The COVID-19 pandemic had changed how businesses operate, as social distancing measures are mandatory to prevent the spread of the virus and overwhelming the health system. It is one of the main challenges in the past few decades, especially for sectors like tourism travel.
However, the inventiveness of entrepreneurs already led to the appearance of several important trends, keeping businesses operating in normal parameters. How businesses managed to adapt in the face of challenges brought by this pandemic?
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Work from Home
Technology-related companies had been the least affected by the epidemic, given their ability to keep employees working from home. As psychologists advocated for years, a work from home routine can improve productivity, decrease costs, be better for health and the environment, keep older generations in the workforce, and reduce employee turnover.
Not only big companies had been drawn into this new trend, but also individuals wanting to be freelancers or start an online business. With unemployment on the rise across the world, people need to find alternative ways to make money and support their living standards.
Relying on a work from home income source means there’s no need to get in direct contact with other people, thus reducing the probability of contributing to the spread of the virus. Since the virus is expected to be around for at least throughout 2021, this trend will continue to be the norm, where it can be integrated.
A Surge in Online Mentorship and E-Learning
Given the challenging period the world must face, experts from various sectors had stepped in with their knowledge to help individuals or businesses to find innovative ways to overcome the hurdles generated by COVID-19. One of the most recognized names regarding the online business guidance is Ofir Eyal Bar.
“The COVID-19 is changing almost every aspect of the world as we know it, and it’s definitely changing business and the way we do them, I find it as my responsibility to share and pass on the knowledge that can help other who are struggling at the moment, and that’s also the message I would like to deliver to my colleagues”, this according to Ofir Bar, who not only publishes regularly on his personal websites and Medium blogs but also writes for top tier magazines, such as Entrepreneur, Times of Israel, Benzinga, and many others.
Like him, many other qualified experts are sharing valuable information with the wider public, making sure they can handle problems professionally. The online mentorship and E-Learning industry was already projected to expand in the next few years. This pandemic had only accelerated a development that was on the ascendency.
Moving Businesses to the Online World
Even though tech companies already have their businesses mostly online and switching to work from home had been easier, companies from various sectors can find innovative ways to integrate technology or leverage the power of the internet.
Ofir Eyal Bar had long been talking about 3D video tours for real estate properties, other companies switched to home delivers, and Zoom conferences are now the new norm.
Thankfully, a wide array of businesses can benefit from technology. It only takes entrepreneurs to find the best way to integrate it, so the company will continue to operate while remaining committed to social distancing measures.
An Acceleration of Cost Optimization
Although companies can find ways to adjust their activity, the reality is that during an economic downturn, income and spending drop, leading to lower revenue. Improving one’s business model to generate extra revenue should be accompanied by measures to reduce costs. During an economic expansion, most businesses increase their spending as their activity expands. A new reinforcing cycle occurs when the economy turns south.
Depending on the sector, some companies might be needed to take important actions. Relocating to a property that is more affordable, cutting business costs through office supply control, evaluating technology needs, or letting employees teach each other to reduce costs related to seminars and workshops, are just a few of the methods that could be used to reduce and keep expenses under control.