Does COVID-19 bring opportunity as well as risk?
Risk and Opportunities under COVID-19?
Businesses are no stranger to disruption. Research from Direct Line shows, small businesses in particular are seriously challenged by even smaller disruptive events (such as accidental damage or theft). For 45% of SMEs, in fact, the average insurance claim actually exceeds their net monthly profit.But there’s normal disruption, and then there’s COVID-19. It arrived out of the blue, and completely upended our lives in a profound way. Is it a Risk or Opportunities under COVID-19? Let’s find out?
There were no insurance policies in place to mitigate against COVID-19, and it has hit businesses like a tidal wave. The global economy is on its knees, unemployment is surging, and there are already indications that another recession may be on the way.
The picture may look irredeemably grim, but in a crisis there is also opportunity. The economy is changing, and while some avenues of income may no longer be sustainable, new doors will also be opening up that canny businesses can take advantage of.
Also Read: What is the future of events after COVID-19?
Adapting for the future
Due to the current crisis, many businesses will have to adapt and restructure in order to survive. Although this can be a painful process in the short-term, in the long-term it can make you more competitive. See this as an opportunity to ask the big questions. What’s holding your business back from where you want it to be? If you were creating your business from scratch today, which aspects would you focus on – and which ones may be of lesser importance? By taking the time to reshape your business model now, you’ll be laying solid foundations for growth in the future.
Some of the biggest restructuring opportunities are brought by a move towards remote working.
Many businesses have previously been wary of remote working. Skeptical of its benefits, and worried about losing an office culture they associate with their success. But the pandemic has, through necessity, forced a rethink. A remote working revolution has taken place, with the majority of white-collar workers working from home at the height of the lock-down – and many continuing to do so in large numbers.
I feel businesses should not be scared of this revolution. Instead, it should be recognize this as an opportunity. Studies have shown that working from home actually increases productivity. And it can benefit the company’s bottom line in other ways too. Employees who work from home report greater levels of well-being, are more invested in the work they do, and take fewer sick days.
Simply put, working from home is better for your employees’ physical and mental health. And in the long-run, that means it’s better for the health of your business too.
That’s not all, however. By moving away from an “office first” culture, you’ll be able to save a fortune in office costs. You’ll also see benefits in recruitment, as you’ll be able to draw from a wider talent pool of remote workers rather than your limited local area.
Remote working is the future, and you need to make sure your business isn’t left behind.
COVID-19 should also spur your business into rethinking its relationship with technology. Is your operation as up to speed as it should be or is it being outmaneuvered by more technologically savvy competitors?
AI technology, for example, is set to be one of the biggest disrupting forces in the future. So now is a good time to get ahead of the game. Rather than becoming the victim of the next big disruption, you can use this time to restructure and prepare yourself to capitalize from it.
And could you move more of your operations online? During the lockdown, it’s no secret that online businesses have been the ones that are thriving. Look at how Jeff Bezos of Amazon added £10 billion to his fortune in just one day.
It’s certainly an incredibly challenging time for businesses, great or small. Many businesses will have to adapt in order to make it through this difficult period. But, by implementing the right business strategy and growth plan. The current situation can act as a springboard for greater success in the future. Keep an eye out for the new opportunities that will arise. and make sure your business is in a position to pounce on them. so, do you think it is a Risk and Opportunities under COVID-19?
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