How to Reset Businesses in the Coronavirus Economy?

“The pandemic represents a rare but narrow window of opportunity to reflect, reimagine, and reset our world” —Professor Klaus Schwab

Change is the only thing constant in the world. Adaptability is the key to success in all spheres of life. The coronavirus has reminded us to embrace change quickly, innovate effectively, and adapt to technologies rapidly to stay competent and relevant.

Some of the industries that have been affected due to coronavirus are airlines, automobiles, tourism, hospitality, print media, transportation, and traditional retailing. In contrast, some of the industries that have been accelerated include online education and technology-oriented enterprises.

There is more demand for laptops and smartphones thus increased opportunities for manufacturers and sellers globally. Films are streamed through platforms including Amazon Prime and Netflix thus increased opportunities for online entertainment. Of course, web platforms cannot replace theatrical experience forever. Streaming platforms cannot create the magic of enjoying in theatres where people join as a community to enjoy the big screen. Going to theatres and watching films on big screens is an outing experience with family. As teachers cannot be replaced by technology, the theatrical experience cannot be replaced by the so-called streaming platforms.

Every crisis is an opportunity to innovate. The current turbulent times have accelerated innovation. It is an opportunity for less developed countries to emphasize self-reliance and progress. Entrepreneurs must explore and experiment areas especially in technology to create new sectors and services for the prosperity of communities and societies.

Crises lead to reflection, transformation, and growth. They unlock your hidden potential to excel as a resilient leader. Crises are opportunities to embrace change, innovate, adapt, and excel. Here are some messages to consider in the post-pandemic world. Be flexible and adaptable. Be empathetic and become generous. Listen to challenges and offer solutions to problems. Inspiring ideas will prevail. Everything will be alright. Be encouraged. Come out of the crises with a great mindset. The future is waiting for you.

Resetting Businesses in the COVID-19 Economy 

Businesses are trying to reopen globally after the novel coronavirus. It is a positive sign but it is too early to celebrate as the virus may rear its head again. The leaders at all levels must take pay cuts. Instead of firing their employees, the companies must reduce the salaries of their employees to be back to recovery. They must keep performance appraisal aside until the economy is back to the right track. The idea is everyone is back to work to revive the economy. It is not the time for companies to fire their employees but to get them back to business with renewed energy and enthusiasm. Reopening or resetting must not be confused with restarting the business in the post-COVID world.

We expect several changes in the post-pandemic world. For instance, laptops will replace desktops, virtual conferences will replace physical conferences, online businesses will replace offline businesses. There will be an increased emphasis on health sciences.

When the novel coronavirus hit the world, there was a fear in the people. Now they are used to the virus and learned to live with it. In the prevailing scenario, it is essential to keep two legs on two boats and sail smoothly. One leg must be on one boat to counter the coronavirus while another leg must on another boat to earn income. In a nutshell, people must be offensive to improve the economy and defensive from coronavirus. Of course, it is easier said than done.

Although companies are reopening, people are not comfortable in the current turbulent times. The world cannot afford to be under lockdown for a long time because there must be a rotation of economic activities which is possible only by reopening businesses. It appears that the virus will take some more time to end. The pandemic will continue until we find a vaccine. Therefore, wisdom lies in reopening economies and living with a new normal.

Recovery is a holistic process. An integrated approach is essential to reset the businesses. Resetting the economy is both hope and caution. There is no fixed blueprint to reset the economy because it must be based on the size of the population, the number of cases reported, recovery of the people, and the availability of resources especially medical care facilities locally.

Commentary by Professor M.S. Rao. Here’s what you’ve missed?
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