Business Beyond Covid-19 – Emerging Into the “New Normal”

Once the COVID-19 pandemic is over, it can be safely assumed that in the immediate aftermath, the majority of people will look for relief from the stress and the many days of boredom in lock down. There will be possibly be a mini revival of activity as people seek community, where they physically meet their relatives and friends. There will be a celebration of life where people will try to party and seek pleasure.
The extent of celebrations will depend on several financial considerations. It can be assumed that a high percentage of families and individuals will be experiencing some financial constraints. Unfortunately during this crisis, some economies will be wiped out and, despite all Government financial assistance, if this crisis prolongs, it is inevitable that a number of people will have either earned less money or will be without work. It is a fact that most small businesses already operate on a limited cash flow and in the case of bigger businesses, their reserves will not last forever either. This is not just a local reality but the global economy is heading towards a slowdown and a major economic depression is looming. Those countries with sounder finances and with more organised health systems will emerge better than those countries with struggling financial and/or health systems. In such scenarios, it is expected that the rich will become richer and that the poor will become poorer. This is expected at local, national and global levels.
Looking at the bright side, the global economy facilitated by technology, may have an opportunity to rebound faster than past economic depressions. With the aid of technology, the global economy can rely on more accurate information. Technology also aids the sharing of such information. This global pandemic has shown that a higher level of cooperation between countries and businesses is possible. The positive thing is that there seems to not only be the need, but also the will, to trust and to cooperate more. Thus in the “New Normal” will we experience more collaboration between businesses?
On a more individual level, technology is now the most important tool in our lives. Its importance has grown immeasurably. Everything we do and consume, from shopping, to work, to education, to social life has been forced to shift on line. These shifts will definitely not just be temporary however they will surely transcend into a “New Normal”.
The assumption is that following this extended period of crisis, this dependence on technology will have lasting effects on how work is organised, on how learning and education is delivered, on how human social interaction will be increasingly dominated by technology. It is assumed that new behaviours, new needs and new consumption patterns will emerge. Thus the way we do business will also evolve to adapt to the forced technology domination and the adaptive changes of human behaviour. This change is not a technical change or a change that is due to introducing technology but it is a change in perception, a change in the mental processing of information, a change in expectations and a change in mindset. We are all going through and will keep on going through this change. The more mentally prepared a business is for it and the more it plans, the stronger it will emerge. CMG Consulta can help you navigate these waters through the change and beyond. Contact us.