Business owners must start to embrace a post-COVID-19 future and adopt strategic responses to their operations, based on an economy that is shaped by new personal and social behaviour, as well as new regulations
The pre-Covid-19 world we remember still so vividly will not be returning, even when all lockdown measures are lifted, anytime soon. Many industries will face a slow and lengthy road to recovery, with aftershocks of the pandemic imminent and global economic slowdown enduring. But in the midst of looming gloom, some sectors such as logistics, healthcare, sanitation, remote monitoring, food delivery and cybersecurity have been earmarked as potential areas of growth and development, as the world shifts into a low touch economy.
Global strategy firm Board of Innovation has outlined important shifts expected in the medium-to-long term to help business owners understand current and foreseeable disruptions due to Covid-19:
- Extended travel restrictions, even within country
- Optimized work from home setups, beyond typical office jobs
- Increased tensions and conflicts in international trade
- Dependency in take out / home delivery for supplies
- Expansion of one’s identity beyond just one’s job
- New digital communities (for older generation, for instance)
- Rise of the “certified immune consumer” as a marketing segment
With keen foresight and strategic planning — enhancing resilience and agility via cloud computing, automation and artificial intelligence, for instance, many entrepreneurs and business leaders will be able to sustain, even hone, their competitive edge and achieve growth initiatives in a post-Covid market.