How to overcome pandemic-induced business challenges

How to overcome pandemic-induced business challenges

Regardless of size, geography or financing, the Covid-19 pandemic has undoubtedly increased the obstacles faced by small businesses throughout the globe. Now that economies are slowly opening up again, we’re forced to examine our current corporate practises and inefficiencies.

While it is impossible to predict what will happen next, we’re able to use some of the tough lessons learned along the way to improve. 

  1. Integrate speed and stability

Agility is the ability to quickly change or adapt to a turbulent market. It is fast and steady. For the former, a corporation must be versatile and flexible. It must be creative, dynamic and scalable. Thus, a stable or strong backbone is essential.

LUG, a Polish company with over 30 years of experience in lighting and technology, is a great example. The business is working on a new line of luminaires that use UV-C technology to kill microorganisms. LUG rapidly began creating a product for hospitals, clinics, supermarkets and other public settings.

  1. Make the most out of digitisation

In a 2015 poll, 82% of CEOs agreed that their companies needed to alter the way they source and manage labour digitally, but just 23% had designed and executed a plan to do so.

The Covid-19 outbreak, on the other hand, has ushered in an unprecedented age of digitisation. Data shows a five-year rise in consumer and business digital usage in just eight weeks. These structural changes, which are projected to continue even after the virus is endemic, include a shift in consumer desire for digital contact and employee remote working.

It’s also a culture shift, where digitisation is perceived less as a problem solver and more as a catalyst for improving business models.

  1. Cooperate more than ever before

Covid-19 has served as a stark reminder of today’s interconnectedness. While the pandemic has its drawbacks, it has highlighted the need for multi stakeholder engagement and systemic resilience. Businesses are increasingly realising the need to build trust across disparate parties, whether it is in a supply chain or among workers. Systemic collaboration will also be required to restore corporate capability.

About Sam P

EnterpriseZone Staff Writer

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