Human life, economy, health infrastructure everything is changed. The hustle of life, the set of certain task being performed on regular bases- our daily commute, regular office schedules, spending an evening with friends even modes of transportation have been stopped. The crisis has exposed us to vulnerable situations where life is being spent in quarantines and from being highly productive, now humans are merely focusing on meeting their basic survival needs. The world has witnessed to fall into grips of the devastating effects of COVID-19, which not just created havoc for human health but also jeopardized the global economy. But with well-preparedness and strategies, many countries are planning to resume their economy in the pave of normalization. Businesses can focus on prioritized areas in order to help their people and their bottom line to reduce the after-effects of this pandemic after reopening the offices.
As most of the companies opted to digitalize their working, ‘remote working’ has become the new normal. The scenario has hastily changed the jargon of today’s life- as for business this new normal is to deal with the difficulties of remote working, to reestablish the disturbed supply chains, to meet with efficacy with tentative compliance requirements and recent stated obligations by government authorities for businesses and commerce industry, to manage financial crunches, and to lucratively craft the foundation for steady recovery. In this environment, companies will have to make tough decisions. The businesses and entities- big or small now must possess efficient tactics that serve and get aligned with the purpose of the business to its best.
In the past few months, nations are striving to meet the economic turmoil to reduce the effect of damage caused by this pandemic. The federal departments have announced many reforms and loans programs to stabilize the businesses and entities by providing financial aids to help the businesses meet their operational cost.
To effectively manage the adversities of the existing situation and implementing the designed strategy for resuming back firmly on the track of economy the urgent need emerges to — develop separate plans of action and to craft an efficient line of responsibility for every team leader, along with empowering the decision-makers of the organization to act on them competently.
The key area to focus:
Crisis management- Many leading companies have realized in past few months that efficient crisis management team is required through a year in an organization to handle the challenges that might cause deviation in the strategic plans of business.
Workforce- For every business ‘workforce’ is considered as its greatest asset and in the time of upheaval, safeguarding them is going to positively impact the business in its long run.
Tax and trade- Governments across the globe are changing their tax regulations in response to COVID-19. Nations and allied departments are changing their tax strategies to assist businesses and people to reduce the crisis impact.
Finance and liquidity- As one of the key areas businesses are focusing on effective management of liquidity, and its analysis.
Strategy and brand- ‘Financial modeling’ and stimulus exercises are required on frequent bases to protect the growth of any business.
The focus of every nation is to stabilize its economy by developing a strong public policy response channel. For businesses, accounting the entire channel of workforce, the major focus is to ‘‘time-box’’ the effects of pandemic for avoiding any further threat and damage to the livelihoods of its people. Much of the of the companies and its decision-makers are focusing on implementing tactical steps to preserve business value, designing the strategy for emerging stronger in the post Covid-19 economy that majorly includes liquidity analysis, and operational scenario planning.