What kind of businesses will flourish in a post COVID-19 world?

3 August 2020

The COVID-19 pandemic is, predictably, changing lives around the world – both in the short term and, almost inevitably, in the longer term as well. The way we live may never be quite the same again and, while that may seem daunting, it also represents an opportunity for businesses to get ahead of the game and put themselves in the best possible position to take advantage when we get back to a semblance of normality.

Ways of doing things will change. The modern workplace will have learnt lessons from this period of lockdown and businesses will be left with no alternative but to alter their standard practices.

We asked our High Growth Business Adviser Jacqueline Day for thoughts on what kind of businesses she believes will do well in the future.

“Business leaders who adjust and drive innovation will flourish in the post-COVID-19 world, while businesses who are adaptable to change are more likely to survive and thrive.

“COVID 19 has presented businesses with the greatest challenge we have ever known in modern times. Yet opportunities can also be found. Paradigm shifts will be made as a result.

“Some businesses were swift in making these changes. Dyson is a typical example who immediately started producing ventilators and PPE equipment. Other manufacturers have done the same including some of which I have worked with as a High Growth Business Adviser for the Growth Curve Program.

“One local business began making parts for ventilators that Mercedes were producing. Another business that operates in the manufacture of wet wipes with a drive to lead the fight against preventable infections immediately turned their whole business in supplying the NHS.

“Bold steps must be made to drive change in a ‘Black Swan’ event.”

So how can your business flourish amid the COVID-19 uncertainty?

Jacqueline has shared her top four tips to help your company thrive in the future.

1. At the forefront of business strategy in times of crisis is resilience, agility, automation, and scalability. These are the Business Leaders new focus quadrant and will determine short, medium and long-term success. The ability to respond with agility to the unexpected will ensure competitiveness.

2. Future Proofing your business is essential. Re-inventing your business model, revising your value proposition and revisiting your priorities is needed and this is how I work with business owners on the Growth Curve Program to develop their resilience, agility and growth in the present climate.

3. Revising your business finances, cost reductions and forecasting is needed with regularity while also driving operational efficiencies. How have your markets and client needs changed? Have you adapted to these changes? Diversification and innovation in products and services for your clients will need constant revision.

4. Adopting a ‘recovery and growth’ mindset while adapting your business strategy to address challenges, focus on the new opportunities and developing new ways forward is critical to rebound, emerge strong and flourish.

The days of travelling hundreds, sometimes thousands, of miles for a straightforward business meeting are surely numbered. Why spend valuable time and money on travel and transport when a video call can be equally effective?

With more people than ever before embracing the concept of home working, office space will suddenly not be the necessity it perhaps seemed pre-coronavirus.

But while travel and commercial property industries may struggle, others will thrive.

Jacqueline has been working closely with many local businesses during lockdown and has seen at first-hand how they have been able to pivot to new ways of working.

She added: “Technology has been a great saviour for many businesses looking for alternative ways of working. Taking an offline business online has seen a boom in digital businesses.

“Fitness, health and wellness sectors increasingly turned to the digital world for online work outs in the home. Online learning programmes have also been developed. Focusing on digitisation will expand your customer reach in the e-commerce markets.

“Hospitality sectors have changed to delivering a good food and drink experience in a box to be enjoyed at home. Celebration parcels have been delivered for special occasions. A compliance consultancy business has developed online programs and remote site visits. A recruitment agency has developed an exclusive retainer model. Several clients are developing franchise models after developing a business model in sectors which are not affected by COVID 19 or are in the eco-friendly sectors.

“Businesses need to innovate and have increased market awareness to the changes that are happening.”

For more details of our Growth Curve Program click here.