CEOWORLD magazine - Latest - CEO Insights - The Covid Virus is Stimulating the Evolution of Business

CEO Insights

The Covid Virus is Stimulating the Evolution of Business

It seems obvious to most people that businesses of all types are changing, adapting, and evolving in response to the Covid Virus and its’ effects on business. Observing this is continual daily everywhere.

Discussing this with business owners, management, staff, and employees of all types of business and companies, confirm that business management, attitudes, operations, strategies, human resources, communications and marketing, revenue-generating parts of the business is changing quickly and evolving.

Restaurants are now focusing more on the ‘take-out’, ‘pick-up’, and catering side of the business.

Enhancements and changes for more sanitation of the restaurants, employees, food preparation, and food packaging for ‘take out’/’pickup’ are all advancing and evolving.

Social distancing and wearing masks are now part of daily life and work.

Some cultures are struggling with this since they are not used to this.  The USA is struggling with this with 35-45% seeming to object to this.

Retail stores have the same issues with customers and evolving as well with these things.

Stores are controlling and managing this but this is a challenge.  

The stores are now focusing more on their online websites and selling online with home delivery.

Inventory levels are declining in the stores forcing customers to shop online via the internet.

There is an increasing demand for home delivery services and logistics. This is creating new jobs.

Clothing stores have declining sales because many people are working out of their house now and do not need to buy so much office business clothing.

Auto sales are declining since people are not driving as much so they do not need new autos as much and the same for auto repairs and new tires sales.

Computer sales are increasing, and auto sales and auto repairs are declining since many people are now working out of their homes instead of driving into the office and workplace through traffic daily.

There is an increase in unemployment in some jobs and business sectors and an increase in others especially logistics, warehousing, truck drivers, and home delivery drivers.

Some businesses cannot stay in business with the Covid Virus situation.  

Restaurant Buffets where food is put out on tables in the open, for all that you can eat and serve yourself, is not able to meet the sanitation and social distancing requirements and needs.

These businesses are closing or changing to provide only ‘take out, ‘carry out’, ‘catering’.

The air quality is increasing and getting better because of fewer people driving to work every day.

Less travel and fewer autos on the road mean a decrease in gas demand so gas prices are decreasing.

Companies are now having many of their office staff and management work from their own house remotely.

This is a major attitude change, management change and operations change.

Video conferencing is being utilized far more now instead of traveling to customers and meeting in an office.

Companies are finding that they are actually more productive with this and there are substantial cost savings with not having to support company offices.  They can now utilize the space for other things that can help the business to grow.  Companies also are finding that many highly talented people who previously they could not hire due to relocation was not acceptable or desirable, now can attract more of these highly talented people since they can work remotely.

When in-person meetings are needed and required, video conferencing technology is utilized or such meetings are held to a minimum and staff travel by airplane to a major airport selected as the central point to meet, and local business conference and meeting rooms are rented for the day for such.

The airlines business has decreased significantly with some estimates being a 50-60% decrease because business travel has decreased so much as well as personal travel decreasing.

For social distancing airlines cannot pack people into the airplanes, elbow to elbow so close anymore.

More people are staying home to entertain or entertain outside of the house on the lawn or grass.

This is causing a big demand for lawn chairs to sit on outside.

Since there are more people working from their homes now, there is a big demand for home improvement products to repair the house or update and remodel.  In the USA,  house building products and wood lumber is in such high demand that prices have increased significantly causing new housing and new buildings cost to increase.

Home furniture and home décor stores are busy with sales increasing since people are at home more and see the need for such.

There is a high demand for higher-level air quality equipment for all businesses and companies.

Cleaning supplies and sanitation supplies for higher-level sanitation requirements are in high demand.

Personal hygiene protection products such as masks and medical gowns are in high demand.

With company factories, they are reorganizing the facilities to provide more social distancing.

Some companies, businesses, products, and services are increasing sales while others declining.

Due to the Covid Virus students from many schools, grade schools, elementary schools levels are now learning from home online with a computer, and teachers are learning how to do this.

A lot of new computers are being sold with the increase of demand and need.

Parents are learning how to help their children to learn and how to help motivate them as well.  This is a very big challenge for the parents and the students.

Same for college and universities.  Online classes are taking the place of classrooms and teachers are learning how to teach online and students are learning how to learn online and motivate themselves.

It is so important and critical for businesses and companies to creatively adjust and make bold changes and improvements for ‘growing the business’ and ‘staying profitable in business’ with the current Covid Virus situation and challenges

Even now, many businesses and companies are re-evaluating their products, services and their capabilities to expand their products and services into things in high demand.  

All businesses need to be doing the same thing.

This is progressively helping these businesses and companies to grow significantly, both in sales and profits.

There are a lot more changes with businesses and consumers happening right now and I have only mentioned just a few in this article to help open up your eyes to it, to help you be more aware and think about it more.

Once you are more aware of this, you will automatically and naturally start seeing it more.  This may even take over much of your thinking and observing.

Businesses are evolving and changing due to the Covid Virus.

Consumer behaviors, needs, and attitudes are changing and evolving.

There will be a lot more changes to come and all will evolve.

Many of the business changes will most likely progress even though the Covid Virus will eventually get managed better and have inoculations/vaccinations for it.

Do not expect all of the business changes to go back to the way things were before Covid.

Written by Michael Marshall.

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CEOWORLD magazine - Latest - CEO Insights - The Covid Virus is Stimulating the Evolution of Business
Michael Marshall

Michael Marshall

Atlanta, Georgia, United States
Michael Marshall has over 40 years of business experience to senior leadership levels and advisory/consulting in many markets and industries, national and global, with responsibilities in sales management, marketing, and business development along with a Ph.D. in business, MBA, and degrees in psychology and social human behavior before teaching internationally at university level (China, Korea, Vietnam, Saudi Arabia, United States) and US Embassy. He has over 58 professional business certifications to keep him highly competent. Michael continually seeks out knowledge with additional education, training, research, and experience, to keep on the leading edge of business effectiveness and business development. He has over 48 international publications on many business and business development subjects.

Michael Marshall is an opinion columnist for the CEOWORLD magazine. You can follow him on LinkedIn.