The pandemic, COVID-19 (novel coronavirus) has impacted everyone across the world in different ways. In a first of its kind situation, the economic activity was brought down to a standstill during this pandemic. Things are slowly getting back to normal, thanks to the restrictions put across at such massive scale. Now as businesses are opening, life would no longer be the same as before, and we must be prepared to coexist with the virus.
It would no longer be ‘Business as Usual’ as the pandemic guarantees no relaxations. Businesses should be ready to accept the challenges related to financial health, consumer mindset, employee safety and others.
Here are some actions that businesses should take to ensure successful re-opening of the economy with safety.
Create a target relaunch picture
The pandemic has broken most of the rules on which businesses rely. But for the restart, they must define a reliable framework and game plan to operate within these new norms of restriction.
The most suitable approach is to create and introduce a relaunch design for workplaces. It includes new business processes that need to be implemented to safeguard workplaces, employees and customers.
There are many circumstances where the crisis became an opportunity to connect and strengthen relationships with employees and customers. Many corporations might continue with the practices followed during the lock-down. It includes allowing more people to work from home, increasing video conferencing meet-ups, and reducing the travel.
Shield the wellness and safety of employees and customers
Customer assurance is the central perspective of any business or company. This trust can be made by explaining to them how they are staying safe and taking customers safety with utmost attention. Things like temperature check for customers, providing hand gel, and focusing on contact-less payment, should be implemented, where possible.
As employees are bracing to return to their offices and other workplaces, many of us are also worried about the safety. Businesses should ensure the safety of the employees by taking precautionary measures. They must install test machines, provide face masks, sanitized workplaces, allowing remote working, and follow other safety measures.
Shift to IT and technology
The businesses must allow their staff to work remotely where possible, using new technical and collaborative tools. People must feel safe in the working conditions, and where applicable, digital channels for customers with an assured IT infrastructure, should be setup.
During this pandemic, digitization have become an essential element for suppliers, customers, and the entire economy, and every business is now accelerating to implement digitization within their business. The corporations must transform their showroom or the business into the online mode. It would be convenient and simpler for customers to visit and buy from home. They must also improve data availability, cyber-security, and adopt new tech oriented working practices.
Resuscitate Demand
An immense loss has come up due to a decline in the GDP during the coronavirus pandemic. Thus, organizations must re-associate with their consumers to manage the demand and supply.
Businesses, firms, and companies must identify profitable growth. Also, they must capture them by adopting tactical pricing without disturbing the price war. Help core clients to remain safe by providing the payment facilities or by extending the deadlines.
Ensure that marketing exhibits the new realities and be able to switch to digitalization wherever possible.
Reboot services and the supply chain
Some companies and corporations are willing to return to their full capacity, based on the demand. They want to match the restart of operations with the demands and availability of supplies for production. Additionally, for some it will also include producing medical devices and equipment to combat this pandemic.
Corporations need to advance their speed of decision-making procedure carefully. In this revamp of economy, businesses are bound to have large scale, interdependent, and complex issues simultaneously. To deal with strategic and tactical challenges, crisis management teams should be setup.
As we are still in early stages of economy recovery, the scare of Covid-19 (Coronavirus) is not over yet. However, the preparations amidst lock-down and phase wise opening of operations, can help the corporations to navigate the challenges of the restart.
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