The COVID-19 pandemic saw economies of entire countries shut down. The United States and the United Kingdom were among the most badly hit. As cases started to rapidly rise in these two powerful and rich countries, the virus and all the measures to control its spread have led to a devastating economic slump.
Singapore was not spared by the virus. The city-state was one of the first places outside of China that confirmed a positive case of COVID-19. However, compared to some of its neighbours in Southeast Asia and many developed nations around the world, Singapore was able to appropriately respond to the illness, successfully flattening the curve of its first, second, and third waves.
That, unfortunately, did not shield the economy from COVID-19. The economy is expected to shrink by 6% in 2020, according to analysts.
The result was mass unemployment as thousands of businesses shut down, some for good, as a casualty of the pandemic.
With a working vaccine just around the corner, entrepreneurs who lost their source of livelihood may be able to start again. However, how can businesses reopen and recover once the fight against the virus has been won?
Creating a New Strategy
Industry experts predict that the world will be significantly changed by the pandemic. The way people are procuring their needs right now would not be temporary but a glimpse of what the future will look like.
That means the internet will play an important part in business from here on out.
Entrepreneurs should factor in a plan for online integration when they apply for an SME working capital loan. Customers should be able to place an order from an e-commerce platform.
Singapore has been rapidly adopting online and mobile shopping in the past decade. The pandemic turned more traditional retail buyers into e-consumers.
It might also be integral for entrepreneurs to reconsider whether the product that they offered before the lockdown will continue to be in demand and relevant after COVID-19. Maybe new developments are needed before they reopen in order to gain back a hold of the market.
They would also have to perform market research again to see how the landscape has changed during the pandemic and predict how it will affect the business.
Automation and Remote Work is the Future
During lockdowns, most people realized that their jobs can be done from the safety and comforts of their own homes. As offices are forced to close their doors, the only way most companies are able to continue operations is through remote work.
Remote work has advantages. It reduces the company’s overhead expenses and it can increase employee productivity.
It turns out, when a manager is not around to monitor work, employees feel at ease and become better at their jobs.
The post-pandemic future may also see an increase in automation. While robots are still not the best at performing manual labour, but COVID-19 proved that there is a need for machines in warehouses and, perhaps, offices. Automation decreases the number of employees needed to perform a series of tasks which means that, if a virus starts spreading again, it will be easier to socially distance.
Integrating Resilience Into Business Plans
The COVID-19 pandemic will likely not be the last global crisis that businesses will face. A natural disaster could occur which may throw the venture upside down again. Then, there is the threat of climate change which, in the future, will lead to rising sea waters and stronger typhoons.
It is never too early to prepare a plan for a potential problem, especially something as unpredictable as a pandemic or a natural disaster. Things could turn for the worse suddenly and without warning. Enterprises that do not have a resilience plan baked into their systems and procedures will only suffer in the future.
The COVID-19 pandemic has been tough for everyone. However, it will end and, when it does, you can start all over again.