One of the most challenging factors that have been faced by many business leaders is when the World Health Organization (WHO) declared the Novel-CoronaVirus (N-COV) as pandemic last January 2019. Researchers from the HLB revealed that more than 50 countries suffered a lot even from the pre-pandemic stage only during the final quarter of 2019. According to its findings, the economics of every country was the main affected and considered to be the main concern among the respondents.
Today, as the new world emerges from the challenge of the pandemic, there is no doubt that not just an economic down-turn they were anticipating and readying for, but the unforeseen challenges as well. And there also has a huge disruption to the global economy and business environmental sectors that need to be addressed.
The question is, how could we navigate from this new emerging world into a more positive advantage? What should every business leader need to take on to economic recovery? Do we know the long-term effects insofar as the sentiment and behavior of every consumer is concerned?
Most of the business world leaders used the V-shaped method to uplift the economic from a sluggish disruption in order for them to achieve at least a little recovery. However, it does not tell the answer so far. Without any presence of an immunity vaccine, there is always a risk for a second wave of infection.
Because of this hard time, they must have a great resilience and strong agility that should serve as a pivot and superpower in order to adapt and succeed against the new world.
Six Strategic Priorities amidst the Covid-19 pandemic in the post new world
Here are the identified top six strategic priorities in order to increase the level of readiness and to unlock the new business transformation during the post-pandemic.
- TECHNOLOGY AND DIGITAL ADVANCEMENT
Digital technologies have been considered as the CEO agenda in all forms of business transformation over several years. This has one of the great responses to enabled processes, responding to lockdown measures, and still run the operation remotely. Thus, it makes businesses keep working and running even at home. It also opens a new channel of communication behind many competitors and able to build the holistic approach into a reality.
- MANPOWER TRANSFIGURATION AND CONVERSION
It is believed that succeeding in business performance, and there must be first strong workforce relationships between the business and its manpower group. During the post-pandemic world, in order for the business to achieve the agile working model, interactions between the physical workplace and via digital collaboration platforms are highly needed. This also makes the business arrangement more flexible.
Aside from that, fostering a flexible workforce and venturing into the culture of the organization was also the key to success. That is why business organizations shall provide a linear model to make every team collaborate and well-interacted even in the middle of a restricted physical working environment.
- CONSUMERS’ WANTS AND NEEDS
According to the findings of the HLB’s Survey coming from the global business leaders, it revealed that almost 25% only of business leaders had a plan to focus on customer wants and needs. However, during the post-pandemic world, the consumers have mattered much to be with the top strategic priorities.
The main reason is that today there is a different look from the wants and needs of the consumer as compared before. So being able to adapt to consumer’s demands, in particular, products they want to avail, mode of sales channel, and brand messages they wanted to meet, were of utmost helpful.
- MANAGING OF THE COST
Cash is always a king in every unforeseeable challenge and uncertainty in the future. Pandemic has shed light on how important reserving and controlling the money is. In a time of constant changes, managing the money and right controlling always has the key to survival. In addition to that, in order for the business to continue to survive, there must be a huge assurance that the ability to adapt quickly in any anticipated disruption is more than important enough.
- SUPPLY CHAIN PREPARATION & REINVENTION
There were lots of issues and inefficiencies that the pandemic has uncovered. One of these common challenges is through requiring the augmentation of manual services that are limited to the single action of an individual. For instance, if the workforce is manually inputting the data information for the purpose of filling an order having been accumulated with a multitude of tasks, it can cause delays and slow the process of the supply chain.
- THE INTERNATIONAL TAX SERVICES
With International Tax Services, one common mistake that the Internal Revenue Services has committed is the failure to enforce the imposition of substantial penalties for most non-compliance foreign disclosure. In this sense, both government and businesses were deprived of their chances to pursue. The main backbone of the government is the tax coming from its payers.
If the business entities failed to pay the tax sanctions, especially during this pandemic, there would have a lower chance of increased economic improvement and innovation. A huge impact such as not well-engaged with the foreign investors will automatically be followed.
The pandemic brought to the world a massive change not just in the economic sector but even to all aspects of an individual’s life. Rethinking for a competitive advantage in business by considering these strategic priorities could be your advantage in all cycles of business-related conflicts.
A business should always take digital technologies as their main option to optimize renovation and be able to minimize the huge effort just to build an improvement. The world runs because of the new technologies and thereby enabling the economy to prosper throughout the time. Especially this pandemic, a business should need to take into account what factors that need to be ready and focus on.
Further, prioritizing these kinds of readiness in the economy could help even a single person achieve the main goal. The only constant thing in the world is change, so no matter how the world changes, if one business has great and strong plans, winning will always follow.