Lockdown: What should Businesses do?
Business Management in Pandemic and Lockdown
The coronavirus (Covid-19) has had a profound impact on business all over the world. Now, after a period of lockdown, people are gradually moving towards a gentle removal of the lockdown for some sectors of the economy. The government is also starting to contemplate the lockdown exit strategy. Accordingly, businesses should also follow suit. And start planning out how to walk out of the other side of this outbreak stronger. And prepared to take their team, customers and business forward. But since there is no way to accurately predict what the future holds for the post-pandemic world. The leading businesses will define their ability to balance flexibility, resilience, and adaptability.
What Businesses Should do
The government might allow the relaxation of the lockdown in a step-by-step approach. Now, businesses need to identify business management techniques during pandemic and lockdown; firstly by identifying which employees really need to come to office for work. Which can continue to work from home even if the lockdown is lifted. It should be ensured that there is no crowding in office spaces. These have to be well thought to ensure that employees are safe and are able to be active as well, in order to effectively to run the business.
Some of the businesses might return to operations sooner though there might be some restrictions. However, for those in the tourism and hospitality sector the return to full operations is likely to extend heavily. Nevertheless, business leaders should particularly focus on two critical questions. “How can we overcome this crisis to rise more powerful than our competitors?” and “How can we learn from the crisis experience to succeed in a post-pandemic world?”
Although we are all hoping for the coronavirus outbreak to be over soon. The pandemic has redefine a new normal. At least for the foreseeable future. Every business has its own challenges and so they must make sure their objectives and plans align with this new normal. This is a suitable time to pause and reflect on the past actions. And work out what went well and see business strengths, and the areas of improvement. It is also much more important to keep in touch with all the stakeholders to determine if there are any immediate issues. The use of technological advancements seem to be an effective solution but it comes with its own price of maintaining information security.
This outbreak has also led many businesses to diversify their offering to create sustainable revenue streams. For example, FMCG as well as many other businesses are finding new revenue streams through e-commerce channels and training providers are moving their courses to virtual classes and e-learning. The businesses which have not responded in the best way during this pandemic should now ensure that they get back on the right trajectory. By developing innovative ideas as per changing times. However, one main takeaway from this crisis has been the crucial significance of being flexible, quick thinking and adaptive in order to prepare for any shift or hurdle that comes in the way.