With the tragedy of 9/11, the economic crash of 2008, and now the Covid-19 pandemic, everyone living during these challenging times is learning more about adaptability and survival This sentiment is definitely true when it comes to businesses weathering these sort of storms. And as a result, businesses who are surviving and in some cases thriving are being creative by employing an intelligent office, using federal recovery funds, and more.
Innovations Used in the Covid-19 Crisis
In the US from February to April 2020, the number of active business owners decreased by 3.3 million from mostly all the industries, according to the National Bureau of Economic Research (NBER). Successful organizations are being innovative during this trying time by generating new opportunities and driving revenue. Some of these companies have turned to live streaming instead of face-to-face meetings. Other innovations small businesses use to adapt include the following:
> Making contactless deliveries available makes many more customers feel at ease and thus hire these services more than contact deliveries.
> Requesting employees to learn skills that are supportive of business model changes.
> Implementing new safety measures, like the installment of Plexiglass barriers between customers and staff
> Using new streams of revenue, like production line converting to produce hand sanitizer that is now in high demand
> Using new processes of technology
> Using telesales all of the time instead of face-to-face sales (Telesales tremendously saved time and improved profitability and productivity.)
> Adding contract and part-time contract workers- for example, a company named Internet Advisor that is based in Los Angeles, California, implemented various processes to handle a ton of new customer queries. So, this company had to add contract and part-time workers since the Coronavirus pandemic began to respond to the needs of customers.
> Flexibility is another aspect that many companies are using while undergoing this pandemic. Many workers are now working remotely instead of in the office. Also, many of these companies understand that working at home is not feasible many times due to tons of distractions with families. So, companies allow more flexibility that can work best for them and their employees.
From 9/11 to Coronavirus, everyone has seen trying times. From survival mode to innovations, successful companies weather the storm in various ways, and you can too. Applying the steps above will go a long way. And before you know it, you will be on your way to rising above these situations and move on.