We all know that the world will change post the Corona outbreak. There will be change in business and all of us will have to adapt to a new way of living, working, and building relationships. Here are 10 things that will change for businesses when life returns to normal:1. Business Model Reinvention
- Entrepreneurs will reinvent their business model and other functions to adapt to the changes the pandemic has left behind
- The first step to business reinvention is deconstruction- a new framework will be drawn for key elements of the business. For e.g. Customer relationship, resource management, key partners, revenue, cost, etc., all functions will need to be looked closely and tweaked accordingly
- All tasks & functions that have no value to the customer will be eliminated and a continuous process of testing your assumptions about sales and revenue will be put in place
- A leaner business model can lead to greater productivity and smooth functioning. Since the wasteful tasks will be eliminated, the focus would now be on the important and revenue-generating functions and hence would lead to smooth running of the business
- Faster delivery options can be explored leading to increased customer satisfaction
- Technology & Business Automation will be the backbone of every function that we conduct in a business
- ERP tools will be used more than ever to automate tasks leading to a lesser human face to face interaction and updates
- Meetings, personal interactions, and even Events and Conferences will be facilitated with remote work tools without any loss in productivity of employees
- AI & Automation will happen faster than ever imagined. With the help of AI, Business Automation, customer engagement and data analysis will form the basis of many business decisions
- Role of Machine Learning to process data- For e.g. you have a manufacturing unit and your machines are connected to the network. Constant data about production will be fed to a central location. It is not possible for a human to process so much data, hence AI & ML will help companies collect this data and also extract important information out of it
- Predicting customer insight will become more accurate. Patterns of what a customer will buy, identifying quality and safety measure and personalized targeting of digital ads will be done using AI more often
- Post Coronavirus outbreak, businesses will have to take several insurance to safeguard against unknown risks
- Currently, there are 2 major insurance covers-’Event Cancellation insurance’ offered by usually big firms and the other is a more general cover for ’Business Interruption’
- Businesses will move from ’standard policies’ to more specific ones that cover unknown risks extensively
- Employee health insurance given by companies will have costs related to epidemic illness and death covered as well
6. Expansion into New Markets
- The possibility of more profits, more reach, and more impact is enough to get anyone excited and decisions related to expansion into new markets will be taken faster.
- Prioritize and select your markets and assess internal capabilities in terms of which core competencies can be leveraged.
- Going digital will help enter newer markets faster
- Companies will be heading towards cost-cutting & cost reduction measures for various functions that can either be automated or outsourced as and when required
- Hiring across organizations will be lean with more of scope of work being defined across lesser employees
- Companies will become less hierarchical leading to cost reduction with lesser people on top
- Businesses will approach more inbound techniques of marketing like social media, blogs, CRM rather than costly marketing practices. This will help them target relevant customers at half the cost.
- Due to the Coronavirus outbreak, many businesses suffered with absolutely no revenues but they were still paying salaries to their employees
- Post Corona, we will see most companies going into a hiring freeze with current employees carrying out inter-departmental functions
- For e.g. a marketing professional in a company can also handle its branding strategy, external & internal communication rather than just focusing on building marketing plans
9. Invest in Employees
- An employee is the most important asset for an organization and without good employees, the business will be alive on a ventilator sort of situation, so invest in employees
- Put forward a peer-led rather than leader- or boss-driven model with increased communication and engagement within the group of workers
- Revisit your sick leave policy
- Implement flexible working arrangements which can be mapped
- Mental wellness will become a priority for companies for their employees to function well
- Provide certain facilities/benefits to employees that make them feel wanted and cared for.
- Rewards & Recognition for good performers, a celebration of milestones and enhanced learning opportunities for employees that have potential
- When a business tries to bounce back, your business idea and model form the foundation of getting back into the groove
- Companies have to innovate at a faster pace otherwise they should be ready to perish
- Every business post-Corona will try to bounce back and get revenues in place. It will become a do or die situation for many
- Put in place lifeboat plans for three-month, one-year and three-year downturns
- Faster innovation will help you become more competitive and build the value of your brand
- Focus on innovation will help companies scale up their structure and eventually lead to increase revenues
