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Exploring the New Reality of Business

Exploring the New Reality of Business

The pandemic has completely changed the way most organizations operate. Business leaders are working to find innovative solutions to stay afloat, and adapt their business models as needed. Management has also had to evolve in order to help employees adapt to the virtual style of working. On the other side, workers are making efforts to align themselves with the new normal while fighting against an uncertain job market. The chaos certainly runs deep, but the question of how Covid-19 will permanently impact these businesses is a hot topic, and an important one to explore. Many CEOs believe that there will be a dramatic change in both consumer and employee behavior and expectations . 

Considering all this, it is not difficult to expect businesses to realign their strategies. Here is a quick look into them.

 Coronavirus-led Realities for Businesses, shared by Hani Zeini

Strategic remote working conditions

Both leaders and employees are looking for ways to become productive in this unique situation. For them, online tools like Slack and Zoom are proving quite useful. They have had to restructure their communication style so that they can collaborate and meet business demands effectively. These companies have also made use of technologies such as Google Doc and Slack for this specific reason as these tools enable them to create unofficial work logs that can track a remote workers progress.

Some businesses have reported higher productivity during this remote work period, and the transition back to an office-based schedule may prove difficult for some. According to leading entrepreneur Hani Zeini, when things return to a new normal, some people may not want to lose the flexibility of working from home, while others may be keen to return to the office. Managers must keep apprised of any upsets to the workforce that may be caused by those who have an otherwise difficult time adjusting to these changes. 

Changes in operating practices

Social distancing in the workplace, extended remote work, and fewer business trips are just some of the immediate short-term effects the pandemic may have on businesses operating practices. Many believe that these significant shifts will occur in the near future, as the world adjusts to its new normal. During every period of disruption, companies must learn a few new lessons and implement them into their operations. 

Consumer behavior

Recently, food courts and buffets saw a 32% decline, while online delivery and takeout services obtained record-high sales. Videos and video game rentals also saw a 41% rise,  as did exercise equipment purchases by 162%, and hiking trips by 135%. These social-distance approved activities can be expected to maintain their popularity, and new business models that support this change in consumer behavior should be encouraged.

Of the various realities, the increasing digitization of businesses is quite significant. Online transactions and services have skyrocketed, and the global pandemic has made everyone realize that flexibility and technological innovation are two crucial things for any business to survive and grow in any environment

Business

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