The financial year 20-21, has received a bit of a disheartening start, with almost it’s first quarter being spent in lockdown. But now people have started returning to their offices.
Hirav Shah who is a celebrated business Astrologer cum Astro Strategist says, “In the current context of the pandemic that the world is grappling with, let me cite a few examples of how brands have caught the pulse of the current situation to adapt to this new normal. From high street fashion brands to leading Indian designers—all have started making masks to meet the new consumer need. At another level, auto OEMs have switched to making ventilators. Leading skincare brands such as Nivea to distillers such as Diageo are adapting to the new business needs to cater to the growing demand for sanitizers.”
He adds that every company has taken the hit in some or the other way. Whether public or private, many companies and institutions are studying the scenario to understand the coming shifts and changes in the business environment. As businesses across the world grapple with this reality, the most critical and relevant question today is: How will the Business evolve post-COVID19?
Hirav Shah lists down the major projections and tips for the established companies as well as startups to evolve even after COVID-19.
Companies have reopened, but they need to follow the specific guidelines for corporate and businesses given by the government. So the management has to make sure that premises include necessary rules and policies on distancing, sanitizing, and other health concerns. People who will be visiting premises like suppliers, consumers, clients, and more, will also expect the same. The government norms are expected to change with time, so HR needs to keep itself updated with it.
A Cooperative Support
There’s a cyclic and continuous bond between the supplier, the company, and customers. Currently, there’s a shortage of raw materials with suppliers. The company has to purchase new raw material with early payments, while they also need to manage old due payments. The sales might start growing within a month, as consumers will be open to buying the necessary and other consumer products. But in B2B transactions, many businesses often have to permit credit to consumers. The companies need to manage their finance, communication, and operations well. This will result in increased suppliers and consumers’ loyalty. The economy is going through a slowdown, and the cycle of money is disturbed as well. Hence the company that remains a bit flexible and favorable with stakeholders will enjoy a good reputation.
After lockdown, consumer perception for satisfaction, experience, and their consumption pattern will be changed. Companies require innovative solutions for this; the digitalized and automated services are in high demand by consumers. Companies only need to deliver on this demand effectively for high consumer experience while performing efficiently and profitably. Many small and medium enterprises are also introducing home delivery, home visits, or functional personal space in their premises.
Job Security And Satisfaction
It is safe to say that, currently, employees might have a fear of getting removed. This profoundly affects their productivity and motivation. So now the HR department needs to ensure that the employees feel secured and satisfied. Businesses that can continue with work from home, shall, but many small and medium enterprises can’t, so HR needs to design that as well. For this, many enterprises have created two sets of staff. Every day one performs work from home and others from the office. Also, as per the current situation, employees have to be trained to be more customer-friendly and understanding.
Assessing Different Business Functions
During the lockdown, most of the head management of different organizations might have laid significant emphasis on the marketing or the HR department only. With the reopening, companies shall focus on the production department and sales department as well. The finance/accountancy department and IT department shall be made to find options for cost-cutting, low capital investments, digitizing and automation, more effective and efficient quality checking, and smoother communication. The experienced management professional knows how to synchronize the efforts of diverse business functions although when each of them has their separate shortcomings.
The points mentioned above will provide you a brief idea of the business landscape for the second half of 2020. Such situations shall be taken as opportunities to get better and better by facing the challenges provided by them.
Hirav Shah who is more than just an astrologer and someone who believes in mixing business principles with astrology to help entrepreneurs to maximize their full potential and achieve their desired results, concludes by saying, “In a nutshell, the consumer will take time to adjust to the “new normal”. Brands that keep a close eye, take that extra step to understand the “new consumer”, and innovate to deliver to this new expectation, will emerge stronger and resilient. It’s time to put purpose before profit, the demand for the new normal era.”