Some Effective Tips on How to Reopen Economy Post Lockdown
An Open Business Establishment
COVID-19 has changed
the world as we knew it. Every stratum of our society has been hit hard by its
ferocity. A looming health emergency on the one hand and a shuttered economy on
the other make it a two-pronged attack upon us. Re-opening of a stalled economy is not exactly a walk in the park. It’s tough! But the economy has to be revved
up to re-generate it. Let’s dive right in and see for ourselves what the
different ways and possibilities of reviving our economy are.
Since the lockdown is
being lifted in phases, we can see some industries gearing up to re-open. The
government on its part is offering a massive stimulus by way of loans and
packages. But, the more they do the less it seems. Such is the magnitude of the
disaster caused by the pandemic.
Given the enormity of
the health crisis and the extreme measures taken by the government to contain
it, we cannot expect the economy to come back to its original shape anytime
soon.
Come out of the
situation we have to, but first,
we have to make a beginning of sorts.
Let’s look at a
few steps for the re-opening of the economy-
· Killing the Confusion
The cloud
of gloom hovering on the business horizon can clutter our minds with despair.
We
scramble for solutions, options and alternatives and with no rule book to follow
that is easier said than done.
So,
what do we do?
Become
your own teacher. Contemplate. Yes!
Take
advantage of this quiet time to re-assess your life. This way you can
prioritize things concerning the changed scenario. Chalk out a plan.
· Planning
With
high costs, dwindling demand and the challenges of maintaining hygiene and
social distancing to deal with, companies will need to re-model their
businesses to keep them alive.
This
requires planning and you would do well to keep a few things in mind-
1. Hygiene and Social Distancing
2. WFH and Digitization
3. Diversifying and Cost Cutting
1.
Hygiene and Social Distancing
With the opening of
establishments/offices, the highest level of hygiene protocols has to be
maintained.
The same goes for
social distancing which is to be practiced in totality. Offices can call to
work those employees who are required for the functioning of the office. Social
distancing can also be practiced by calling people to work in shifts if it is a
viable option.
A lot of emphasis needs to be laid on hygiene and social
distancing. An occurrence of a single infection can lead to your office being
shuttered. That too for weeks, possibly! So, take care of these two things and
make them your top priority.
If these two things are
taken care of, you can move forward with the operations part of your business.
2.
WFH and Digitization
· WFH
Work from home (WFH) is becoming increasingly popular because it’s
your savior in these uncertain times. It delivers!
Frankly, what better
option do we have in these times of lockdown and social distancing? WFH is just
what the doctor ordered for coronavirus situation and the pun is intended!
On the one hand, the employees
don’t have to worry about the commute and the traffic issues and on the other, the
employers don’t have to be concerned about sanitizing the workplace and put in
place the necessary hygiene protocols. Talking of social distancing, WFH is
social distancing at its best.
So, WFH becomes a cool
option!
The companies with no
WFH in place can seek help from professionals and find ways of enforcing it. It
can help you revive your business in these times.
· Digitization
The internet ecosystem
is tested and proven, hands down!
Smart businesses have
thrived in the digital world. People who had dismissed digitization as a fad
are at a disadvantage now.
Having said that, there
is no room for resistance to digitization in the times of everything remote. These
uncertain times call for digitization in a big way.
Microsoft CEO Satya
Nadella recently said that 2 years worth of digital transformation has taken
place in 2 months.[1]
People are quickly
pivoting to digitization.
Depending on the needs
of your product/service one can visualize-
i)
Complete
digitization of the supply chain
ii)
Adoption
of cloud-based systems
iii)
Leveraging
data, IoT, AI to develop new business models
As Digitization, WFH
takes the center stage, Engagement has become the new buzzword.
Why?
With the increased use
of video-conferencing (Zoom and Microsoft Teams), things are becoming easier
and manageable. From morning huddles to meetings with bosses and clients, a new
way of doing business has come into play. Since all this is happening online, interconnectivity
amongst the different layers in an organization becomes a necessity. This gap requires
some form of engagement.
Video Conferencing is Quite the Rage
Now that more and more
people prefer to work from home, the need for engagement management is
on the rise.
Companies are using
social media as an engagement platform more than ever before.
With digitization and WFH,
we can expect some changes in the way companies conduct themselves.
All these changes shall
lead to a crisper, more efficient and secure workflow.
Two Circles, a
London-based sports marketing agency has estimated that the sports industry may
lose the US $61.6 billion of revenue this year[2].
These are mind-boggling
figures!
The Sports industry is
already experimenting with holding big-ticket events remotely.
It can work like this- the
broadcasters can work from their homes, while the sporting event takes place
outdoors. There shall be no live spectators watching the proceedings. They can instead
enjoy the game in the comfort of their home.
All this is quite challenging!
I hope they pull it off!
Digitization is
already a thing! It’s our future
so invest in it.
3. Diversifying and Cost Cutting
· Diversifying
E-tailers, healthcare
and life-science professionals are working overtime. The demand for their
products and services has seen a major upsurge in recent times. These sectors
are contributing enormously towards the economy.
What about other
sectors?
While some sectors have
partially opened others will require more time to start again. For instance, travel
& tourism, entertainment and other such sectors shall have to wait for some
semblance of normalcy to return, before they can pitch for business again.
This waiting for normal
times can take a toll on us for sure!
One of the solutions
could be innovation and diversifying.
Since the re-opening of
the economy is in the interest of everybody, people can surely find ways of
staying productive.
You must think out of
the box to keep your business afloat. Innovation in these times can be
your savior!
Smart entrepreneurs
have already diversified into products and services which are witnessing huge
demand. For example, companies who have no track record of manufacturing masks,
sanitizers, PPE’s, face shields, ventilators are eying their share in the new
market.
Some brick and mortar
establishments can start taking orders online by investing in an app.
People are coming up
with unique business ideas to contribute positively to people’s needs.
Since the demand for WFH
and virtualization is an all-time high, some people are busy catering to that.
They are for example providing background screens for video-conferencing calls
and meetings and renting out laptops and furniture.
The demand for such
products can only grow in these times!
One can take a cue from
these smart business ideas and start something of their own.
Investing time and
resources in some niches promising high growth can be a gamechanger for you!
Look around and see what the consumers of today are looking for.
Our economy needs
innovators and thinkers.
·
Cost-Cutting
A by-product of digitization can be cost-cutting.
How?
With more and more meetings happening online, there
will be less business travel happening.
With uncertainty around us, business houses shall
certainly be cutting corners in whatever way they can. This is no time for
frills and superfluous spending. These are the times of maintaining caution and
restraint.
If all these measures are taken up, they can surely help
in giving our economy the required boost.
Wrapping Up
Different economic sectors have their own stories of
fear and insecurity. With the supply chains having gone for a complete toss and
layoffs and furloughs coming in force, there is a kind of hush descended on
them.
Then there are some industries whose survival depends
on normalcy. Take for example the entertainment, travel and tourism and construction
sectors. These are all waiting for some good news to help them pick up where
they left off.
They will surely start whenever the time is right but they
will have to maintain those strict protocols.
There is no escaping the fact that a new-normal has
set in, in our lives and we will have to live with that.
People want oodles and oodles of positive signs and assurances
to gear up and participate in the re-opening of the economy.
All these fears and scares have to vanish!
Till then we can contribute to the economy by opening
some sectors with caution.
Tenacity and resilience will make us stand tall amidst
these chaotic times.
In short, there are no quick fixes in the
offing, no ready answers for every sector. The crisis has impacted all of us
differently.
It is a process which shall require all of us to
contribute in whatever way one can by
· Staying Safe
· Opening some sectors
· Adopting
Digital Solutions and WFH
· Innovation and Diversifying
Stay healthy! Stay
productive!
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