What have companies and businesses learned from the Pandemic?
As we move further into the pandemic, we can see ever more businesses and companies once-flourishing breaking down financially. Many had planned for the pandemic to go on for 3 months at most believing it would disappear into thin air with the arrival of a warm summer. Others took a more drastic approach and invested in 6 months thinking a vaccine could be right around the corner and began to spend all their capital.
As institutions and companies clear-out their big offices and factories, they remember that before the pandemic became a part of our lives no-one believed it would go this far. Analysts and strategists had as many different ideas as to what will happen next as the next-door neighbor. Most businesses and their managers realize now that the safest approach was that of large corporations such as Google, and Amazon which offered their employees the possibility of working at home. Initially, they thought it would not be financially efficient to hire people to carry out their job from home as they thought that employees can only be trusted to work in the office. But was this lack of oversight the only reason for these companies to suffer so greatly from financial difficulties?
What Companies and Businesses Could have done
One of the major attributes of a manager is to be a risk-taker. So many of us sit down so calmly in our overtly expensive office chairs, not wanting to move backward both in life and in the market. We force our employees to increase sales with the lowest budget possible expecting the company to be ever profitable. The first rule of management says that is wrong. A company or business must be able to adapt itself to the demands and requirements of the market and this minor difference, goes on to create giants. Imagine if Facebook still looked like how it did in 2004. Imagine if they hadn’t purchased Instagram or Whatsapp. Would Zuckerberg still be one of the wealthiest men walking the planet? Prominent economic experts unanimously agree that the reason companies and Businesses, big or small, begin to depreciate over time is because they find themselves unable to adapt to their environment. As the Japanese say “The nail which sticks out gets hammered.”
Sometimes, a step backward is a step in the right direction. Let’s say there would never be a vaccine for Corona. Companies and Businesses would eventually have to either let all of their employees leave or allow them to continue from home. If it were to be so, wouldn’t it make much more sense if the companies paid a much lower price for rent and installations, not to mention taxes?
Managers need to learn that a company will never be able to continue with an attack strategy. In chess, sometimes you defend, sometimes you run, seldom have you attacked and that is a very accurate description of a company or business-facing struggle of difficulty.
What could be done?
One may be puzzled in the face of a suggestion on how people can work from home for their businesses or companies. They would question the efficiency and reason behind a decision such as this as they would question relocating to smaller and more efficient headquarters. For it has not been clarified for most managers of businesses and companies the ways they can redesign their cycle of operation within their company. Trusting an employee to walk into an office, sit behind a desk and take care of some files which have been previously designated for them is as simple as asking them to get them done at home and send them back any time before 17:00 as they would at the office. To be honest, running a company has become much more efficient now. If you paid your company employees by the hour, now you can easily pay them by projects they end up doing. Instead of paying for heat and power at the office block, pay for their internet and you’re set to go.
The easiest approach for Company and Business managers is to prepare a list or flowchart of the company’s supply-chain, operation, or processes and consult with strategists who are experts in the matter to re-design your company operates for it to be suitable for times like this.
Another method through which you can implement necessary changes to your company or business for it to run as smoothly as possible during this period is to analyze the course of action of your rival companies and those who have been able to change the situation to their favor while others are facing terrible down winds both in regards to their financial stability and company strategy.
Unfortunately, it would need an assembly of highly sophisticated experts and professionals in the area of research, data analysis, operation planning, and management consultation to be able to both thoroughly analyze your company and its potentials and to provide you with much-needed counsel regarding the subject and also provide you with the intelligence you need on rival companies and how to utilize them in a fashion which could benefit to your company. We can help you there.
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