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It’s been months of uncertainty and upheaval. And now, across the nation, people are returning to work, and businesses are trying to reopen and get back on track even though the unprecedented COVID-19 outbreak is not yet over.
What’s the new normal going to look like? Here are a few ways that the global pandemic has fundamentally changed the way U.S. companies do business:
Operational efficiency will have a renewed focus. In good times, it’s easy to put dealing with inefficient operations on the back burner. In challenging times, inefficiencies can drag a company down and lead to failure. At Lo-Key, we help clients ranging from startups to enterprise-level organizations improve the quality of their operations. We leverage emerging technologies like SaaS, Cloud Platforms, Artificial Intelligence, and Robotics to help companies achieve faster customer service, better internal communication, higher productivity, and more with custom digital solutions.
Businesses will have a renewed emphasis on continuity. When times are good, it’s also easy to let the process of identifying and effectively managing potential risks slide. The outbreak has once again put the spotlight on being prepared for the unexpected and making organizations more resilient. As companies get back on track, they will undoubtedly be beefing up contingency plans, developing risk management programs, re-evaluating insurance coverages, diversifying supply chains, and making plans for a host of unexpected events. The global pandemic was a hard lesson in being prepared for the unexpected.
Telecommuting has taken hold. How many of your company’s employees are working at home? The percentage of people working remotely increased dramatically with the advent of social distancing. There’s traditionally been a lot of skepticism among business leaders about telecommuting, and many have been reluctant to invest in initiatives that support remote work. But during the COVID-19 outbreak, many companies found that remote work was a success — employees not only are happier working at home at least part of the time (as countless studies have shown), they are as productive or even more productive. Research has supported it, but experiencing it firsthand makes all the difference.
Many companies are now examining how remote work can fit into their business models. Companies aren’t likely to go to a 100 percent telecommuting model, and many industries can’t have people working at home, of course. Still, those that can are more likely to continue telecommuting by allowing some employees to work at least part of the time at home. If your business has telecommuting workers, you need to make sure your insurance program adapts to the changing risks of having some employees working off-site.
Companies will make innovation a priority. There are countless examples in recent months of companies trying innovative new strategies to stay afloat — and succeeding. There are the local distilleries that shifted to making hand sanitizer, the fitness studios that developed online classes, the grocery stores that expanded into grocery and hot meal pickup/delivery, and scores of other businesses that found new revenue streams and customers by getting creative. Companies had to learn — or revisit — how to be adaptable, nimble, and innovative. And many succeeded in ways they would never have imagined. Those who have had innovation success in recent months are likely to continue to focus on innovation long after the coronavirus threat is over.
Businesses will re-focus on customer needs. Whether a company is B2B or B2C, its customers have been affected by COVID-19 to at least some degree. In many cases, what’s essential to a company’s customers has changed. Now, more than ever, human touch and qualities like empathy, authenticity, and emotional intelligence are vital. The customer experience — and customer service — have never been more critical. People are stressed and worried — and that isn’t going to change anytime soon. Customers, now, more than ever, want to talk to real live humans who can help them. Now, more than ever, it’s vital to make strategically right decisions to serve your customer base. How you treat your customers now will be remembered for years to come.