Guest post by Craig Harbour
Throughout history, the businesses that are able to adapt are the ones that have found the greatest and ongoing success.
Of course in 2020, the coronavirus pandemic is putting businesses (and the world) to the test and companies are having to very quickly find ways to adapt so that they can operate and profit in the “new normal”.
The pandemic and lockdown have created chaos in the business world with GDPs, markets, production, employment and morale all down and unfortunately many businesses have had to close their doors for good.
While there has been some support, businesses have largely had to find ways to adapt and innovate to manage during this challenging period and to build for the future.
It has been interesting to see how companies have done this as it has forced creative and strategic thinking with pressure being a great motivator for innovation.
Innovation to Find Success
According to data by the business advisor RSM, innovation is what counts and businesses have had to come up with new strategies and infrastructures to manage.
This might include offering a contact-free delivery service or providing services such as education digitally just to name a few examples. These innovations have been critical to enable businesses to stay afloat during the crisis and will also put them in good stead for the future when things return to normal.
The Common Good
It is not just innovation to keep businesses afloat that is being seen in all industries, though, as there has also been some incredible examples of entrepreneurial-spirit for the common good.
This includes manufacturers halting their usual operation to make supplies for the medical industry and frontline workers and hotels offering their rooms to those in need, which is inspiring and gives hope in a time where there has been much suffering and misery.
How Businesses Can Adapt
So, how can a business innovate and adapt in trying times? Collaboration is key so you need to bring heads together to formulate strategies which will allow a business to thrive during challenging times like these.
It is unlikely that one person or department will have all of the knowledge and resources to manage, so bringing entire teams together is key. In addition to this, businesses must also be able to act swiftly and be willing to take calculated risks as this is a time for action and not standing still.
The pandemic has forced businesses to innovate and adapt which has been inspiring and will hopefully enable companies to thrive in a post-pandemic marketplace.