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Is Covid-19 Giving You a Chance to Reinvent Your Business?

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How the Coronavirus Pandemic is Forcing Businesses to Adapt to the New Normal

Everyone had made plans for 2020, but life had something else in store. Businesses had projects lined up, growth strategies in place, new locations planned, and all that was forcefully put on standby when the world became faced with the Covid-19 crisis. Suddenly, businesses were disrupted and had no clear idea of when things would get back to the way they used to be. This is real life; it is happening right now, and how businesses respond to the crisis is very telling of their future.

There are certainly a lot of changes that have come with this pandemic. Focusing only on the negative would be wasting great opportunities for improvement. The current situation is providing business leaders with a chance to react promptly, evaluate their business, and find innovative ways to reinvent their operations.

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Digital Transformation is a Need

Businesses that decided to digitalize their operations before Covid-19 are the most likely to be up and running to this day, as they may experience a less severe impact than those businesses that hadn’t opted for a digital transformation up until then.

When possible, adopting a remote work model leveraging tools such as Zoom or Google Meet for video conferencing and communication allows businesses to remain open, keep their projects moving, and provide an acceptable level of service throughout this crisis.

Although remote work doesn’t fit every business model, it should be adopted whenever possible. Other industries that are severely affected by the current restrictions, such as the tourism industry, are more vulnerable in the face of this situation.

Now is the Time to Innovate

Before you consider laying off employees, ask yourself, is there any way you can reassess, adapt, and renew? This crisis is likely to produce lasting changes. So how can you empower your business with resilience to make it through? Around the world, we see many companies adopting a different direction that allows them to stay relevant as they cope with this crisis while putting their capabilities to good use.

In Costa Rica, a bathing suit manufacturer decided to start producing antibacterial, anti-fluids, and reusable face masks to help people protect themselves against Covid-19 and minimize the waste produced by disposal face masks. Thanks to the high demand, this company had to hire more staff to comply with their orders, generating jobs for previously unemployed people. In Toronto, a gin distillery is now producing hand sanitizer.

Pursuing new opportunities will undoubtedly generate change. But if these changes allow you to keep your business running, aren’t they worth the risk?