The Post-COVID-19 Business Landscape & 7 Steps to Take to Secure Your Future
When a vaccine is found and the masks come off, we’ll walk out of our homes and into a changed world. The current health, social, and economic crisis will have a significant impact on the era to come, and businesses must be prepared to face a new normal. At Newtec Services, we believe that this is not something to fear, but rather, something to prepare for with purpose and with steady plans. We’ve identified 7 hard truths that companies need to incorporate into their future planning sessions.
The Pandemic has Put Businesses on Shaky Ground
The coronavirus has already dramatically changed economies and social systems. Supply chains have been disrupted and unemployment is rising. It was recently reported that 68% of surveyed entrepreneurs have cashflow concerns and half are experiencing supply chain issues. These business owners have tough decisions to make. When funds dry up, what will they prioritize and how will they approach strategic planning?
7 Shifts that Business can Expect Post-COVID-19
- A Shift to Remote Work
In the short-term, businesses need to make sure that their employees are set up with the tools they need to work remotely. We’ve offered remote-working tips for companies who have not yet invested in digital infrastructure. For companies who are accustomed to focusing on daily operational needs, this time may be a wake-up call. In the future, business continuity planning may be linked with digital transformation to an extent that some business leaders had not anticipated.
- An Uneven Recovery
Some industries are actually doing more business during this time, while others are suffering. Many industries in the food and travel industries, for example, will have a hard climb back to normalcy. Other sectors, however, like IT and healthcare, will face completely different challenges as need for their services ramps up. For some, new development may be paused or delayed. For others, there’s a sudden rush for the kind of technology updates that these days demand. What’s the lesson here? We feel that businesses must be flexible at this time and ready to pivot at any moment to capture opportunities.
- Managing a Virtual Environment
Managing our new business reality will take a rethinking of both security and office culture. Quick fixes and security packages may not be enough when your people work remotely. A comprehensive security strategy across the Cloud may be required. In addition to safety concerns, managers will need to change the way they communicate with and motivate employees. As author Paul Heltzel writes, “keeping things running smoothly requires a mix of the right technology, while maintaining your office’s culture even at a distance.” Collaboration, efficiency, and business resiliency are going to be key as businesses hire and train new workers.
- The Time for Digital Transformation is Yesterday
All this means that digital transformation is no longer a choice; it’s a necessity. Business owners who are tempted to wait out this crisis without updating their systems may want to think twice. If you accelerate business transformation now, you’ll be in a better position once COVID-19 passes. Retreating into a traditional way of business is not the way out of this crisis. The companies left standing after the smoke has cleared will be the companies who made the digital shift and adopted a cloud-first strategy.
- Invest in Self-Service Capabilities
This is another way to make your business more flexible and resilient for the future: self-service channels and platforms allow your customers to get what they need while freeing up your employees for more executive-level tasks. If you haven’t researched customer contact centers, the time is now.
- Bolstering a Weakened Supply Chain
The problem with the supply chain is that it depends on human beings. And as we’ve seen, human beings are vulnerable in this time of an era-defining pandemic. In future, supply chain leaders will need to protect front-line workers, leverage a more diverse, geographically dispersed supply base, and make the supply chain more resilient overall. Leaders in manufacturing and warehousing are undoubtedly doing their research and preparing for future calamities. Digital transformation can be a powerful tool as these leaders improve speed and reliability.
- The Breakdown of Silos
What’s essential for the future will be breaking down internal silos and creating a more cohesive organization that embraces change and is resilient enough to face it – that’s the bottom line. Businesses who embrace digital transformation will need to integrate this technology into every aspect of their business. This may take reorganizing to eliminate internal silos; it may also take envisioning leadership for a post-pandemic, digital landscape.
How can Newtec Services Help?
In the end, COVID-19 may be a wake-up call for organisations who thought they had a few more years to bring their systems onto the cloud and take advantage of digital transformation tools. The good news is that, for companies who survive the shock, the future will be more streamlined and more resilient.
Let us help your company be better prepared for the weeks and months ahead. Contact a Newtec representative for a bespoke IT package that will keep your employees productive, no matter where they are. We can help you keep your business afloat during these uncertain weeks and position you for future success.