Post-Pandemic Business Recovery: The Ultimate Guide
Since the COVID-19 pandemic hit in 2020, the business sector has dramatically changed. Businesses were forced to shift their operations in a different direction. Even though the world is entering a post-pandemic era, the impact of the health crisis remains felt across industries.
The post-pandemic business recovery process can be tough for many companies, but running a business during a pandemic is still more challenging. Many business leaders continue to ask themselves, “How do we rebuild and thrive moving forward?”
The infographic below will guide businesses in recovering from the severe effects of the COVID-19 health crisis. It presents the top post-pandemic market trends and strategies to rebuild from the pandemic.
Top Business Trends in the Post-Pandemic Market
The entire world continues to feel the effects of the COVID-19 pandemic. What started as a health emergency in 2020 continues to impact the lives of millions and put companies out of business.
With the aid of technology, companies have found ways to cater to customers. New apps, software, and programs have allowed businesses to continue operations.
The shift in the use of technology is just one of the major changes brought about by the pandemic. Below is a discussion of the top post-pandemic market trends, which will guide you in framing your post-COVID business plan.
1. Acceleration of digital transformation
As new advanced features and systems emerge, digital technology continues to transform the business sector. Since the pandemic hit, many companies have turned to technology to sustain their operations. Now, businesses are incorporating digital transformation into their business plan.
For instance, companies now use cloud technology for online payment and file sharing to streamline their operations. Drawing insights from big data has also become a practice among organizations, helping boost productivity and improve customer engagement.
Moreover, many have gone to e-commerce to facilitate a seamless buying process and reach more customers.
2. Greater emphasis on healthcare reform
Greater emphasis is now placed on healthcare, becoming a top priority for businesses worldwide. The World Bank has noted that the pandemic has compelled institutions and industries to prioritize health investments, stressing that the costs are small compared to the economic consequences of not strengthening health systems.
For instance, employers are now expanding employees’ health insurance coverage to include mental health consultations and COVID-19 treatment.
3. Increased demand for upskilling and reskilling
The COVID-19 crisis has spawned significant changes in the way employees work, prompting them to adapt to the new setup using technology. This includes learning new skills like navigating online-based platforms and mastering online communication skills.
Businesses are now providing upskilling and even reskilling training to enable their employees to better perform their roles given the new status quo in commerce.
Data from Gartner suggest that in the earlier stages of the pandemic, only 16% of hires possess adequate skills for their current and future roles.
Meanwhile, in a report released by LinkedIn, employee learning and development became more pronounced in 2021. Upskilling and reskilling ranked first and second among the focus areas, with virtual onboarding ranking third.
4. Renewed interest in green energy and sustainability
The European Environment Agency has noted that COVID-19 can be considered a “late lesson from an early warning.” This is because environmental degradation increases the likelihood of pandemics occurring.
According to the agency, the health crisis began and escalated through the “complex interplay between ecosystem disturbance, climate change, urbanization, and international travel.” In response, companies are showing a renewed interest in sustainability by integrating green financing innovations into their operations.
Development of green infrastructure projects, carbon emission reduction, issuance of green bonds, and establishment of standards for green credit ratings are some of the measures companies plan to implement.
5. Increased preference for remote work
The labor force took a hit during the peak of the pandemic, with most of them working remotely to complete projects and deliver results. This trend will carry on in the post-pandemic market, though not as intensely as in 2020 and 2021.
According to a survey, 58% of workers prefer to be remote full-time post-pandemic, while 39% want a hybrid work environment.
Developing Business Resilience: 8 Strategies to Rebuild After the Pandemic
Reeling from the effects of the pandemic, you may be looking for ways to stabilize your business operations and improve your cash flow. Below are some strategies to help you rebuild after the crisis.
1. Invest in a financial system
Due to the pandemic, big and small businesses pivoted to online and mobile commerce. This trend persists in the post-COVID market. As such, it is essential to re-align your business plan. This includes setting up an appropriate financial system to keep up with the new data streams.
In particular, inventory, expense tracking, and invoices are the top three financial processes your business should invest in.
2. Evaluate your resources
Evaluating your resources will guide you in modifying your business plan to suit the current demand. Take a look at your financial resources, existing equipment and facility, and the skills of your employees. Should you cut back expenses in one area and channel the funds into another to keep up in this new market?
Your priorities before the pandemic may not be applicable now. Thus, having a plan that addresses the gap allows you to move forward with certainty. Use a spreadsheet to map out your resources and possible modifications to figure out innovations easily.
3. Integrate digital transformation into your business plan
As mentioned, the pandemic has sped up the adoption of digital technologies, transforming businesses forever. Surveys predict that this change will be here for the long haul. With this development, it’s important to re-think your business strategies, integrating digital transformation into the equation.
Data indicate that 57.6% of the world’s population uses social media, with the average daily time reaching 2 hours and 27 minutes. It’s then essential that you leverage online platforms and other technologies to expand your consumer base easily, close sales within a short time, and engage your customers on a personal level.
4. Modify your budget to account for new spending
New expenditures will include technologies you want to integrate, but there’s more to that. You must also consider revamping your budget to include comprehensive health insurance for your employees to help them keep track of their health. This will reduce instances of absenteeism while increasing your employees’ productivity.
Besides healthcare, providing upskilling training should also be one of your priorities to thrive in the post-COVID market. This will enable your employees to better perform their tasks in the evolving business sector.
5. Embrace the shift to remote work
As we enter the next normal, more and more companies will adopt the work-from-home approach. One reason for this is that remote work actually increases productivity. In a survey involving 1,004 full-time employees, remote workers were found to be more productive than their office-based counterparts.
You may want to consider implementing a hybrid arrangement moving forward. Aside from increased productivity, you can also save on infrastructure costs and improve employee retention, increasing your company’s profitability.
6. Take advantage of public funding support
Governments around the world offer various funding programs for businesses.
In the Philippines, the Department of Trade and Industry has rolled out loan programs for Filipino business owners like the I-RESCUE financing scheme, Micro, Small, Medium Enterprise Credit Guarantee Program, and Rehabilitation Support Program on Severe Events.
Take advantage of these programs to help stabilize your operations so you can bounce back with sufficient funds.
7. Prioritize research and development (R&D)
While R&D is a given in any business framework, prioritizing this area has become even more important after the pandemic. Research allows you to predict trends and see opportunities your business can maximize. Ultimately, this will increase profitability and improve operations.
Another aspect your business should look into is environmental sustainability. As earlier mentioned, supporting green initiatives can reduce the risk of global health crises and protect institutions and industries from the impact of a potential pandemic.
8. Have a contingency plan for future challenges
Global emergencies can happen anytime. Taking into account the lessons from the COVID-19 pandemic, it’s always safe to have a contingency plan in place. For example, securing liquid assets like cash and checking or savings accounts may be a priority for your business if you had little or nothing set aside before the COVID-19 outbreak.
You may also choose to cut non-essential spending or prioritize paying down your debt to keep your budget in check. By keeping your business fluid, you can increase your odds of surviving—and eventually thriving—in the event of tough financial times in the future.
Preparation is Paramount for Success
Nobody would have thought that a pandemic would suddenly emerge and force companies to adapt to an entirely new setup. If there’s one important lesson COVID-19 has taught businesses, it is preparation.
Being prepared through research and strategic planning can help minimize, if not ensure, that a company survives a global emergency while keeping everyone safe.
Pawning can be an option if you need additional funds to stabilize your operations. Gadgets or appliances from your office or used for your business operations can be exchanged for cash, which you can do through an online pawnshop. Check out PawnHero now for the best deals!