COVID-19 is undoubtedly the largest public health crisis for a generation. Its effect has been unrelenting.
In the span of a few months, the world’s economy travelled a path from cautious observation and common-sense health advisories to massive cancellations and business shutdowns, leaving many millions across the globe furloughed or out of work.
The ripple effect felt across various economies in the world due to the voluntary lockdown, has been unprecedented. In the US alone 39 million people lost their jobs in a space of nine weeks of COVID-19, with unemployment rising by 2.4m despite easing lockdown as of May 31 2020.
Here in the UK, the story is not any different. The ONS data showed a spike in the number of people claiming unemployment benefits. The claimant count reached its highest level since 1996 in April at 2.1 million in total.
It goes without saying that events over the last few months have created unprecedented challenges. It is unlike any crises the world has experienced. In economic terms, it is called a black swan.
According to Wikipedia:
A black swan is an unpredictable event that is beyond what is normally expected of a situation and has potentially severe consequences. Black swan events are characterized by their extreme rarity, their severe impact, and the widespread insistence they were obvious in hindsight.
So how will the pandemic Impact the way we do business?
1. Upskilling
This moment requires us to learn new skills, develop new habits and let go of old ways of working. Now more than ever we need to begin to embrace the paradigm of “dropping familiar tools” and not overlearn specific behaviour and then fail to adapt to a new circumstance. This mentality affected everyone from firefighters to aviation crews to NASA engineers, often with deadly results, and underscores how hard it can be to adapt to change.
2. Cutting back business trips
The pandemic has shown us we don’t need to fly to London or Newyork for business reviews.
It has confirmed that using videoconferencing programs, like Zoom or Skype will suffice and that meetings are just as effective online. In addition to this, it will save companies money, reduce the stress of travelling and carbon footprints.
3. Renewed focus on outcomes instead of controlling employees’ time
True leadership in the era will shift, it will be more focused on energising and empowering employees around a common mission, work will be measured based on the outcome, companies will shift to results and forward-looking metrics like market share and customer feedback.
In spite of the terrible tragedy caused by COVID-19, this crisis is a is already a motivating factor to unlock innovation.
Companies who figure out how to use today’s crisis and adversity to re-invent tomorrow’s workplace will be the ones that thrive in the long term.
4. Accelerated digital transformation
This reimagining of business in the digital age is digital transformation and it is now more than ever crucial.
Digital transformation is the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements.
COVID-19 is forcing companies to think digital and to accelerate their transformation to be all-digital globally.
Centralising how information is accessed in an organisation remains a powerful way to get jobs done easier, efficiently and that everyone is literally on the same page and can assess information as and when it is needed.
This means no need for long PowerPoint presentations, as agendas are more focused, enabling meeting times to be cut dramatically.
5. The shift from a production modality to a creation mentality. Culture Is the Backbone Of Resilient Companies.
In a world of accelerated change a company is, at its essence, is culture and its capacity to innovate, create, and adapt.
To shift from production to creation mentality companies need a clear and strong culture to guide their paths.
There’s nothing like a global pandemic to make the case.
The very survival of a company in the age of the coronavirus is dependent upon a culture that can withstand shocks that causes seismic disruption.
A company’s culture can be understood in the answers to three fundamental questions:
1) Why do you exist? (Mission)
2) How does the world look different because you exist? (Vision)
3) What will and won’t you do to achieve your mission and fulfil your vision? (Values).
As the pandemic spreads companies will need to cultivate cultures that embrace its commitment to humanity.
6. Connect to customer success
Instead of working out what quantity, colour or size they’re going to want next, you’re coordinating with them to help them protect their staff, ease their cashflow or co-create a completely new product line.
Your capacity to accurately listen to customers, understand their needs and then rapidly swarm to adapt your offering is being tested at an unprecedented intensity.
Through digital connection, real-time analysis and dynamic teamwork, it’s focused on understanding what the customer wants to achieve:
Engage — Know what success means for your customers.
Monitor — Measure whether they’re experiencing success.
Improve — Find ways your business, product or service can help them be even more successful.
This is a huge switch from the old disconnected product sales model and one where customer service becomes a crucial part of maintaining and developing the customer relationship.
How is the current pandemic impacting the way you do business and what strategies are you using to adapt?.
Robert Ikwue is an entrepreneur and the founder and CEO of BiiZBoX.
