info@ceoworld.biz
Wednesday, July 15, 2020

C-Suite Advisory

How To Reopen Business After COVID-19

As the lockdown begins to loosen up in some countries, businesses are going to find it difficult to walk through it easily. The biggest challenge facing the entrepreneurs, CEOs, CFOs post-COVID-19 is reopening their business. In such an extended period of uncertainty, to reopen and to outmaneuver the uncertainty requires reinventing the business which calls for restructuring and remodeling of the operations set into force, to respond to the unpredictable.

This presents an opportunity—and a need—for many to build the competencies like; to dive deeper into digitalization, establishing themselves stronger in e-commerce and security, automation and agile operations, etc.

In this long journey of wide transformation, the leaders should consider the following steps:

Put people first: Companies need to give importance to empathy and inclusion, beyond the transactional interaction, because humanity and efficient interaction at work make all the difference. Building trust with the employees, communicating with compassion and confidence, and addressing the deeper needs of employees will create a productive, inclusive, and rewarding working environment for the long run.

Solve in phases: Companies must strategize for a staged return, with room for uncertain events. They would need an agile operating model that provides flexibility in response to dynamic market conditions and improve the long-running operations that would require reengineering old procedures.

Companies can:

  • Digitalise the transactional processes to reduce stress on operations.
  • Use a mixture of service models and bring together highly skilled teams that can anytime deliver-in their services.
  • Re-constitute the leadership skills to reopen ad beyond and capture new opportunities.
  • Apply innovative solutions to establish an evolved working place.
  • Prioritize the activities that generate new growth streams.

Stay close to the evolving needs of customers:

The pandemic has made predicting customer behavior more difficult. Therefore, companies should seek to underhand and emphatic with customers and build a more personal, less transactional experience. To manage customer interactions well, companies should invest in artificial intelligence and other similar tools. Companies should also begin to execute enterprise-wide technology transformations that replace fragmented initiatives of the past.

The reopening will be more than a restart it will be the beginning of a new era. The employee-Customer relationship would change, rules would change, but it would create opportunities for organizations with courage and foresight to change more than what the immediate needs demand.

Outmaneuvering uncertainty and mitigating the challenges will build a better future. Companies who can reinvent themselves— their processes, experiences, interaction, rules, agenda, win!


Have you read?

World’s Best Universities.
World’s Best Fashion Schools.
World’s Best Medical Schools.

Palomi Gupta
Palomi Gupta is a student of journalism interested in the intersections of lifestyle, education, business, media and more. She has been writing consistently since school level and is a core team member of Research and Content Writing Societies of college. She is also a proficient speaker, having and experience worth several events including debates, Model United Nations, etc. Palomi Gupta is an opinion columnist for the CEOWORLD magazine. Follow her on LinkedIn. She can be reached on email palomi-gupta@ceoworld.biz