME’s is crucial for the government to post the pandemic outbreak.
6. Human resource contemplating
The comeback post lockdown is going to be massive, huge, and stress. There will be enhanced work systems with protective measures enforced at all points. There are high chances that employees might get stressed during the re-improved process. An effective human resources Planning is important to handle the employees and build a totally supported eco-system.
7. Sustain on the flattening curves
If there is one thing that the pandemic has taught us, it is nothing but modern technologies that can enable remote working easily. Post lockdown, we have to get our business rhythm back, for that we need a clear vision and planning. Till we have a complete medical solution to the pandemic, keep your employees feeling safe and comfortable.
Excessive pressure might lead to employees getting stressed, and make them forget all the safety measures and social distancing practices in that matter. Keep Sustaining on the slowly flattening curves.