Hallelujah, we are entering the post-pandemic world! Are SMEs and the service sector ready for a major overhaul? Are the profits on the horizon?
We are officially entering the post-pandemic world.
If you are a small business owner, especially in the service industry, you know the stress and uncertainty that the outbreak of the COVID-19 pandemic has caused in your life.
The pandemic was something the world hadn’t known for many decades; this has led almost all countries to impose strict closures for several months.
The year 2020 has been spent with people around the world locked in their homes bombarded with news, the heavy toll of both the number of cases of infection and the massive number of deaths from the epidemic.
India was no exception, and as a result, businesses began to be affected, and those that had likely ventured into a new business already unstable; it was a nightmare; some had to close shop!
The pandemic has led to many uncertainties, which none of us expected or prepared for.
The UN Secretary General called the pandemic ” global health crisis unprecedented in the 75-year history of the United Nations.
Hallelujah, Pandemic on Ease
Today, after a difficult year and a half, the pandemic appears to be receding, it has not completely disappeared, but it does not have the punch it served before.
While we’re still not here, the world we remembered before the pandemic, however, things seem to be returning to normal.
But that’s the hard truth; In the time it took for the pandemic to subside, several companies will have to start all over again while some that have managed to wait – that would mean climbing the tough heights of now making companies profitable to cover the sustained losses.
Business strategies, action plan
The future of the economy, the main thing being uncertainty, is something companies will be grappling with as new business strategies, innovation and advanced skills are needed today.
Since the social distancing measure must also be kept in mind after the pandemic, the business model will change throughout.
The three important keys to the company’s priorities: preserving cash flow, customer experience and employee engagement, should also be amended and a plan of action ready should we experience another wave of pandemic or any such calamity in the future.
- Businesses will need to carefully factor distressing situations into their long-term plans so that their businesses do not suffer.
- Businesses will need to start working proactively, as sustainability and profitability can be a tough call in the first year.
“At the end of March, the head of the International Monetary Fund (IMF) announced that the world economy had entered a recession which could be even worse than the major crash of the late 2000s.”
The government would surely help!
In the first two months, small business owners thought the government would announce a series of measures which would give them a helping hand as many business owners have been going through a very dark time.
Although the government made announcements from time to time, it was obvious to small business owners that they were mostly on their own.
What do we need in the post-pandemic world?
The impact of the COVID-19 pandemic has affected many industries; perhaps for many it has led to irreversible changes.
Some industries need to improve their crisis preparedness from a technology and process perspective after the pandemic ends.
Small business: The contribution of small and medium-sized enterprises in India amounts to 80% compared to the rest of the world – 60% in China, 69.50% in Japan and 20.25% in Bangladesh.
The COVID-19 pandemic has driven around 70 to 80 percent of people in the informal sectors out of work, and a large number of small and medium-sized businesses are also in debt.
One of the main issues that small business owners have faced is the shortage of cash, and this challenge could haunt many businesses even in the current scenario.
What actions will the government take now in the post-pandemic world, and how can they address the plagues facing the economy – rising fuel prices, inflation, commodity prices and situations that have a global impact such as energy crises, political upheavals, that remains to be seen.
Entrepreneurs and small business owners would be required to make their businesses efficient and self-sufficient, secure cash flow and create an active digital presence to keep their businesses from sinking into the post-pandemic world.
Crowd Gathering Companies / Service Area: The coronavirus has restricted the operation of many crowd-gathering businesses, such as restaurants, cinemas, gyms, etc., without any warning.
To solve the problem of social distancing, companies with user-friendly environments should be prepared for limited contact options for suspicious customers. Restaurants need to reschedule to incorporate more spacious seating and touchless menus, utensils, etc.
The cinemas will also have to block the seats between the different lots. Gyms should also incorporate disinfection equipment and start enforcing wiping rules with members.
The big question
As business leaders and the general public celebrate the opening up of the economy, the big question and an important question to it is: will social distancing be forgotten as the race to make up for lost time and also to make a profit is high on the agenda.
The point is that another wave of the Covid-19 pandemic could essentially wipe out all small businesses and wreak havoc in the service sector, which would be difficult to recover from even if they could have survived the onslaught. the first two times.
Therefore, it would be premature to forgo caution, and if so, what this does to companies the third time around needs to be carefully considered.
Unfortunately, the responsibility does not lie only with business owners and their employees, but also as consumers; we play and have an equal responsibility to act prudently and adhere to social distancing standards; however, we already know it, but will we act responsibly, the times will tell!
Therefore, while we cry hallelujah for the good times to roll, expectations of a return to normal life must be deliberate as the reality of the COVID-19 situation is that companies will have to revise their business strategy plans and work to meet consumer expectations, to survive the fallout economic, to grow their business over the long term while making a profit.