The COVID-19 pandemic brought rapid and unexpected change to the business landscape, the speed and severity of which caught many completely off guard. Some businesses have managed to recover, but others weren’t so lucky. The key lesson we must learn from these past 12 months is that things can change overnight, and that if you want your business to thrive, then it is important that your business is future-proof.
Here are three things that will help you navigate the uncertain post-pandemic future:
EMBRACE CHANGE, AGILITY & RESILIENCE
The question many business owners ask is will things ever return to “business as usual”? The answer is most probably “no”. The COVID-19 pandemic has brought about such a profound change in the way we do business that one could almost say that we live in a ‘post-business-as-usual’ economy. If you want to stay profitable it is crucial that you embrace change by putting systems in place to make your business more agile so you can respond to sudden change quickly and with resilience. Start by streamlining the decision-making process. Do you really need that many people involved to make a decision? Probably not. A leaner decision-making structure means you can take advantage of more opportunities, quicker.
GET IN TOUCH WITH TECH
Technology has been the savior for many businesses, and the downfall of others, during the pandemic. It ushered in an unforeseen digital revolution and highlighted just how important technology has become in doing business in the twenty-first century. Technology is no longer a luxury or an afterthought, it’s a necessity, and there needs to be a shift towards tech-focussed thinking. For instance, how can you take your business online? What products or services can you offer remotely and is there technology that can make it possible?
EFFECTIVE LEARNING & DEVELOPMENT
The pandemic has forced the majority of businesses to implement some sort of remote working environment. It presented many challenges, from simple things like being able to navigate virtual meetings to managing conflict and boosting team morale during an extremely difficult time with no physical interaction. These are all skills that most people didn’t know they’d ever need and it has placed an emphasis on continuous learning and development. Some of the companies that were most successful at overcoming these challenges were those with learning and development initiatives already in place.
BUSINESS AS UNUSUAL
The crucial lesson we have to take away from the last year of business instability is that unimaginable change can happen in a heartbeat and when we least expect it. By taking steps to future-proof your business you can ensure that you are not only protected, but that your business will thrive in the wake of sudden and drastic change.