How COVID-19 Changed Business

It’s been a while since we had a crisis that affected the entire world like COVID-19 did. The impact varied in terms of degree and timing but regardless just about every area of the globe had to deal with the effects of the pandemic.

You would probably be hard pressed to find a business that was not affected by the COVID-19 crisis. Regardless of size and continent all businesses felt the effects that came with the changing world and environment.

It would be terrible if we went through this whole crisis and learned nothing from it. What can we learn from the COVID-19 crisis and its effects on the business world?

One of the things the COVID-19 crisis did was make us more aware of how interconnected our world is and how we need to choose our actions based on the effects on the world at large.

This, of course, was an issue that was faced by major governments. Our society was facing a massive crisis because of the bomb COVID-19 had set on the economy. With millions unable to maintain the status quo of work and school the financial base supporting everything was in danger.

Smart governments stepped up and offered assistance. Canada, for example, offered loans through the Business Credit Availability Program (BCAP) and other programs designed to keep businesses running.

Countries across the globe ran similar programs, with Brazil suspending payment programs and simplifying credit processes, Japan expanding loans and other financial programs and Sweden offering a mix of loans and allowances.

Humankind and our current society is heavily tied to an economic base. Smart governments did what they had to do to ensure the economy kept moving despite the hurdles COVID-19 brought with it.

Obviously one of the things successful businesses learned was the need to be adaptable. How you reach your customers and how your customers are going to reach you can be impacted in a heartbeat and you won’t survive if you can’t figure out a way to connect.

This should be obvious looking at today’s marketplace where business confidence continues to hit new lows and small businesses are failing en masse.

The reason, as we know, is the abrupt separation from buyers and sellers. Once social distancing became the norm our spending habits veered away from entertainment and social options—and away from stores in general.

The successful businesses saw the potential in humanity’s forced hibernation and tweaked their wares to attract consumers.

Take grocery delivery. It’s been around for eons but has burst to the forefront in this time of confinement.

Smart innovators are working with modern technology to make the distance shopping process more pleasant. Now, thanks to modern thinking and apps like Instacart and Instabuggy, you can oversee and converse with your shopper as they pick up your groceries. This obviously minimizes the chance for error and allows for changes to be knowingly made when the situation requires it.

Distance grocery shopping is probably one of those things we didn’t know we needed but will quickly forget how we survived without it.

Of course if we were to highlight a success story or a business that thrived in the new chaos the most likely winner would be Zoom.

Telecommunication has been important for a long time in our business and regular world but recent events have increased their need. Suddenly unable to hold typical in-person meetings communications technology has suddenly become imperative for the business world.

Zoom saw the coming crisis and set itself up as the ideal system to use for business (or social) calls. Offering both a basic (free) and corporate (subscription-based) platform the software is easy to run and allows groups to run group meetings from various spots across the globe.

This process was not seamless and the platform did have to radically improve its security system to better serve its customers but its continued growth and prominence shows how important the system became to the business and everyday world.

COVID-19 showed that today and tomorrow’s business world needs the ability to conduct meetings online. If you haven’t explored the available platforms you’re already behind.

There are times when disasters come into play and force us into new situations and new levels of problem-solving. Although it sounds terrible, properly managed this is the best way to put a silver lining on a nightmare.

COVID-19 tried to shut the world down. Yet throughout the crisis mankind has continued to show ingenuity and perseverance. The world will be different when the coronavirus cloud has lifted but this is not 100% a bad thing because of the improvements we have been making as the disaster unfolds.

A new day is coming. Let’s hope it’s a good one.