The whole world was put on hold, with the COVID-19 pandemic ravaging every corner of the world. The pandemic led to the loss of many lives and jobs. For many enterprises, the current reality would have previously seemed unimaginable. Business owners and leaders are faced with a great dilemma. They must make decisions for the future, knowing that the next normal will be different what they know. Here are some tips for business leaders to stand firm through these tough times.
Be Resilient
Business leaders are under pressure to ensure that their organisations can absorb the shock of this pandemic and any future crisis. The aim of being resilient is to bounce back after this pandemic, easily navigate the unexpected, and reach your organisation’s full potential. Businesses need to develop flexible processes that will enable employees to adapt quickly to any situation. Incorporating a risk management system into the organisation will reveal the weak areas and keep you informed of high-risk business areas. This system will also teach you the different approaches for responding decisively and quickly to business risks.
Automation, Artificial Intelligence and Analytics
It is no secret that the future is to be driven by the three ‘A’s. It may seem insensitive to consider eliminating the need for human labour by automating business processes at this time when mass layoffs are commonplace. However, businesses must adopt automation post-COVID-19 to drive operational improvement and boost efficiency.
Digital Transformation
Innovation is on the high rise in the world today. Most processes have gone digital due to the pandemic. From engaging client/customers, sales, managing projects and just about everything can be done on a digital platform. Studies have shown that businesses that are already undergoing a digital transformation have a higher chance of survival and will perform better in the months that will follow the pandemic. Remote working, virtual meetings and communications are the new normal and will remain so.
Sustainability and Adaptability
The ability of a business to remain relevant and adapt through any turbulence is key. Even as COVID-19 is ravaging the world, business leaders must put on their thinking caps to drive their purpose to performance, positively impact the society at large, and make profit.
Written by:
Ogonna Okorie
Analyst