The outbreak of Corona is going to change the whole world. The business will change and we all have to adopt new ways of living, working, and building relationships. There are 10 things that will change businesses if the current condition is normal:
Impact On Your Business Due To Covid-19
1. Business Model Rediscover
- Entrepreneurs will rediscover their business model and other functions that the epidemic has left behind.
- The first step to business rediscover is decommissioning – a new framework will be designed for the key elements of the business. Such as customer relations, resource management, key partner, revenue, cost, etc., all tasks should be closely watched and changes accordingly.
2. Leaner Business Model
- All actions that have no value to the customer will be eliminated and a continuous process of testing their assumptions about sales and revenue will be implemented.
- A leaner business model can lead to greater productivity and smooth functioning. As the waste works will be eliminated, the focus will now be on the important and revenue-generating works that will make the business run smoothly.
- Rapid delivery options can be discovered that increase customer satisfaction.
3. Business Automation
- The technology and business automation will be the backbone of every task we use in business
- ERP tools will be used more than ever to minimize face-to-face conversations and updates
- There will be meetings, personal interactions, and even events and conferences through remote work tools without any loss in the productivity of the employees.
4. Artificial Intelligence (AI) and Automation
- AI and automation will be much faster than previously imagined. Business automation, customer engagement, and data analysis will form the basis of many business decisions with the help of AI.
- The role of machine learning to process role data; For example, you have a production unit and your machines are connected to the network. Continuous data about production will be recorded at a central location. It is not possible for humans to process this much data, so AI and ML will help companies to collect this data and also extract important information from it.
- Estimating customer insights will become more accurate. Identifying patterns, quality, and security measures of what a customer will buy and personalized targeting of digital ads can be done multiple times using AI.
5. Risk Assurance
- After the coronavirus outbreak, businesses will need to take multiple insurances to avoid unknown risks.
- There are currently 2 major insurance covers – Event Cancellation Insurance, which is usually offered by large companies and the other is a more general cover – Business Intervention.
- Businesses will be more specific than standard policies that cover unknown risks extensively.
- Employee health insurance provided by companies will also include costs related to epidemic disease and death.
6. Expand into New Markets
- The potential for greater profits, greater reach, and greater impact is enough to excite anyone and decisions will be taken faster to expand into new markets.
- Prioritize and select your markets and assess internal capabilities as to which key competencies can be leveraged.
- Being digital will help to enter new markets faster.
7. Cost Reduction
- Companies will move towards cost reduction measures for various tasks that can be automated or outsourced if necessary.
- Hiring will lean into hiring organizations with more scope of work to be defined in fewer employees
- Organizations will also have relatively fewer recruits and more work will be done from existing employees.
- Companies will pay less attention to the hierarchical system and there will be fewer people in high positions which will reduce the cost significantly.
- Businesses will approach more inbound marketing techniques such as social media, blogs, CRM rather than expensive marketing practices. This will enable them to target relevant customers at half the cost.
8. Hiring Off
- Many businesses did not receive revenue at all due to the outbreak of the coronavirus but still paid salaries to their employees.
- We will see that after the Corona outbreak, most companies will ban Indians and carry out inter-departmental work along with existing employees; For example, a marketing professional in a company can handle its branding strategy, external and internal communications, rather than focusing only on building marketing plans.
9. Investment on Employees
- An employee is the most important asset for any organization and without good employees, the business will survive on the ventilator, so invest in employees
- Put forward a peer-led model rather than a leader- or boss-driven model with increased communication and engagement within the workforce
- Revisit your health leave
- Implement flexible working arrangements
- Implement flexible working arrangements that can be mapped.
- The mental welfare of its employees will become the priority of companies to work well.
- Provide some facilities/benefits to the employees so that they feel they are being taken care of. Give awards and recognition to good performers, celebrate milestones, and increase learning opportunities for potential employees.
10. Focus on Innovation
- When a business tries again, the ideas and models of your business also reinforce their foundation again
- Companies have to innovate in their work at a fast pace, otherwise, they should be ready to perish
- Every business after Corona will try to get back its revenue. For many, it will become a “do or die” situation.
- Prepare life-saving plans for three months, one year and three years of recession
- Rapid renewal will help you become more competitive and build the value of your brand
- Focusing on renewables will help companies build their structure and ultimately increase revenue
- Change is inevitable and a global epidemic like Corona is also setting the foundation for change in business. Perform each action with compassion, as you do not want your bus to be missed.