We are currently in a time of global business crisis. Many businesses have fallen by the roadside. Those lucky enough to still be trading are often focusing on the ways they might adapt in the short term. But what are the ways in which the Covid-19 pandemic might affect your business in the longer term? What changes can you make, or have you made, that might last longer than the coronavirus? We asked Justin Cobb for some thoughts.
One of the major changes companies are seeing a benefit of is remote work. 88% of companies have put into place some form of remote working since the pandemic began. And around 30% are seeing enough benefits to permanently put it into place. Ask yourself, is your current remote work strategy making your business more productive? Is it maintainable in the long-term? If both are true, then consider a change.
Does your business have a backup plan? You may have had plans in place for every possibility, and so this pandemic was of not much concern. But most companies are discovering that when a crisis strikes, they don’t have any plans to deal with that. Now is a good time to consider putting plans in place for future issues, so that you can prepare. Remember, failing to prepare is preparing to fail.
The coronavirus pandemic is revealing how businesses are weak. But it’s also a great time to find out where they are strong. The unaffected parts of your business are the parts you might consider focusing on. It’s at times of crisis that we find where the strong foundations of our businesses lie. This way we can get some clues about our own strengths too.
Justin Cobb is an international entrepreneur, based in the US, with a network of companies spanning the globe.