Strategic Moves to Secure Your Company’s Future Amid COVID-19

It’s difficult to manage a company amid uncertainty. The current COVID-19 pandemic has thrown the global economy in disarray.

Without technology, foresight, and thoughtful planning, several firms won’t be able to recover from this crisis.

Below are some strategic moves to implement in your company to ensure business survival.

Use technology to support employees.

Technology has greatly improved the way companies run. From simple digital tools to complex computer systems, technology’s role has been instrumental.

During this pandemic, it has enabled companies to adapt to sudden changes. Remote work is being implemented across various industries. The New York Stock Exchange, for instance, has closed its trading floors and is now operating remotely. Call centers are even considering the adoption of artificial intelligence (AI).

However, it would be a mistake to entirely rely on technology—AI or others—and ignore the perspective of working people.

Remote work and the different technologies that make it possible are far from perfect. Additionally, employees everywhere are still figuring out how to adjust to this new work environment. Companies must track gaps in remote work implementation and make necessary improvements to make remote working better for staff.

Companies should also continue investing in professional development for staff. The web offers a vast resource of virtual training and webinars on a variety of topics—from technical ones like online training courses in Cisco ACI and database management to public speaking and leadership skills.

Anticipate the effects of government action.

Governments have been forced to act to prevent the pandemic from claiming more lives. Restrictions on non-essential travel and social distancing protocols have forced people to stay safe in their homes.

As a result, this has caused many small businesses and companies to shut down. To keep the economy afloat, governments have introduced stimulus packages and new legislation designed to help the private sector cope.

To survive during this uncertain time and into the future, leaders need to re-examine the role of government and how it can potentially affect business operations. Decisions revolving around business continuity should take into account new regulations and policies that can affect a company.

In the coming years, the government will likely intervene more in the economy to keep the aftershocks of the pandemic at bay. While many of these changes may be necessary (e.g., new taxes, updated employment rights), companies must avoid being caught off guard and exercise foresight.

Start planning for a post-lockdown scenario.

Business planning

Several companies have rolled back operational capacity due to lockdown restrictions. This has caused significant revenue losses.

However, companies must also realize that such a scenario is not indefinite. Eventually, lockdown rules will be eased, and sometime in the future, COVID-19 will be a thing of the past.

Leaders must think long-term and create a post-lockdown strategy. Such a plan will help businesses of varying sizes to reboot operations. Planning should also take into consideration new norms and behaviors that will be in place long after COVID-19 has gone.

What would social distancing protocols look like in the office? How can companies get the most of that space while ensuring compliance with government guidelines? These are just some questions leaders should be asking themselves.

Equally important is the well-being of staff. Companies must help staff safely return to offices. Additionally, companies should be thinking broadly about providing adequate health coverage and benefits during and after COVID-19.

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