3 SHOCKING BUSINESS REALITIES COVID HAS FORCED US TO COME TO TERMS WITH
When it comes to managing a business, many of us are aware of the existential risks of various sizes that could interrupt our workflow. For instance, cyber-espionage, employees not being able to attend the office because of harsh winters freezing over the roads, or perhaps even an unexpected social media blunder, which routinely targets large businesses that make mis-steps on apps like Twitter.
That said, almost none of us could have predicted Covid-19 and how it’s taken root in the last year. Perhaps one of the most important considerations to think of is what reflections we can draw from this time of great difficulty, and as business managers, what lessons we can learn. Yet in order to learn any lesson, we need to learn the impetus that necessitates the need for that lesson too, and so understanding the shocking realities unveiled by Covid is essential.
In this reflective post, we hope to discuss three of those and to potentially examine how we can protect against those issues in the future:
Logistics Are Fragile
Anyone with an interest in tech will know just how logistics have completely up-ended even multi-million dollar industries in the last year. The shortage of silicon has made it very difficult to attain a PlayStation 5 or high-end video graphics hardware, for instance, meaning that creative industries that rely on graphics processing power and gamers alike have had to do without essential tools to improve and remain competitive. This is why using supply chain consulting can be such a big benefit - they help you make your process more efficient both internally and externally, aiding you in times of uncertainty.
Customer Loyalty Is Never Assured
Unfortunately, even businesses that have been otherwise proud to curate a loyal audience know that this loyalty isn’t always guaranteed, and especially when consumer confidence has been shaken to the core as it has in the last year. Starting from scratch and re-earning that trust and convincing people to utilize your services or buy your products is not always a good feeling, but it does keep your marketing on its toes, and it helps you avoid making excuses going forward. That can be tremendously instructive for many.
Inflexible Businesses Often Fail
Unfortunately, we’ve started to see quite clearly just how hard it is for businesses in general to survive, but especially those that are brittle and unable to adapt. For instance, this pandemic has really rocked the restaurant and hospitality industries. Many restaurants will close and never open again. Yet some chefs, through being well positioned, or creative, or simply the fortune of good luck, have managed to pivot their approach. By offering hamper baskets, teaching cooking lessons online, or selling raw sourced ingredients in special home delivery meal kit boxes, many professionals are doing what they can to keep the doors open, and that’s an ode to flexibility and adaptability. In other words, always considering your additional value can truly aid you in becoming the best firm you can possibly be.
With this advice, we hope the difficulty of Covid won’t dilute your business fighting spirit - because challenges always lead to potential.