Achieving Robust Business Growth in the Post-Pandemic World
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f there is any serendipitous up- side to the disruptions inflicted by the COVID-19 pandemic on human life, enterprises, and the global economy, it would be the emergence of our ability to adapt, innovate, transform, and overcome. In a span of just a few months, this global health crisis has upended the lives of millions of people and transformed how we connect, work, communicate, sell, shop, dine, play, and travel. But we have also learned how not to surrender to this invisible and deadly invader. Instead, we found innovative ways to adjust and live in these uncharted environs. In our fight-or-flight re- sponse, we learned to pivot. We leveraged existing technologies. We innovated. We evolved. The pandemic became the tipping point that forced us to find quick and better solutions. New Ways of Looking at Things Amidst extended quarantines and social distancing policies enforced in most parts of the world, the public sought alter- natives to in-person gatherings. Demand soared for person- alized, highly interactive, and shared - albeit virtual - connec- ions and experiences. This is not surprising. Humans are, after all, social animals in need of constant contact. To address this consum- er exigency, online meeting platforms, like the user-friendly Zoom, boomed overnight. This burgeoning trend is expected to continue to accelerate in the foreseeable future as commu- nities ease back into the staid new normal. The health industry was among the first sectors to leverage existing technology and rapidly adopt robotics and automation to their day-to-day operations - from the use of wearable technology that re- motely monitors a patient's vital signs like heart rate, blood pres-
Achieving Robust Business Growth in the Post-Pandemic World
by Susan Au Allen, National President & CEO US Pan Asian American Chamber of Commerce Education Foundation (USPAACC)
sure, etc., to infra-red thermom- eters and telemedicine such as video-linked consultations. Online shopping and food de- livery, remote learning and edu- cation, and even entertainment - both gaming and non-gaming - also saw considerable upsurge in demand from users. Businesses are now applying ideas and strategies borrowed from other industries and applying modified versions in their own market (e.g., ease of shopping akin to online retailer giant Amazon or the direct sales approach of Avon via social media). Many enterprises are reas- sessing and redistributing their supply chain dependencies after the shutdown of the global movement of goods. More are collaborating with other businesses. Together, they are developing innovative and more amplified tech-based solutions to mitigate how we adapt to the rapidly evolving marketplace. Others are broadening their geographic reach, tapping into new sets of customer base via social media. Indeed, more and more com- panies are planning to invest on retooling and upskilling employ- ees to add more value to their operations. Whatever strategies are undertaken, businesses now look at the changed market from a new perspective. Small Businesses Adapt to Survive Despite the unprecedented economic challenges, small busi- nesses continue to show that they are indeed the laboratories of innovation. Small businesses are nimble. They are uniquely capable to weather this crisis. Now more than ever, new and agile solutions are critical. Almost immediately, savvy proprietors posed to themselves the hard question: are they still able to fulfill the rapidly evolving needs of their existing customer base? When their answer tee- tered toward the negative, they opted to reassess, reimagine, recalibrate, reinvent, or repo- sition their core product and service offerings. They spotted or sought out new opportunities and recrafted their strategy to survive and thrive in the new marketplace. Several forward-thinking and quick-thinking retailers tapped into the power of the Inter- net and vigorously connected with existing customers. They also revamped and escalated their social media presence and reached out to potential clients who were home-based and afraid to go out in public. Numerous retailers enhanced their online shopping capabili- ies; others enforced contactless transactions. To address the absence of dine-in customers, restaurants pivoted to offer online takeout and delivery services. They also reimagined and redesigned their kitchen and dining areas to comply with new public health standards. Buffet-style restau- rants built plexiglass partitions surrounding the food displays. Others tapped into additional revenue streams, such as selling in-bulk (meat and vegetables) and canned or packaged items - with great success. For most businesses, success is ensured when they are teth- ered to a local community. More important, businesses must show that they are part of the community they serve. Above everything, strong customer relationships are vital to the bot- tom line - human connections are based on trust. These are not added by default; they must be pursued and nurtured. Prepare for the Great Reset Arduous times are ahead, especially for the business com- munity. Industry sectors - some more so than others - will limp throughadicultyearahead on the road to recovery and profitability. Yet there is a silver lining to all this. While the futures profound uncertainty offers a plethora of unexpected challenges, it also creates myriad of unique oppor- tunities. Businesses must seize every opportunity available. Leverage technology, enhance customer relationships, innovate and adapt, and do a reset for growth. That is how businesses will sur- vive and thrive in the post-pan- demic world. Expect a profound paradigm shiftin the way people live, work, eat, dine, connect, shop, travel, and do business. Be vigilant. Add value. Offer solu- ions. Many will grapple with this altered ecosystem. But as with every great challenge that comes, many will also rise up to the occasion. We will find many intrepid tales of human adap- iveness, tenacity, and ingenuity - marked by a shared sense of purpose to make our world a better place. Without a doubt, the vibrancy of our businesses, our commu- nities, and the marketplace will eventually return. And when this time comes, we will be ready for this. We are a resilient nation. We will rebuild and rise again - stronger than ever - and America will once again be fully open for business.
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