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New Year, COVID-19, and Businesses
Dec
Retrospect:
Retrospect:
We are just stepping into 2021 soon, and 2020 has by no means been an ideal year. Not by any measures. Worldwide operations have been thwarted since March, since then it has been a relentless struggle to keep life moving. To keep the economic cycle moving and keeping the usual businesses going. Except for online businesses almost every business has struggled. The USA experienced its highest deficit recorded of 3.1 trillion.
The world has not only encountered financial setbacks but many valuable lives were lost to this pandemic. 1.57 Million people have succumbed to this fatal virus, 69 Million were diagnosed. To this date, the virus continues to consume more lives. It has been a difficult year emotionally, for people have lost their loved one, and due to this pandemic people cannot meet frequently; socializing is a great emotional vent but due to COVID, people are isolated. Isolation can take its toll on one’s mental health and if you have lost someone; heartiest condolences for them, may all the departed souls, rest in peace!
Then the circular economy is facing a terrible nosedive; it is based on recycling human waste. It is impossible to recycle waste under such circumstances.
The economic wheel is arduously functioning therefore any progressive projects are impossible. All the money from the public sector is being utilized to keep that economic momentum. Renewable energy projects are forestalled because of decreasing oil prices. These are some downward trends and one can only speculate on if these activities will soar again, at least in near future.
2020 was no short of a catastrophe in many ways but we are soon entering 2021, we have to prepare for the future. The economic wheel shall start rolling again vehemently and life shall continue.
Improve Business Vision:
Improve Business Vision:
Great leaders and businesses don’t dwell on the past for long, it is their ability to adapt to change that makes them great. So, as we are on the verge of entering 2021, all the businesses are going to calibrate their yearly turnover. All the think tanks will sit down on the table to make up for their loss. They are going to devise new marketing strategies, they will alter their services accordingly; to redeem their businesses and losses. 2020 is done and it has brought along some priced lessons to all businesses. Now the business owners know they can’t rely on their marketing strategies, and mundane challenges; some challenges are unprecedented. COVID-19 has been a continuous presence since March 2020, so adaptability is inevitable. Businesses that were in their relative infancy have suffered terribly and maybe irrecoverably, but what’s done is done.
Is COVID-19 Over?
Is COVID-19 Over?
COVID-19 is not ruled out yet, vaccines are a proverbial topic these days. Pfizer/ BioNtech published its first results in November 2020.
On December 8, 2020, 90-year-old Margaret Keenan was the first British lady to get inoculated with it. COVID vaccine is good news for the entire mankind, which means normal functional routine would resume. Though the COVID threat seems to be fading, this is not to be taken for granted. These vaccines would work but what’s to guarantee, no such thing will happen again? Or Virus won’t mutate and become lethal again. So, it is only prudent to be prepared for such unprecedented challenges.
COVID second wave is a potential threat, that can materialize and everybody has to be careful about that.
Some essentials that can lead a business to fair well this year are mentioned below:
Diversify:
Diversify:
Businesses should diversify, as it was seen that businesses that offer services that cannot be carried out remotely suffered terribly. A lot of businesses during this pandemic did diversify into remote business set-ups. Such strategies not only redeem businesses during such catastrophes but they are also more profitable.
New Services:
New Services:
All businesses should seek to start services that can be essential in such times. Even if that means, expanding into a small startup altogether.
Set-up Remote Workplaces:
Set-up Remote Workplaces:
It has been seen that remote workplaces can be comparatively less resource-consuming since companies only have to utilize online resources to set-up meetings. They are not as effective as professional physical workplaces, but businesses can utilize such things to maximize profits.
Show Mettle:
Show Mettle:
It is also observed that some businesses cannot operate without the free activity of people. For example, the traveling business cannot run remotely, and there is no profitable niche that they can utilize to earn. The only salvation of such businesses is to wait it out, somehow keep themselves up and running. Because once situations like this pandemic come to an end they will get their businesses back and speculatively they will surge once.
Staying with New and Right Market:
Staying with New and Right Market:
Perhaps this is the most important thing to consider when heading into 2021. So, we will discuss it at length. People have switched to different lifestyles in this pandemic. The clock is not going to reverse when COVID observations are lifted. By that statement, permanent changes in trends are implied. People have been living a new lifestyle and a great consumer market of online businesses find them more tasteful than non-e-commerce businesses. Online shopping trend has boosted and there will be sumptuous consumers that will stick to this new way of life, even after the restrictions are lifted. A good business mind shall consider that and plan accordingly. Businesses have to run with the trends, businesses are run mindlessly and recklessly without considering the consumer base, suffer. So, it is necessary to observe the market before planning for the new year.
For example, online food businesses are thriving. FoodPanda is being used intensely, all the existing businesses that were running without digitization might naively expect that their consumer will return and their business will go back to as it were again. This is potentially a disastrous mindset. Similarly, many business entities have diversified into pharma equipment. Masks, Sanitizers, Ventilators. Started as temporary diversification, they might be well off in continuing them. Temporary diversifications can become permanent side business.
