It goes without saying, 2020 has been an absolute whirlwind. With the ever-changing circumstances that the year has brought and continues to bring, people and businesses all around the world have been forced to adapt their strategies in order to stay afloat. We have a look at how 2020 has altered the priorities of modern businesses in order to ensure continued success even in the midst of chaos. Read on to find out more!
1. The Year Of Remote Working
All around the world, we have seen hundreds of thousands of people have to adapt and embrace the idea of remote working in order to keep businesses afloat. In order to cope with the challenges that 2020 has introduced to everyday life, a huge majority of businesses have been forced into running operations remotely. Many businesses are now operating solely online, with employees working from home.
Thanks to video conferencing tools such as Zoom, Microsoft Teams and Google hangouts, team members are still able to interact with one another and conduct meetings and brainstorming sessions that would otherwise be impossible during these unprecedented times.
While many small businesses such as gym and cafe owners have gone out of business entirely, some medium or large business are even increasing their IT talent pool via IT recruiters to gain access to individuals that are able to help them sustain their business remotely.
2. The e-commerce Boom
Whilst a large majority of bigger businesses have already had an online presence for years, e-commerce has become more important than ever in 2020. Many small and medium size businesses have now been able to embrace e-commerce, via the modern e-commerce platforms such as Shopify, Squarespace, BigCommerce, WooCommerce, etc.
This is especially so for retail industries, restaurants and other businesses that are now heavily reliant on online sales in order to keep their businesses afloat. Cafes and restaurants are now offering delivery services, DIY meal packages and other items that can be purchased online in order to alleviate some of the financial stress that many businesses have experienced in the last few months. Thankfully, most retail outlets are still operating via their e-commerce stores and people are still able to receive the goods they purchase in just a matter of a few days. To say that e-commerce has been an absolute lifesaver is truly the understatement of the decade.
3. Carving Out New Revenue Schemes
Businesses all around the world have been forced to carve out new revenue schemes in 2020. Businesses are now prioritising focus on items and services that are in high demand. A great example would be the rise in alcohol distilleries ceasing the production of drinks and instead of using their resources to produce hand sanitiser.
Many fashion outlets have also started to produce their own masks, gloves and other items that people are rushing to buy. Whilst this may seem like a desperate attempt for businesses to stay afloat, one could also see it as a way for businesses to diversify their products and services which is something that will prove to be beneficial in the long run.
4. Rethinking Business Continuity Plans
In an ideal world, most businesses would have up to six months of savings as a contingency plan should anything go wrong. Unfortunately, many businesses neglect their business continuity plans and have recently realised how perilous complacency can be. After all, when times are good, continuity often seems unimportant. Due to COVID-19, businesses have been forced to rethink their business continuity plans and have needed to take this lesson more than any other out of the current pandemic. A majority of good businesses stand a great chance of surviving and rebuilding after COVID-19, but it goes without saying that they will need to take this time to reevaluate operations and adapt to the new normal.
As we all step into the new world, it is essential that businesses continue to adapt to ever-changing circumstances in order to ensure survival. We hope that this article has given you insight into how 2020 has truly altered the priorities of modern businesses.