There is no doubt that COVID-19 has significantly changed the way we do business in the short term. However, the long term impacts will be more far reaching than we may have first anticipated. Most businesses have had to change the way they operate to some degree to ensure their survival during these unprecedented times.
Having no choice but to create a leaner business model has forced businesses to think differently about resourcing, strategy, budgeting, marketing, tech, sales and more.
So, what lessons has your organisation learnt, and how will you move forward and think differently post COVID-19?
Here’s a few useful takeaways based on the positives our clients are finding in the midst of this challenging time:
- Business strategy
Many businesses have been forced to adapt quickly to suit the economic conditions of this crisis. A lot of restrictions have been put in place which means business strategy was impacted. Businesses have had no choice but to alter their strategy to ensure they could survive during this challenging time. The lesson learnt? The importance of having a business model that is lean and agile at all times - to make adaptation and change far simpler, essential for longer term success.
- Finance and budgeting
In the changing economic landscape businesses have been forced to create a leaner operating model to ensure survival as their margins began to rapidly shrink. Businesses were forced to outline areas where they could save and cut costs accordingly. For many this highlighted a real lack of detailed knowledge regarding their budgets and bottom line. The positive takeaway here? A renewed focus on expenditure, budgeting and improved efficiency under leaner operating models, through COVID-19 and into the future.
A lot of businesses have had no choice but to look at smarter, more cost effective resourcing strategies. This crisis has seen a lot of businesses innovating, requiring them to trial different strategies that they perhaps wouldn’t have considered prior to COVID-19 - remote working being one of them. The lesson? For many organisations a different resourcing strategy has proved to be a smarter, more efficient strategy - elements of which may be carried on into the future beyond this crisis.
- Marketing and sales
Businesses have been required to dramatically adjust marketing strategies and drive even tighter alignment between their sales and marketing departments. Many have also needed to trial different approaches to both the marketing of their products and closure of sales in order to survive. The positive? Businesses have been using different technologies and thinking well and truly outside the box. Most likely options they wouldn't have even considered prior to COVID-19. Some, or potentially many of these which have proved very effective and are long term game changers post COVID-19.
Most businesses have been forced to make the move from office based to home based working, and quickly. As a result, many who thought remote working wasn't viable in their business have realised it is actually proving far more effective than they initially thought. Some important considerations made around internal processes, technology, management, communication - and they were away. The positive of this? Following this crisis, businesses may consider a remote or a blended team on an ongoing basis now that they’ve realised how effective it can actually be.
- Technology and IT
During this crisis, a lot of businesses have quickly realised that their tech isn’t up to par. To ensure their staff can work from home efficiently and effectively, many businesses have been required to update their tech and software. What was the lesson here? It’s simple. A much clearer understanding of the efficiency gains integrating technology can add to a business.
Prepare for the other side
When you start thinking about what returning staff to the office looks like in your organisation, be sure to download a copy of this checklist - it’ll be your business’s go to guide for transitioning back into the office post COVID-19.