The COVID-19 crisis has not only been shocking for healthcare systems but equally troubling for every economic generating activity. Irrespective of the size, the commercial sector has gone through dramatic upheavals since the past year. While the transformation of the new normal has been chaotic for traditional enterprises, it has exposed others to unprecedented opportunities. The exposure to complications has unveiled several alternative ways.
The current situation has pushed businesses to explore new boundaries to survive ongoing and upcoming disturbances. Entrepreneurs are required to navigate their business activities by exploring and devising robust strategies. For instance, mainly technology-driven economic activities have reaped the most benefit of dynamic adaptation and transformation. Rather than being hit by the pandemic consequences, the e-commerce platforms like Amazon, eBay, and Alibaba have managed to secure economic gains.
The research also shows that 14% of the big companies have managed to enhance sales and progress during the past four recessing periods.
Devising effective strategies enable businesses to adapt to the new reality and endure unpredictable shocks in the future. The subsequent paragraphs explore and discuss various tactics that can allow companies to absorb pandemic-induced instabilities. The primary purpose of adapting subsequent dynamic strategies is to resume business operations and recover from economic loss.
EFFECTIVE STRATEGIES TO ADOPT THE NEW NORMAL
- Update knowledge
The recent drive of advancements and unpredictable tremors of the pandemic have pushed almost every industrial and social activity to alter its course of action. Incorporating social distancing guidelines, catering to imposed travel restrictions, and utilizing digital tools are characteristics of the current change. Given such boundaries, it is inevitable to modify regular activities through viable channels. Hence, Association to Advance Collegiate Schools of Business (AACSB) accredited business schools are at the forefront to ease entrepreneurs’ access to authentic information.
In addition, credible business schools also offer AACSB online MBA options to advance knowledge of the business fundamentals. Embracing the change is only possible via the exploitation of such flexible options to enrich the knowledge.
- Implement digital transformation
Timely embracing creativity and innovation are significant for industries to survive in unparalleled situations. Integration of technology and digital tools into the physical workspace was the indisputable savior of the healthcare system from complete collapse. Hospitals shifted physical examinations to online consultations. Virtual psychological therapies and telemedicine were some of the significant adjustments in the healthcare sector. Similar adjustments are inevitable for the corporate sector as well.
As such, firms conducting face-to-face interviews modified their scrutiny strategy by incorporating virtual games, problem-solving tests, and artificial intelligence-based examinations. In addition, firms have extensively used social media platforms and other digital tools to advertise and promote offerings. The utilization of YouTube channels, Instagram, and Facebook for business conduct was comparatively unmatched in the current crisis.
- Embrace sustainable practices
In a corporate setting, sustainability adheres to have socially and environmentally responsible policies to generate economic output. Catering to the emerging needs of society innovatively, sustainable conduct of the commercial sector is essential. While reorienting and resuming commercial activities to a new normal, it is necessary to prioritize public health by observing prescribed guidelines. It means learning from previous mistakes and implementing sustainable approaches to run business activities and generate the economy. To last longer, enterprises need to incorporate inclusive, balanced, and recovering practices.
- Restructure business models
The pandemic-induced global disruptions have forced firms to abandon traditional behaviors and incorporate flexibility. Businesses surrounded by new challenges are also likely to investigate systematic loopholes and incorporate resilience in their architectures. The ability to sustain similar nature shocks in the future is contingent upon analyzing conventional pitfalls and unlearning outdated schemes—restructuring business models to operate as per ongoing circumstances.
- Develop a dynamic workforce
The plethora of challenges of the 21st century cannot prevent business empires from collapse unless their workers are open to transformation. Exceptional shrewdness to fulfill simple desk activities is not sufficient to deal with unpredictable challenges. As such, varied activities, including educational lectures, business meetings, and virtual congregations, suffered delays and malfunctions due to the inability of employees to learn digital portals robustly. Many companies shifting their staff to work from home mode encountered inefficiency in economic production and growth. Therefore, developing a dynamic workforce through rigorous training is crucial to handle disastrous challenges.
- Extend conventional boundaries
Conventional workplace activities are limited in scope and short-lived due to a succession of tight lockdowns and restricted physical movements. Therefore, it is the need of the hour to understand the ineffectiveness of practicing by the book and physically conducting every economic activity.
A plethora of challenges of the modern world has also unleashed countless opportunities to utilize. As such, limited availability of office-based staff necessitated acquiring space in virtual channels to resume functions. Availing home-based office options and using social media platforms to conduct business activities have been undeniably productive for small-scale firms on the verge of collapse.
- Create contingency alternatives
Catering to uncertainties and unpredictable circumstances should consume a substantial portion of your business plan. Therefore, your strategic business blueprint should be holistic and robust to alter the direction of your company during tremendous blows. Having contingency alternatives enables companies to reroute and maneuver their direction as per new conditions, market trends, and customer demands. In addition, it means equipping your business through emergency backups to face a variety of challenges.
For example, several physical cafés shifted their menus to online portals and provide home deliveries as a last resort to avoid complete disappointment and even bankruptcy. The modern era’s advancements and challenges precondition upon companies to have the capability to disentangle emergency gridlocks via substitutes.
- Observe and evaluate
Business failures, changes in customer demand, modifications in attitudes are a few of the pandemic-induced consequences. Entrepreneurs should carefully observe current happenings and prevent significant disadvantages of the current crisis. The most trodden route doesn’t need to work for everyone. Therefore, entrepreneurs should evaluate and examine various options simultaneously and adopt the one that works precisely effectively. It is also important to scrutinize and categorize whether the abundance of required shifts are current situation-driven or previously ignored and delayed transformations.
The pandemic may merely have surfaced as a catalyst to a much-needed renovation. Likewise, businesses should be intelligent in categorizing that the current emergency in specific demands and trends may not continue to last in the coming days.
Along with the loss of millions of lives, the pandemic has proved fatal for countless business operations. The unprecedented turmoil of the pandemic has exposed weaknesses in the overall commercial sector, along with the healthcare sector. The inability to adapt and transform as per contemporary circumstances can be disastrous for businesses during modern world challenges. Therefore, effective strategic planning is the only absolute way for industries to survive exceptional and unplanned shocks.
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