History has shown the incredible part crises play in developing our communities. For example, health crises evolve healthcare structures, wars propel technology revolutions, and financial crises assist industry-specific companies. The Coronavirus (COVID-19) pandemic is no different.
If we have learned anything from the current COVID-19 situation, it is the swift adaptability and resilience businesses across the world have had to endure. In doing so, entrepreneurship has seen an uptick as a result. Whether businesses have permanently closed their doors or employees have been laid off or terminated, the opportunity to build something new from the ground up has been trending post-COVID-19.
Impact of COVID-19
Industries were impacted differently by the effects of COVID-19. For example, nonessential businesses like movie theaters, restaurants, and tourism services have ceased. Other industries, such as manufacturing and services (i.e., car washing) have slowed. These business hardships are likely due to decrease in consumer demands, inability to visit business, and/or lack of funds for nonessential items.
The Future of Businesses
While some industries have suffered minimal impacts to permanent closures, other industries are making the most of the crisis by adapting their goods and services to the consumer demands. For example, fashion businesses like Zara and H&M produced protective gear, such as face masks, gowns, and other supplies for hospitals. Distilleries have produced hand sanitizers. Healthcare companies and automotive suppliers have diligently increased production and supplies to deliver life-saving medical devices to assist hospitals with shortages.
Looking to the future, businesses can recognize two important lessons from crises:
- Crises highlight opportunities for businesses to improve. In the face of a crisis, business leaders are forced to utilize creative problem-solving methods and rediscover their entrepreneurism. Some business leaders will pursue innovation, such as the industries utilizing already-existing goods and services that may be repurposed to serve the local communities. Others may look to new technology or innovative business solutions to interface with their traditional business model foundation to adapt to the crisis at hand.
- Crises oftentimes reshape a brand – for better or for worse is solely dependent on the business. Reputations can be strengthened – or lost – in a crisis. Companies that showcase innovation, supporting the local communities, and work in the best interest of their employees and consumers will likely strengthen their reputation and experience a more positive reaction once normalcy is re-established again. Other companies may mishandle employees or customers when faced with crisis. This oftentimes leads to opportunities for competitors to gain business and lead to a more negative response post-crisis.
A PEO like Harbor America can provide integral resources and services not available or limited with your current business operations, such as COVID-19 Resources. Partnering with a PEO can better position your business in time of crisis. Contact Harbor America today to see how we can prepare you for continued success during future crises.