We’ve been able to socialise and go out again after long periods of being indoors. The lockdown period affected us all, but businesses were hit hardest. At the beginning of the lockdown, many companies stared at a bleak future as only uncertainty lay ahead. However, within a few months, business owners began to adapt. Some businesses thrived under lockdown while others were brought to their knees or wiped off completely.
Technology Integration Is Vital
Lockdown meant that everyone except essential workers had to stay indoors. This was a new nightmare if your business wasn’t classified among the essential services. Working remotely was the only answer. Innovative businesses were able to stay afloat. For those that lagged, it became clear that integrating technology into business was the only way to remain relevant.
Dark Clouds Have A Silver Lining
Many analysts predicted doom and gloom for many organisations, especially small businesses. They expected the economic downturn would reduce spending power, killing businesses. While this happened, other services rose in demand. For instance, restaurants that could serve customers in person shifted their focus to food delivery services.
It was time for business owners and managers to think on their feet. Lockdown has brought to our attention some unforeseen business opportunities. The unfolding circumstances required a wartime leader to lead the battle for survival. Every business needs a leader who can spot a silver lining in a dark cloud and act accordingly.
Social Media Is A Resource For Businesses
Before, we had to spend our days indoors. Social media for businesses was an optional market to reach the ‘cool’ client base. Many business owners quickly realised that it was a resource, with an estimated one-third of the global population spending their time indoors.
You’ve got to be where your customers are to increase your brand visibility. Not have people in businesses learnt the importance and safe practices in social media marketing, but it has spawned a new industry. Today, social media managers are in high demand and marketing firms also include social media in their services.
Effective Workplace Communication Is Essential For Growth
When your workers are spread across different locations. A physical presence that at times fosters effective communication is cut off. Managers, investors, owners and employees had to rely on digital channels to pass their messages. Businesses that had grown tangible communication models internally could easily navigate this period.
On the other hand, organisations without proper communication methodologies bore the brunt. All stakeholders had to adapt effective communication strategies to avoid halting and unnecessary delays in projects. This also improves the overall work environment and business culture.
The eventual activation of business continuity plans due to the lockdowns led to reliance on technology. This boosted internal and external communications, which reduced or eliminated menial tasks, paper- based transactions, and office types of equipment that are now replaced with online transactions, such as fax machines. Online faxing is innovative and paved the way to improve operational processes.
Be Prepared For A Rainy Day
With a lot of uncertainty in the air, many people cut spending to mitigate the effects of the lockdown. No one saw what lay ahead, and stretching out what people already had in their pockets provided a sense of security for the future. For businesses, this was a big blow. Decreased consumer spending translated into a loss of revenue. Businesses that didn’t have capital reserves or were servicing loans struggled to remain afloat.
We can’t underestimate the need to prepare for a rainy day in business. When venturing into a business, it’s important to hope for the best but be prepared for the worst. A rainy day stash will save you from drowning when circumstances change for the worst.
There’s No Shortcut To Compliance
At the height of the lockdown period, it was pretty clear that some roles in organisations weren’t sustainable. However, axing employees wasn’t viable as companies would need these positions when normalcy returned. Governments stepped in to assist with furlough programs. This way, people could keep their incomes.
As expected with government efforts, a ton of bureaucracy came with it. Businesses that weren’t fully compliant failed to navigate through the red tape. Missing out on aid, even for trivial issues, was an eye opener to business owners that compliance is vital. You can’t cut corners in business forever. It will catch up with you at some point.
Be Grounded In Your Principles
When faced with unprecedented circumstances like the lockdown. Organisation culture and business values are tested. It was easy for organisations to change their goals and objectives to remain competitive. However, pivoting doesn’t have to erase established organisational principles. The principles build the reputation of a business.
Businesses Need More Revenue Streams
The adage ‘don’t keep all your eggs in one basket’ rang true to many as businesses experienced the most trying times of our generation. As lockdown measures were instituted, revenue streams were cut off with no preparation time. Companies whose sole source of income had been decimated had to close shop and rebuild.
On the other hand, institutions with multiple sources of revenue had a fallback plan when one stream was closed. In the future, businesses will have to leverage all resources, including technology, to diversify their incomes. This has proven to be a much-needed growth strategy.
Appreciating Employees Is Key For Organisational Stability
An unlikely lesson from the lockdown period is how much value employees hold in organisations. Being away from physical locations meant productivity was down to employees’ motivation. Workers who felt appreciated in their roles put in more effort to maintain their output even from their homes.
Even though businesses already appreciated employees before lockdown. This period emphasised the point.
Last Words
Unprecedented and sudden changes can take a toll on organisations and change how we conduct businesses. While some of our organisations may not feel the heat or thrive contrary to expectations, we can’t ignore the lessons. Lockdown taught us a lot. Applying these lessons as we advance is crucial to repositioning businesses in a post-lockdown society.
