These times are demanding individual businesses today to be resilient in terms of their operation. With the increasing demand of consumers and the loss of staff and resources the situation could get catastrophic for the businesses.
Businesses also have the opportunity to restructure their entire business. It could be either outside or inside a formal insolvency process, but outside insolvency is more preferable.
Businesses also need to cut costs of their products in order to make way for profit and increase their sale all while competing with other businesses.
Assuming that the covid-19 crisis is over is the biggest misconception anyone could hold, including businesses. Businesses need to remember the lessons learnt during the pandemic and apply them in this post-pandemic period. They must also manage to maintain the staff energy level and staff morale during these times for smooth operation.
With the work from home situation, it is also required for the businesses to invest in the best home-based technologies and connectivity.
In terms of supply chains, it is also recommended to reevaluate the supply chains and restructure them to be more flexible and agile and to prefer near shoring strategies. In order to predict the new consumer demands and behavior, businesses also need to adopt intelligent sensing capabilities.
The pandemic has literally affected every sector, businesses and beyond. But all that is under ones control in how one manages to adapt and implement best practices in order to survive through these unprecedented times.