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The Flevy Blog covers Business Strategies, Business Theories, & Business Stories.
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Editor's Note: Take a look at our featured best practice, Business Continuity Planning - Guide, Process and Tools (61-slide PowerPoint presentation). The disruption COVID-19 caused has made businesses more aware of the importance of business continuity planning (BCP) for effective disruption-related preparation, response and recovery. Although the term "business continuity" is often used as a synonym for IT Disaster recovery (DR), [read more]
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The arrival of the pandemic around the world changed the way that people lived, worked, and shopped. This meant that businesses were forced to change (and rapidly) or go out of business. What once would have been declared impossible suddenly became necessary. You’ll fully understand the frustration of that scenario if you’re a business owner. Let’s look at certain trends the most flexible enterprises adopted to improve the growth and efficiency of their business.
It is clear that the businesses that are now thriving transitioned quickly to an online platform. Companies that failed to see this as a necessary move experienced a severe downturn in business. Of course, not every enterprise can deliver its products and services via the internet, but those that were bounced back from the paralysis the first wave of the pandemic brought to the business world. Businesses that failed to see the need for an online presence as a stream of income and communication with current and potential customers struggled to catch up with their competitors.
Companies that choose to invest in fleet management software could adapt their current model to meet demand. Fleet Management software allows you to monitor your fleet, view your arrivals or delays, and to track the entire process from acquisition to delivery. One key benefit of having a robust fleet management system is reduced costs, as assets are used effectively, creating a streamlined service from start to finish. Another advantage is an improvement in customer experience, as they receive their goods in a timely and efficient fashion and can track their orders. A third benefit is the ability to ensure all vehicles and drivers comply with legislation such as driving license checks, vehicle maintenance and the legal number of hours a driver can work. The beauty of fleet management is that it can be executed in-house or through a third-party supplier, giving the business owner flexible options according to their business needs.
One move that many employees welcomed was the opportunity to work from home. Office-based businesses that had previously considered their workers’ presence in the physical premises essential, found solutions to allow their staff to work from home. Of course, some may have invested in software or hardware to facilitate this process, and most hope to be able to continue to work remotely, even when the pandemic is over. Employees report better work-life balance, increased productivity, and less stress. Likewise, businesses rest secure in the knowledge they can keep functioning even in the case of a pandemic. It is still possible to identify the critical behaviors of good listeners, engaged team members, and satisfied clients in absence of physical presence.
Even in disasters, there are opportunities, and this does not mean merely profiteering from hardship and the scarcity of resources. The pandemic gave business and the individuals the opportunity to seize hitherto non-existent opportunities and to meet a need for customers. Certain sectors, including education, flourished during the pandemic – individuals often had more time (and potentially disposable income) on their hands and saw a need to upskill in response to a changing world of work. Certain countries offered their populations training incentives and grants, which meant businesses that were poised to deliver training online grew exponentially. Likewise, online health and counselling services boomed, as people saw a need to look after their physical and mental health.
In many countries around the world, delivery services were very much in demand. Consumers who were shielding sought out supermarkets and other food retailers to deliver groceries directly to their house. Consumers also spent more money on other types of online shopping and home improvements, all increasing the need for a reliable and cheap delivery system. In many other countries, demand outstripped supply, and only the businesses that had invested in a resilient system in adequate resources could meet the demand the delivery infrastructure was facing. This was a big lesson for businesses both big and small and the level of demand led to an increase in delivery and logistic companies both on a local and international level.
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