Business lessons learned from the pandemic
Obstacles can always be treated as a learning experience. It may take quite a few years to recover from the damage caused by the pandemic, there are different ways in which the pandemic has changed the way we live and work. Businesses have learned very hard lessons on how things can change suddenly irrespective of how well they were going before. The turmoil has made businesses take measures so that they can protect themselves from the next disaster. There are key business lessons that the pandemic has taught some of which have been given below.
Diversify the supply chain
The pandemic has exposed the fragility of the supply chain networks. There have been factory lockdowns and disruptions in logistics. This has to be pursued carefully. There has been a strain on supply chains globally and the approach of leaders have changed. There were different hardships that companies have faced during the pandemic. Leaders aim to improve the resilience of supply chains and have increased the inventory of essential products. They have also diversified supply bases and localized them.
The pandemic made businesses realize that they had to be agile to be able to respond to changes quickly. A business has to be flexible throughout a changing environment. A business that is agile should be able to respond to threats and opportunities, that may be internal or external. Their teams rise collectively to meet challenges. Failure for an agile business is a lesson and not a hindrance. The pandemic has also affected consumer behavior and many businesses have offered digital solutions to customers. For instance, in retail sectors there have been adjustments in delivery services to meet the expectations of the customers. Some garment manufacturers launched live swimwear shopping events.
Expansion of marketing
The pandemic has severely affected global consumption and has forced people to adopt new habits and unlearn old ones. Some companies depended entirely on digital marketing as it accelerated their growth. Those businesses took to traditional methods of marketing, such as advertising on TV, as a lot of people were watching TV during the pandemic. Businesses were busy moving their media so that they could balance traditional and modern channels so that they could sustain changes that were outside their control.
There were businesses that had to manage hundreds of thousands of dollars due to canceled orders while keeping their employees on the payroll. Innovations were adopted to drive revenue and create new opportunities. For instance, Steve Moriarty, the co-owner of Moriarty’s Gem Art, launched a livestream gem show. The shoe helped Moriarty to generate income after his shop in Indiana was closed. During the livestream, Moriarty would not only sell gems but also talk about his travels to exotic locations such as Madagascar from where the company procured its stones.
The pandemic has taught businesses that empathy and transparency are key. Businesses had to ensure that their teams felt valued and supported. Employees were encouraged to embrace flexible schedules and they were given improved benefits. A business is only as strong as the people who work for them.