2020 put the entire world economy through the wringer. There were hopes that at the start of the New Year, things would be back on the right track. In some cases, this has been the case.
For instance, we seem to have avoided a massive worldwide recession at the world possible time which many experts predicted would occur.
As well as this, there are vaccines being distributed for COVID-19 and we could be moving towards some form of immunity.
However, that doesn’t mean that everything is back to normal. There are going to be long-term impacts of this pandemic that businesses might not be fully prepared for.
Let’s explore a few of the key possibilities here.
More Of A Focus On Safety
It will be vital for businesses to continue to have a focus on safety and ensure that their individual safety standards match the right expectations. Experts are already claiming that we will need to wear masks for quite some time.
That means that on some level, social distancing is going to be necessary. This is going to completely shift certain business models, even when they can reopen. Of course, the argument could be made that customers are going to be concerned about every aspect of safety rather than just COVID-19.
Indeed, research suggests that there was a massive surge in demand for wellness products through the pandemic. This clearly demonstrates that consumers are more focused on their health and how to protect it the right way.
One of the ways that businesses can get on the right track with health and safety is by hiring a health and safety officer. They can check your business model for hazards and ensure that there aren’t any issues that could potentially cause headaches in the future.
By 2025, it’s expected that the gig economy will cover more than a third of workers on the market today. It’s believed that covid-19 has only sped up this movement. In other words, more people are going to be working for companies without permanent contracts.
This includes both freelancers and outsourcing agents. That’s good news for business owners as it’s far more cost-friendly to use these workers. It also presents a clear opportunity for remote work. The head of Barclays suggested during the pandemic that the days of big offices are probably now long behind us and they are probably right.
This isn’t just about the new for social distancing. It’s also due to the fact that most roles and processes in a business model can now easily be completed remotely.
For instance, you can complete usability testing on a product remotely. A remote unmoderated usability testing guide will show you exactly how to do this the right way. This never used to be possible but thanks to cloud servers providing instant connections and fresh advanced technology, it’s easy to connect with anyone in real-time anywhere in the world. Businesses are no longer confined to the typical office space.
A Focus On Online Sales
During the pandemic, there were businesses that struggled to keep the lights on. The UK clothing store Primark was one of these businesses. Issues with their business model quickly became apparent after it emerged that they were able to make zero sales during the first few years of the pandemic.
This was understandable, particularly when you note that Primark doesn’t actually have a way to complete online transactions. They don’t even have a website where customers can buy products. Everything is handled in-store in a way to keep costs down. It’s one of the few remaining highstreet-only brands and it likely won’t remain that way for long.
Businesses are aware that as well as dealing with COVID-19 they also need to prepare for the next pandemic. Experts warn that this could be the first in a new wave of viruses and businesses will need to adapt to this challenge.
One of the ways that they can do this is by making sure that their online game is strong and providing customers with as many different ways to complete purchases as possible.
A Need To Be Frugal
Finally, while it seems that we might have escaped a global depression, there’s no guarantee that a massive economic disaster isn’t still looming on the horizon. As such, it’s vital that business owners are taking steps to keep their spending tight and under control.
This isn’t easy and the reality is that there are a lot of issues here that aren’t always easy to deal with. But there are also smart ways to be more cost-effective and eliminate wastage in the business model.
One of the best possibilities would be to focus on making any business model a little more green. With the right standards in energy usage, you can guarantee that your business can reduce costs by as much as 25%. This will be true if you focus on how you can introduce elements of renewable power into your business model.
For instance, you might want to think about using solar energy solutions. These are easy to install and only a few thousand for the typical business property. There are also government subsidies available and these types of installations will pay for themselves in just a couple of years. They also send a clear message to clients that your company is taking the right steps to help the planet.
We hope this helps you understand some of the key ways that the after-shocks of COVID-19 are going to impact the business world and the changes that you can expect. It’s easy to assume that the world of the pandemic is now behind us but the likelihood is that this isn’t the case.
Instead, it’s more likely according to experts that the impact of the coronavirus pandemic will be felt for years down the line. Companies are going to need to come to terms with this and adjust their models so that they can continue to stay afloat and provide the solutions that their clients demand on the market.