With the effects of COVID-19 still affecting us, businesses’ have had to contend with shifting dynamics. Millions are now unemployed as the virus has brought the world economy to a halt. Fortunately, humans are a unique resilient species and will eventually overcome this pandemic. But how will businesses adapt to remain viable post-COVID?
1. Flatten the curve
COVID-19 is a textbook case of ‘demand congestion,’ with many patients pushing hospitals to their limits. And addressing this has necessitated a flattening of the demand curve to allow health services the time and room to adjust. The methods used to achieve this will encourage critical industries, such as energy, to meet future demand challenges. We’ll need to flatten the curve in various ways during the energy transformation. Each utility provider will have to respond quickly to demand spikes in their respective markets.
2. Engage with the local community at a grassroots level
The COVID-19 pandemic has taught us how to help build economically, socially, and environmentally safe communities. However, when addressing the pandemic’s consequences for sustainable business. We must consider more than just individual priorities like reducing pollution or improving healthcare. Supporting human welfare in all of its forms must be encouraged. Collaborating with societies to solve a wide range of concerns that affect their lives must become a central feature of business models. Local communities should become partners in achieving human protection, sustainability, and resilience by businesses. Working at a local level to recognize individual needs, capture local information, and develop community solutions. This can boost businesses’ public perception and be critical in winning the battle for a better world.
3. Recognize the global consequences of your decisions
The COVID-19 pandemic is demonstrating the economic effects that an ecological disaster can have. This era of globalization also shows how interconnected everything is. The global division of labour is hastening the transmission of the infection and increasing the pandemic’s severity. Since value chains are organized just-in-time, they are highly vulnerable to even minor disruptions. Economic models should gear towards achieving the highest level of growing sustainably.
4. Empower workers to make them more efficient and happy
Many organizations were already experimenting with remote working for many years, but it has become necessary. And it’s possible that, once some semblance of normalcy has returned, the workplace will never be the same. However, in this new world, getting the most out of talent can necessitate a drastic shift in management thought. In the sense of virtual working, working from home can make people both happier and efficient. However, it appears that this only occurs in reality when workers are genuinely motivated.
5. Don’t try to fix challenging problems on your own
The pandemic taught us that we need to pool as many related resources as possible to find solutions to a big problem. It’s a lesson that the commercial sector should pay attention to. Collaboration is a successful strategy; it brings together experts from various disciplines to pool their innovative insights to find solutions. However, his research indicates that effective implementation necessitates a participative and leadership style. It is using a mixture of factors, including leading reform and an inclusive and constructive community.
6. Profit isn’t the only thing that matters
Pushing profits and growth, regardless of the collateral damage, has been rampant. The COVID-19 pandemic has brought attention to governments’ position in protecting people, and the resources required to do so effectively. Companies should behave in a socially responsible manner. Being a successful corporate citizen, though, isn’t enough. The way to maximize profits is to run a lean organization based on ‘just in time’ organizational concepts and financial strategies.
7. Embrace the concept of “green capitalism.”
Businesses need to rethink how capitalism works. The original reasoning behind capitalism was to better the lives of all company stakeholders, not just shareholders. And COVID-19 offers an opportunity to return to these roots. Consumers are now more aware of the green credentials of the brands they associate with. Hence brands need to engage in more sustainable ways of operating.
Business leaders will need to have the vision and the courage to pursue some of these measures. Companies like Ceratizit who follow these practices might determine whether businesses emerge more robust, more prosperous. Failure to adapt might leave many struggling in this new normal ahead of us.