Lessons Businesses Can Learn to Emerge Stronger from Coronavirus

Months into the COVID-19 crisis and there is still a lot of doubt in the world. Some countries have overcome the worst of the pandemic and now face the long road of rebuilding the economy. But others are still battling the virus. Many of us are nervously waiting to see if there is going to be a second wave.

There is no arguing that the loss of life has been devastating. But to top this, the entire world is suffering from the financial costs of COVID-19. People have lost jobs, businesses have gone under, and we are facing the worst economic crisis since the 1930s depression.

Thankfully, it’s not all is doom and gloom. Scientists still have a great deal to learn about this coronavirus. Economists and organizations have already learnt a lot about how businesses can emerge from this crisis more robust than before.

7 Ways Businesses Can Become Stronger After Coronavirus

1. Encourage working from home

Though many employees were forced into remote work, the benefits have been clear. Across multiple industries, businesses have learnt that it’s possible for most—if not all—of employees’ responsibilities can be carried out from home. Not only this, but employees are happier, and productivity has increased in many sectors.

Now that you have probably had some experience with employees working remotely try to keep up the practice. When your team is happy, you will have higher retention, plus you will be more prepared if lockdowns continue.

2. Business trends have gained in momentum

Modern technology has played a critical in facilitating work-from-home employment models. Organisations were already beginning the process of digital transformation. But COVID-19 sped this up with the need for sophisticated digital communications.

The lesson? Make sure you are investing in technology and solutions to enhance business performance, especially for those working remotely.

3. Be aware of the growing wealth divide

It’s not that the rich are richer and the poor are poorer. It’s that those that were wealthy can still consume, whereas those that were struggling are now fighting to survive. Depending on your product or service, your customer profile may have changed.

Make use of marketing analysis tools so that you know who your customers are and what they are looking for. You will be able to maximise your marketing strategy.

4. Target markets and customer groups that will recover faster

Although the original outbreak began in China, it seems that the Asian market will recover more quickly. To help grow your business after a global crisis, take a lesson from Lego. After the 2008 housing bubble burst, it directed its efforts in the Asian market. Because of that, Lego was able to increase profits by over 60%.

While smaller businesses may not be aiming for international markets, they can still look at customer segments in the local area that are recovering quicker.

5. Change your business processes

Now is almost the best time to shake things up in your business. For example, throughout the Great Depression, Ford Motors standardized many of its parts. The overall costs of producing cars became cheaper and gave the company a substantial competitive advantage. Rather than laying off good staff and risking not being able to hire them again, look for ways that you make your processes more efficient. Automation is an excellent solution for many tasks where human input is not necessary. This frees up your resources to invest in more innovative ideas.

6. Look for ways to expand

It’s a nerve-racking thought at a time like this, but consumers still have needs. While your product or service may not be selling as well as it did before COVID-19, there are plenty of other areas that do have a higher demand.

Take, for example, health and fitness. Smart wearables are more popular now as people are more concerned about their wellbeing during the medical crisis. Talk to employees and see what additional strengths they have and how this can be used to expand into new areas. The key to succeeding here is asking what customers need today.

7. If you are a start-up, consider looking for partnerships

Start-ups may not have had the time to put cash aside and are some of the hardest hit so far. We have all heard of Procter & Gamble, but few know that before the Panic of 1837, Procter was a candle maker, and Gamble was a soap maker. The uncertainty encouraged them to create a partnership that has a net worth of $230 billion today.