Five Lessons Businesses Have Learned in COVID-19

The ongoing COVID-19 Health crisis continues to disrupt all the systems we were accustomed to; the way we live, the way we work, the way we move and the way we plan.

As the pandemic continues, we can already hear news and projections on how our lives post COVID will also be altered, wherein most people would still opt to wear masks, and how it will take us a while before we can go back to our living patterns in the past.

While our lives at home might have slowed down wherein we feel like nothing is moving forward, there are actually a lot of shifts taking place around us. Businesses all around the globe have shifted focus and adapt as efficient as they could – to save their businesses and to help their communities. Here are five lessons businesses have learned in COVID-19.

  1. Adapting is the new norm.

    In a global health and economic crisis, it’s completely normal to feel disheartened at first, but great business leaders see the opportunities available, even when nothing is predictable. Big and small businesses alike face an uncertain future. Employees can’t come to the office, most ongoing non-essential operations must put unto halt or may continue with a skeletal staff, profits are plummeting and the government’s offered funds can be limited.

    Still, businesses can survive if they are able to adapt. Even in the time of crisis, businesses must remain true to their vision, make necessary, adjustable and quick decisions, and practice empathy for each and every one in order to adjust quickly.

  2. Resilience is a must.

    Being such a disruptive event, the speed and scale of COVID-19 has exposed gaps to some if not most of the businesses’ existing continuity plans. That’s why every organization should have a sound business resilience program in place that’s ready to withstand crises.

  3. Always plan for the unexpected.

    “Prepare for the worst. Expect the best.”

    Even before the government gave stay-at-home orders, Ole Group had secured face masks for the whole team and adapted the Work-From-Home set up wherever possible, right away. All contact center and support helplines are available as per normal operating hours and all services, despite the new set up, work as usual. Ole Group continues to adapt and think of new business ideas that can be useful to everyone during and even post COVID.

    Here are some questions to ponder upon. If the COVID crisis will last until next year, how are your current businesses doing? How can it survive? What new business ideas can you incorporate and start at these times? Are you willing to diversify?

    Don’t believe that everything will be okay without taking action, so planning a business resiliency program during and even after COVID may have another vital factor now.

  4. Diversifying your business can save you and your team.

    Diversification is when a business develops a new product or service or expands their current offerings into a new market. With this, businesses can reduce the risk of losing key markets by knowing that they have alternative options.

    Business diversification enables businesses to weather the economic storm better as their revenue streams come from multiple sources, thus avoiding cash flow difficulties and huge loss of sales.

    How to Diversify?

    • Core skills are key. What are you good at? What are the experiences you’ve learned in all these years in business and what opportunities do you see in the current situation?
    • Gather diversification ideas from the people around you.
    • Think about the needs of your customers. Think of ways on how they can continue to buy from you despite the economic crisis.
    • Identify all types of resources you’ll be needing and study if it’s going to be a worthy investment in the long run.
    • Plan carefully.
  5. Digital Transformation is vital.

    Coronavirus paved the way for even the non-tech-savvy persons to use the internet and new technologies available in lieu of the usual work and school set ups. With the Work-From-Home and Study-At-Home set ups all around the globe, online meetings are now much more prevalent, classes are made through Zoom and Google classrooms, work and school assignments are accomplished and checked via emails, some even have group chats on Facebook Messenger, Microsoft Teams and more to check their classes’ attendance for the day.

    The pandemic has shown the importance of technology and in many cases has significantly sped up digital transformation. Digital transformation is here to stay and should always drive positive outcomes; like streamlining processes, offering a much efficient set of services, and new innovations.

    Digital payments are highly encouraged as well as online food delivery and e-commerce became a much bigger hit as most malls operated on limited hours and people are encouraged to stay at home as much as they can. Plus, we all know cash is filthy and can further spread the virus.

    As most fear touching paper money, efficient and secure digital payments platform are also on the rise, and Ole Platform is one of them.

    Ole Platform streamlines your payment solutions, one click at a time. Signing up is free, fast and safe.

    To start paying and getting paid in a cashless society, sign up at Ole Platform by visiting https://oleplatform.com/.

Conclusion

The future is still uncertain that’s why leaders must continue to carefully assess entire business systems and plan accordingly on ways that can make the existing and new business ventures pandemic-proof.