What Have We Learned? Business Lessons From COVID-19
What is the first thing that comes to your mind when I say the year 2020? COVID-19, isn't it? The world was put to a sudden Halt and we all saw a tremendous shift in the business world. ‘Remote Work’ was the only resort to keep the business functions in place. While it was a bit of a struggle for complies to dwell in this new work culture, soon we all swooned in to bring the best output. We have to admit the year was full of sweet and sour surprises. Some people were struggling with their jobs while others were starting their small-scale businesses, some were exploring their passion while others were struggling with their family relations, and so on. There was so much about the year that we'll be having a lot of stories to tell our future generations about the year 2020."If there’s one thing that’s certain in business, it’s uncertainty.” – Stephen CoveyIn this post, we will be discussing a few business lessons that we learned from COVID-19. Let’s put some light on the same.Companies Need To Remain Adaptive to ChangeSeveral companies resorted to working from home during the pandemic. The companies didn't manage the risks that would be associated with the interruption of business activities. Some employees didn't have laptops, there was an increased risk of cyber-attacks, and companies had a hard time coping with the employees' needs. Meanwhile, those companies that didn't go agile either had to face a major loss or didn't survive the market challenges. So, companies must assess the risks and prepare themselves for the responses associated with them.Hop On The Digitalization TrainThe pandemic for sure had been a catalyst for the growth of remote working, e-commerce customer interaction, artificial intelligence, telehealth, automation, and even online education. We saw a new revolution in the world of augmented reality where several retailers, cosmetics, jewelry, furniture, and apparel brands switched to the online world. COVID-19 for sure has seen a tipping point in business history, and of course, all those who have missed these opportunities will see their competitors in the next wave of growth.Reimagined Organizations And LeadershipsDuring the pandemic times, businesses learned both the internal and external sides of agility. We saw the real possibilities of telecommuting. Now, businesses address new challenges such as - How to manage remote teams? Where should the organization begin the work responsibilities if the employee is not present physically in the office? What does work-life balance mean for employees who are working from home? While it was all traumatic to manage at first for businesses, COVID-19 taught us that everything is possible with the right zeal and approach. That is why we saw changes in the company's laws and policies and we saw companies being open to remote work culture. And, that's what the future is, It's Remote!Embrace Remote and Hybrid Work SettingsBusinesses must admit to the fact that we all were able to manage the pandemic times eventually and are still soaring high with the changes. So, being open to hybrid or remote work settings can surely help in bringing the best potential of the employees and can foster mutual growth for both employees and the employer. It's a great idea to work sometimes through online meetings rather than people flying into the office. Or, you can simply keep the resource remote and integrate the best communication channels to ensure a seamless work culture. We all did that during the COVID-19 times and we did good, didn't we? So, businesses must consider giving a different blend of remote or flexible work setting to reduce reliance and boost an overall productive work culture.Final Thoughts: Expect The Unexpected The pandemic has taught businesses to focus on the actual need for the future of employees and ensure they are equipped with technological resources, critical thinking skills, and open communication. There is nothing wrong with saying that technology has been a blessing for all of us and has helped us solve several real-time business problems in the right way. Moral Of The Story: Businesses must learn to oversee the uncertainties of the future strategically and guard themselves.
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