Is your Business looking at the risk involved with New Normal or New Opportunities?

by Shilpy | Jan 16, 2021 | Digital Marketing, Social Media, Technology | 24 comments

new normal, challenges, after covid 19, problems, small businesses

“The secret of change is to focus all of your energy, not on fighting the old, but on building the new.” – Socrates

COVID-19 -19 has changed the world upside down, where companies were forced to take tough decisions of either shutdown or pivot new business strategy. The Pandemic is as showing the sign of easing up, many businesses now tiptoe
towards reopening.

But are you ready for the new normal completely?

Its important to be prepared for whatever challenge lie ahead, but no one knows where the next step will take us. The pandemic has caused risk to the businesses and had a dominating effect on workforce, consumers, and technology.

Here are the risk factors that led to huge downfall and is still a challenge for some businesses.

1. Supply chain disruption

As a result of sudden lockdown, the entire supply chain was disrupted which resulted into inability to fulfil customers orders. Volkswagen had shut production lines because of disruption in supply chain as many countries have closed the borders.

2. Interruption of operations

Social distancing is one of measure adopted around the world, as a result many business-like restaurant, bars & stores were closed and now when the world is entering new normal, they can attract only few visitors.

3. Effect on consumer demand

Health & safety has become customers primary concern due to which they drop the idea of making physical visit hence affecting consumer demand. Leisure & travel business is an example that are disturbed by closure of public places.

4. Market volatility & credit risk of financial performance

Many businesses have faced high volatility. With the decrease in revenue, businesses require additional financing that might not be available and subsequently may not meet financial covenants in their credit agreements.

“Ultimately, the greatest lesson that COVID-19 can teach humanity is that we are all in this together.” – Kiran Mazumdar-Shaw

Moving forward its all about finding opportunities in risk.

Business now need to explore possible future scenario & what steps need to be taken to safeguard their future integrating elements such as digital transformation, supply chain, the regulatory environment and changed customer behavior. The new normal requires new mindset and getting to this new normal will take some time.

Companies today must adapt to the new business strategy based on new normal communication best practices and new normal operation best practices. Digital transformation is the way forward to adjust and adapt to the New Normal.

Let’s read on to digital opportunities that can leverage some profits to the companies.

1. Online Sales & marketing channel expansion

Digital era is exploring new ways of marketing and selling products or services as the traditional one of reaching customers is restricted. Online sales & marketing channel is the most likely way to survive in the new normal.

Restaurants are already into the marathon with their services of online orders, curb side pickup and homedelivery. Expanding sale and marketing reach through digital channel is offering new ways to businesses to grow their client base and connect with the customers.

2. Rebuilt customer trust

85% of the GDP drop was result of decrease in consumer demand during pandemic. Brands are therefore advised to listen to the customer more closely and offer them added value such as content that goes beyond thank you.

Digital tools like social media, chatbots can help business stay connected to their customer and rebuilt their trust by rolling out discount offers and personal satisfaction surveys and loyalty programs after purchase.

3. Embracing Automation

Automation can eliminate the need for human interaction and support social distancing in the New normal. By combining
analytics with automated process, a business can access value added insight. Automated coordination of advertising messages, broadcast timings & channels based on data will help to initiate interaction with end customer. Grocery stores
are automating systems to help lighten the burden of workers racing to meet customer demands.

4. Eliminating the paper trail

Digitizing workflows &using cloud-based documentation offers Business with digitized records that can ease the job of
management team in identifying emerging trends, benchmark performance and forecasting future business activity, which is difficult through paper as is labor intensive.

Covid-19 has given all businesses all over the world a wake-up-call forcing the adoption of digital business model.

Is your business ready for the New Normal?

“Hopefully, as companies give more attention to the importance of work-life balance, more and more people will be in a better position to decide and act more holistically on what’s important to them.” – Mohamed El-Erian