When the COVID-19 pandemic hit, the world we knew changed in an instant. The crisis impacted every facet of life, sparing no one.
In particular, the business sector immensely suffered. If you are a stakeholder in the industry, perhaps you can relate to how challenging it was to find new ways of doing business.
However, if yours is still operational, you have a lot to be grateful for. After all, in the course of this global health crisis, innumerable unfortunate entrepreneurs had to raise the white flag and surrender the business they had built from scratch.
Now that you have proven to yourself that you can steer your business to rise above even the most difficult of challenges, it is no time to get complacent. The post-pandemic market is here, and it is in your best interests to roll up your sleeves, rethink your strategies, and get to work.
The infographic below will illustrate how COVID-19 has changed the business sector. It will present the biggest post-pandemic business trends, strategic business predictions, and strategies to thrive in the post-COVID market.
4 Biggest Post-Pandemic Business Trends
The COVID-19 health crisis has no doubt transformed the ways companies conduct business. It has paved the way for these new trends.
Further digitalisation of business processes
We have seen this in the last two years. Offices had to pack up and operate remotely to follow quarantine and social distancing protocols. Zoom meetings became prevalent, as did collaboration software.
In the post-pandemic market, we can expect further digitalisation of business processes, such as the use of AI-driven insights to improve sales efficiency, implementation of automated customer service, and employee performance management automation.
Increased focus on sustainability and operational transparency
Businesses are profit-driven enterprises. While that is a given, organisations are increasingly becoming aware of heightened customer expectations. Now, generating projected profits is not the only priority for most business leaders.
As we enter the next normal, expect a renewed emphasis on environmental sustainability and operational transparency. This means more focus on green financing innovations, green infrastructure projects, and carbon emission reduction initiatives, among others.
Indeed, the coronavirus pandemic has prompted businesses to rethink their strategies, as experts have found that environmental degradation increases the risk of pandemics.
Greater emphasis on business resilience
Before the pandemic hit, businesses prioritised efficiency. Now, the focus has shifted to business resiliency. Companies are now re-evaluating their resources, modifying their financial plans to account for new expenditures like research and development, digital transformation, and upskill training for their employees, among others.
If there is one thing the pandemic has taught every business owner, it is the fact that one cannot account for all contingencies. Disruptions, such as a global health crisis, can potentially blindside an enterprise. Hence, it pays to be always prepared.
Increased demand for a healthy workplace
A healthy workplace is one where work-life balance is encouraged. In the post-pandemic market, we can expect businesses to become more invested in this area.
Companies are now integrating healthcare into their business plans, increasing its allocation in their budgets. Likewise, mental health programs are becoming a focus for most organisations, providing free counseling sessions for their employees.