The spread of Covid-19 keeps causing disruption to our lives and businesses. As at the time of writing, the impact in China is starting to wane yet in Europe and America it is still on the rise. The experts say that with all the social distancing measures being put in place, the world will not be completely over Covid-19 until a vaccine is available which is being estimated at first quarter 2021. In addition to all this, researchers also say that this will not be the last pandemic that the world will see so it is crucial to realise that what we are living today might be temporary, however we might live it again in the future.
“Businesses have a crucial choice to make… they can focus on surviving the situation or they can focus on redefining themselves for the future.” CMG Consulta
At the time of writing, in Europe, and specifically in Malta, non essential businesses are closed. They can only communicate with their customers online and provide deliveries (that many are not geared to so). In addition most people are working from home while many businesses are scrambling to set up teleworking infrastructure. There is a lot of concern on low or inexistent demand which places great pressure on businesses to cover their costs, mainly salaries, and there is also talk about workers needing to be made redundant. The Malta Government has released some assistance to businesses however these have not been seen to be enough and there might be more aid coming their way. Having said all this, businesses need to innovate and think strategically in order to survive beyond Covid-19.
We are living historic times. People are confined to communicate over technology, to live in their homes, to possibly do away with 8 to 5 schedules, to change their thinking patterns, their consumption patterns, their actual needs and their expectations of businesses. Once the Covid-19 situation is over, this prolonged period of different activity and lifestyle would have had a permanent effect on people. This means that, as businesses, our customer is changing, our product needs to change, our outreach methods have to adapt and our pricing might also be impacted. All these points will impact our business structures and operations as well. This means that the business world as we know it is changing.
Businesses have a crucial choice to make… they can focus on surviving the situation or they can focus on redefining themselves for the future. This choice will determine the stronger firms of tomorrow from the average ones. This also means that the stronger firms of tomorrow are not necessarily the stronger firms of today but they are the ones that are more open-minded and agile. CMG Consulta is well positioned to help you redefine your business. Contact us in order to engage.
