The rapid and swift implementation of lockdown procedures and social distancing has left the people with a plethora of unanswered questions. In addition, global supply chains have been disrupted, leading to a shortage of many essentials, such as toilet paper
Fremont, CA: Crises and disruptions have always been part of life, but no one imagined a global catastrophe like the COVID-19 pandemic would bring the world to a standstill. Over the last two months, people across the globe have been forced to bring significant changes to their lifestyles and get accustomed to a new normal. The rapid and swift implementation of lockdown procedures and social distancing has left the people with a plethora of unanswered questions. In addition, global supply chains have been disrupted, leading to a shortage of many essentials, such as toilet paper. While many nations have shown positive signs of recovery, there still loom a lot of questions on how the future will be like.
There is a significant amount of uncertainty regarding how businesses will tackle the challenge and set themselves up on a recovery path. Experts believe the pandemic is a crisis far worse than the Great Recession of 2008. Business owners are being thrust into the world's most massive virtual social experiment where millions of people must learn online, share their knowledge online and work together online. While most people find this to be very restrictive, it provides an opportunity for businesses to get creative and figure out new ways to address their customers' needs.
Technology is the Key to the Future
Technology has been around us even before the coronavirus was first identified. However, many small businesses failed to leverage the advancements in technology, relying on their tried and tested business models that require in-person interactions. With the outbreak of the virus, these methods have now reached a moot point as social distancing becomes the need of the hour. As the pandemic alters paradigms of how businesses connect with customers, organizations must rely on technology to reach out to their customers, virtually.
The pandemic, however, has also brought out the best in people. Various sectors that were earlier considered to require high amounts of interpersonal relationships are now leveraging technology to flourish their business, including teachers, yoga and meditation studios, hairdressers, and doctors. People have always been technology competent, and as they stay at home restrictions elongate, it is safe to say that any disagreements people have had with their mobile devices have now disappeared. Businesses have had to improve their online platforms and create communities for their customers.
An Exit Strategy for Entrepreneurs
The global economy has gone for a toss, and it is hardly possible for anyone to predict where the economy is headed to in the next few months. Business people need to maintain a positive approach and be flexible to adopting new ideas. The COVID-19 pandemic offers leaders to assess their businesses and identify leaks that need to be fixed. The pandemic has been an eye-opener for many on how essential to is to have a strong, reliable, and safe IT platform. These have been very helpful in maintaining constant, uninterrupted relationships with customers so that they can be there for each other, even during such testing times.
The most challenging aspect of this virus is that it has no timeline. It all comes down on the ability of the authorities to contain the virus. The wait for things to be normalized once again can be challenging. It is important to remain resilient throughout this face and be patient. People need to learn how to grow and heal together through this personal and economic crisis. This is possible if the situation is not seen as a sprint and instead as a marathon. It is very much certain that businesses may not be the same once the situation is under control, and entrepreneurs will need to restructure brands and increase their footprint. This should be seen as an opportunity to get creative and develop methods to fill the gaps in the business.