Covid-19 pandemic, impact on businesses, future strategy and tech

Md Maruful Alam
Mar 28, 2020 · 6 min read
business strategy to survive covid-19

COVID-19 PANDEMIC AND BUSINESS IMPACT

The coronavirus is causing chaos and disruption which threatens future predictability, stability, and businesses need to act fast against the critical challenges to survive this global pandemic. With the rapid spreading pandemic of COVID-19 and updates flying in every minute, everybody seems to be thinking that the winter has finally come. But for businesses, the winter is yet to come and should prepare for a long cold winter on the way.

SURVIVING YOUR ORGANIZATION DURING PANDEMIC

So a common question comes to every business is asking “when is it over?”, instead they should think of surviving then thrive when it’s over. To keep the head above water companies should take action now but obviously with compassion. Tech offers the most effective tool I’d say to survive the business in this epidemic crisis response. Executive teams need to demonstrate leadership by ensuring the safety and health of every employee while also focusing on business continuity. The leadership team should work on leading and managing the crisis response effectively using technological tools. Here are some strategies and mitigating actions which should work out the pandemic:

Quick Response Framework

Companies should build a quick response framework to elevate the crisis response management. A complete central command point with decisive authority who would leverage for decision making, coordination, and communication. Must enable digital tools to create and execute a robust communication plan which includes employees, customers, suppliers, shareholders, and other stakeholders. A single point of contact for instant updates and collaboration with cross-functional teams and concrete focus to raise awareness, support business continuity, and provide clear direction.

Go Digital

The COVID-19 pandemic is disrupting beyond anticipation, global supply chains, financial markets all are ripped apart. Schools, workplaces and millions of people around the globe are forced into social isolation due to this microscopic novel coronavirus.

  1. Managing business engagement
  2. Minimizing disruption of customer service

Revised Financial Plan for Business Preparedness

2020–2021 business forecasts are drastically changed from what you expected just a few weeks ago. Sales drop and revenue loss are expected. So all the financial forecasts should be modified to consider realistic and worst-case scenarios to deal with the immediate impacts, long-term implications of this unique global crisis. You should consider business risk and make prudent business decisions about financial liquidity. The leadership team should develop an immediate action plan to fill up the anticipated revenue gaps, stabilize financial liquidity, reduce net working capital, and identify alternative sources of financing. Also focusing on near-term procurement efforts and supply chain cost reductions, communications, and credit policy according to the changed reality. The understanding and wise approach on time to each of these areas can shape your response to the coronavirus both in the near-term and as you look further ahead.

POST-CORONAVIRUS WORLD AND BUSINESS

Covid-19 has disrupted the way of businesses irrevocably for the next decade. The pandemic will change the business practice especially workplace culture, remote work, supply chain strategy and in-person meetings as Harvard Business School experts are predicting. So businesses need to capitalize on the underlying changes, like immediate focus on investing in work-from-home technology, choosing effective collaboration tools, such as internal communications programs or secure Wi-Fi networks to allow for remote work. The tech team should work on network improvements for handling sizable work-from-home efforts and ensure maximizing the use of virtual meeting spaces and other communication platforms. Also to respond over the evolving changes just crosscheck if your organization meets the following checklist:

  • Networked
  • Guided by simple yet flexible rules
  • Dispersed workforce
  • Loosely coupled or less interdependent

FINAL WORDS TOWARD THE LIGHT OF HOPE

And there is light under the tunnel, as for black swan events like pandemics and the recession has the history of altering the course towards innovation. The trajectory of governments, economies, and businesses are about to change for the greater good. Many of today’s unicorns have been founded or built during recessions or downturns, from the recent past, Alibaba emerged from SARS pandemic of 2002–2004 from then small e-commerce to the retail giant in Asia. Resource scarcity helps businesses to be creative and pivot.

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