The COVID-19 coronavirus has hit the world economy, both in production and in demand, and, of course, Canada will not be able to avoid the hit. Faced with this harsh reality, there is an urgent need to implement actions to mitigate the repercussions that this crisis may have on companies, workers, the financial system, and public finances.
Why Do You Need a Strategy to Deal with COVID-19?
The coronavirus crisis has brought about a radical change for people and organizations. A change that most were not prepared for. It is an unprecedented situation in modern history, which will undoubtedly mark a before and after in our existence and in the way a business operates. There is a need to mitigate business losses due to coronavirus pandemic to control economic impact.
There is no doubt about the negative impact that this situation has and will have on the vast majority of organizations. Freelancers and SMEs will surely suffer this impact more quickly and profoundly. Instead, large companies will have more opportunities to mitigate their business due to Coronavirus pandemic thanks to the diversity of resources available to them. However, to achieve this, it is essential to design a strategy urgently.
The methodology for planning a strategy to mitigate the negative effects of COVID-19 is similar to that used to create any other strategy. That is, the objectives (goals) that you want to achieve will have to be defined by supporting them in the projects (actions and initiatives). These solutions must be implemented to lessen the coronavirus pandemic effect on business, in addition to the KPIs (indicators) that you are trying to positively impact.
Go Digital Before it’s too late
If there is a certainty about COVID-19 it is that it will change the world as we have known it until now. In this “new normal” that awaits us after confinement, some companies will disappear, but others will survive. Many of those who overcome this crisis will do so consolidated, achieving better results than in the past and, surely, they will never be what they were. As an app development agency, we recommend hiring professional companies to develop tailor-made solutions according to your market scenario.
One of the biggest changes we have experienced – and that will not be reversed – is that of accelerated digitization experienced by both shopping habits and communication between people. And this is common in all areas: social, business, and even healthcare (telemedicine). It could only be handled by applying strategies to mitigate business losses due to coronavirus pandemic.
For many companies, digitization has not been a major change, since they were already very digital. For example, software companies are already -mostly- online companies, with face-to-face interactions limited to conferences or large accounts. Banks are also highly digitized. However, now every other company needs business mobile app development and other digital channels to ensure growth.
However, for other companies, the difficulties in switching to a “faceless” interaction will be significant. If we think about physical commerce, we will better understand the challenges of this transition, which will also have a decisive impact on the entertainment industry. Increase in streaming services and video games compared to cinemas, theaters or theme parks, to name a few examples. And consulting services (“old school” tax advisers and agencies have been forced to go digital). There are many companies that must speed up their digitization to mitigate business losses due to coronavirus pandemic.
Evaluate the Supply Chain
This means starting with the most critical products for the organization and analyzing beyond the first and second level suppliers, reaching the raw materials if possible. Contingency plans can quickly experience difficulties if the virus spreads and increase the coronavirus pandemic effect on business. We have already seen how suppliers from China turned to South Korea within their Plan B, but soon after this country suffered contagions that increased rapidly. Use big data and data analysis to control the management of your business. We are considered as the best data science experts in Canada especially Montreal, Vancouver, and our data science Toronto sector is experiencing huge growth.
Promote Online Training of Employees
Situations such as the current one are a favorable time to train company workers, and due to the impossibility of conducting face-to-face training. It is recommended to use distance education and training models, particularly indicated for situations in which it is recommended that people be kept in their homes. Additionally, streaming seminars and workshops via streaming is an option.
Promote the use of electronic commerce: Another way to decrease interactions in the city is to reduce consumption movements. It is an important factor concerning how industrial policy can mitigate due to covid 19. Many retail spaces will be strongly affected during the emergency by the confinement of households. The fear of consumers to expose themselves, and by measures that will reduce the number of people who will be able to simultaneously receive the premises.
In this scenario, it becomes imperative to promote the use of distance consumption models, both for commerce and for households. In the case of small businesses, considering the still low rate of adoption of online sales. The government will make the necessary arrangements with the main marketplaces in the country, so that they receive this type of providers on their platforms.
“Covid 19 is going to give drastic and irreversible economic jolts to our society. The only rescue team in this situation is those who are involved in technological advancements.” Tim Ferriss
Post Covid 19 Plans for Companies
Here are five key reasons companies are taking to prepare for a return to “normality” after coronavirus pandemic effect on business:
- Organizations are investing more in digital technologies and will continue to increase for the next 12 months.
- Digitization helps create and / or increase profits.
- Cultural transformation is essential to go digital.
- Digital transformation is a competitive game changer.
- Many companies are still taking very small steps. You should prepare for leaps.
Considering the above, an important assumption generated by talking about digital transformation is to think that it is the same as selling online. Digital transformation is embracing change and accelerating it, not getting into a storm to wait for it to pass and survive. We hope that you have understood how industrial policy can mitigate due to Covid 19.
Businesses should understand that they not only have to tackle this challenging situation of pandemic and lockdown but also prepare for the future. What will happen post-Covid-19 and how you are going to face the new world? The key lies in technology.
AppStudio is the leading Canadian IT agency involved in all sorts of development and integrating sophisticated technologies. We are helping the industry and entrepreneurs to mitigate the situation by adopting modern digital solutions. If you have any questions, contact us without any obligation.