Business Trends In A Post-Covid-19 World
Of all contingencies, the one we least expected but knew was a possibility was a plague-like pandemic. Having overcome situations similar but not of the same scale, people incorrectly presumed that this would tide over in a few weeks or even months. However, we are in the second year of Covid 19 and now we have settled into a new way of life. The one area that was impacted greatly was the business sector which was ill-prepared and desperately needed help to sustain itself. Now that a year has passed, we have reimagined and re-organized our business world. So here are a few trends that will shape the business in 2021.
1) Work from home
There was a time when organizations refused to let their employees work from home unless the situation was dire. With Covid 19 pandemic there was no choice but to let the employees who aren’t in essential services work from home. Meetings and seminars were replaced with calls, video conferences, and webinars, employees found themselves being more productive when they didn’t spend time on travel. Organizations saved money on utilities as employees were working from home. All of this has made several organizations consider making work from home permanent, especially SMEs who would be saving a lot of money.
2) Digital transformation
The only thing that kept organizations afloat and working was technology. With lockdown and social distancing affecting the business world, it quickly embraced digital transformation. Many software, apps, and gadgets not only helped business owners. Going forth it is clear that people will heavily rely on technology to make their work easier, smoother, hassle-free, and faster. E.g. Biz Analyst a Tally on mobile app helped business owners stay connected to their business even during the lockdown and help them run their business successfully.
3) Identify revenue opportunities
The losses that have incurred are astounding, so apart from controlling the damage businesses are also working hard to get back what they lost. This means winning back the previous customer, getting new ones, introducing new features, products, and services that weren’t offered before. Many businesses have already adopted technology and it is helping them prepare wisely. For e.g. Biz Analyst users are using features like inactive customers list to regain business from their inactive customers, they are creating & sharing entries instantly from their phone, they are also able to clear their outstanding receivables faster & get paid on time by sending reminders to multiple customers at once.
4) Preparing for eventualities
The world that we are living in is ravaged by Covid 19. It will take a while for things to get better but in the meantime, businesses are now preparing themselves for another such global calamity in the future. This means they are planning to be prepared so they won’t be caught unaware once again. This includes allocating funds, training their teams, being armed with the right technology, and having a plan of action for all levels of management.
These business trends aren’t solid and might change given how uncertain our future looks as of now. However, if there is one thing the world of business knows it is to persevere and come back strong. We hope that with help of technology the world can look forward to some semblance of normalcy.