How should your business cope with the Third wave

Are you hearing a lot about the third wave of COVID-19? Or perhaps your city has already entered the third wave? Don’t worry! This article contains all the tips you need to cope with the third wave. The third year of COVID-19 is bringing along uncertainty as to how to progress in the future. With the unpredictability of how vaccination campaigns will play out and the threat of more contagious coronavirus variants, which are already on their way to contribute to the rising cases, it is difficult for businesses to analyze their future in the current economy.

But when you look on the bright side, surviving an entire year of the pandemic has brought along “experience” for businesses to adapt to changes that took place last year. These hard-core lessons learned from the previous waves have been compiled in a form of this article to answer the question ” How should your business cope with the Third wave?”

Last year has made us realize that a fully remote system has not paid off that well. It led to a decrease in productivity, increased anxiety and stress levels among the employees. Although there are many tools like Zoom, Google Meet that are helping people in their remote work life, and allowing people to connect anywhere in the world. A combination of remote work with physical time in the office can enhance productivity and innovation, giving birth to a new hybrid model. According to a McKinsey survey, 70% of the employees supported the hybrid mode, which they believed would enhance their productivity in the current environment.

As a business owner, building a stronger community connection with your locals is important. With this pandemic, you should now focus on building your online presence by building a solid relationship with the online community, preferably your potential customers. Furthermore, you should start partnering with vendors and businesses across your field of expertise that will help your business thrive. So what should be your next step? To achieve your ultimate goal of building an online presence, you should connect with businesses on social media and join local community pages. For example, Asheville has an online platform known as Asheville Strong that focuses on supporting local businesses in the area.

Finally, you should complete a risk assessment on their core business processes to identify and prioritize any new risks or gaps in their existing controls for new scenarios like pandemics, recession, and geopolitical conditions risks. First-level managers on the front line when prompted with risks are in the best position to be able to assess how these scenarios will impact their areas of responsibility.

Your business exists by selling your products and delivering your services to customers and developing and leveraging key strategic partnerships with resellers, integrators, distributors, and suppliers. Take your sharpened value proposition and look at the partnerships and possible acquisitions that can make the biggest positive impact on your business. Review your most important contracts with your most important customers. Is there an opportunity to revisit them with that sharpened value proposition? Whether you are a public, private equity-owned, venture capital-backed, or privately held company, strategic opportunities for growth will crystallize in this new economic reality. It’s your job, and the job of your leadership team, to find them.

Due to COVID-19, organizations are accelerating digital strategies to cope with the changing environment by optimizing their business processes. These advancements will open a window of opportunities for businesses in the future. It will change the way organizations operate and survive. Reopening offices will not only be restructured in a way that supports cleanliness and assurance but will be safe and individualized. Organizations will now be prepared to deal with any unexpected events that cause hindrance to the economy in the future. Most importantly, as the world emerges from the pandemic they will require to make fundamental shifts in behaviors, thoughtfulness, and planning in order to adapt to the Post-Coronavirus world.