Sometimes big changes occur slowly, over many years and decades. Other times, though, historical events drastically alter society in a way so as to affect changes in every aspect of life almost immediately. It’s reasonable to assume that the COVID-19 pandemic is going to be a catalyst for massive shifts in both the public and private sector. Indeed, one needs only to review the current state of the US economy to realize that modern companies are struggling to adapt to this “new normal.” Still, some forward-thinking organizations are already planning for the realities of a post-coronavirus world. Here are some of the ways that businesses are preparing for 2021 and beyond:
Added Emphasis on Ecommerce
Online retail was already a massive industry before the onset of the coronavirus. However, it’s set up for incredible growth over the next few months and, as many experts believe, years into the future. Indeed, the US may need another 1 billion square feet of warehouse space simply to accommodate the recent ecommerce boom. Expect to see more businesses expand their ecommerce operations, and for new businesses to introduce ecommerce capabilities.
Just as businesses are moving many of their products and services to a digital platform, so too are many transitioning from a traditional workspace to a primarily remote work environment. What’s more, while these changes may have been inspired by lockdown restrictions, it’s possible that many businesses will adopt a more permanent work-from-home policy. Remote employment saves businesses money, increases their potential talent pool, and reduces key overhead costs.
Most, if not all, modern businesses were caught somewhat off-guard by the severity of the COVID-19 pandemic. As such, it’s no surprise to see many business leaders taking action to ensure their organization is never in such a tenuous position again. Preventative measures like key person insurance, succession planning, and crisis-management strategies have become increasingly popular over the past few months.
New Cultures, New Priorities
Company culture is vital to the long-term success of an organization. Since the workplace and the nature of work is currently undergoing rapid transformation, it makes sense that many business leaders will use this time to reform and improve their corporate culture. It’s likely that many businesses will begin to introduce virtual resources for their employees, such as ethics training and soft-skills development courses.
What’s more, many businesses may find new niches and seek out new ways to connect with their most important customers. As we’ve established above, no business that survives this difficult time will ever want to be caught short-handed ever again. So expect business leaders to push and innovate in the immediate future.
Disclaimer: This content does not necessarily represent the views of IWB.