Are you tired of talking about COVID? We are too. But we need to for a second.
When you look at the full scope of what COVID has done to businesses, what are some of the major things that are changing, and will continue to change?
If you look through different articles and talk to business owners/leaders, here is the primary list:
Better cost structure: Many businesses realized they did not have cash on hand to persist for a long time with active disruption to their customer base. Now, you see some industries like gaming, and those revenues are up. E-commerce would be another example, as would fintech (people don’t want to go into banks). But overall, businesses want cost containment and cost efficiency, especially if COVID is prolonged and continues to have spikes and waves.
Organize and pivot quicker: In March, when you saw the beginning of global lockdowns, a lot of companies had to pivot to work from home (WfH) model, which involved video conference tech and self-organization at the employee level. Most companies did that successfully but now, months later, they are dealing with new realities around video call fatigue, figuring out if they’ll return to the main office, and continued changes to the core business.
Learn to work remotely: This means understanding your calendar, pacing your day, breaking up video calls, knowing what is happening with your kids (if you have them), and understanding how to do review processes and feedback when you are not physically in the same place as colleagues.
Be flexible: We don’t know exactly when this will end globally. We think 2021, but we don’t know when within 2021.
What industries is this happening in?
The disruptions of 2020 are being felt in most industries. Like we mentioned above, some industries are better for revenue in this period -- e-commerce, fintech, energy, gaming, etc. But even those industries that are scaling upwards are still having to deal with this list of looking at their cost structure, organizing better, adopting new technologies, being more flexible, etc.