When it comes to being able to build up additional amounts of resilience as we move forward, not only is it important to consider exactly what's in it for you, but also asking “what if?” as well. In terms of the ongoing COVID-19 pandemic, we all know just how much of an impact this specific emergency has created in terms of the impact on businesses.
In the long run, it's important to consider exactly how the pandemic will end up changing how we all do business with one another as time moves on. Despite the fact that lockdowns will end up ending soon, as well as the virus itself being contained to the point where there's virtually no chance of it coming back, it's worth noting that the effects of this situation will still end up lingering.
Here are three of the most useful strategic priorities that all businesses should consider once the COVID-19 pandemic officially comes to an end.
*First and foremost, perhaps one of the best strategic priorities for businesses to consider after the COVID-19 pandemic ends is to think about officially integrating government politics as opposed to focusing more on business economics. Those firms that are part of sectors that are officially deemed to be essential to the national welfare of the public are expected to be among the first to experience pressure when it comes to this. This is because many governments have ended up learning that depending on factors such as foreign trade can end up being rather dangerous, especially when it comes to specific items that can have either a positive or negative effect in terms of crisis response. This means that firms should consider the fact that they are likely to expect additional scrutiny when it comes to the government, as well as rejections of ideas such as proposed mergers, joint ventures, and acquisitions.
*Another great strategic priority that businesses should consider following the end of the COVID-19 pandemic is to concentrate more on achieving resilience and survivability as opposed to economic efficiency. Contingency planning is something that should be implemented in order to ensure that a business is able to survive past the pandemic. This means that rather than taking the time to structure partnerships based on factors such as leverage and being able to obtain the better end of a deal, businesses will instead need to become a great deal more strategic in terms of choosing exactly which alliances are transactional and essential. In terms of increasing overall reliability, it's worth noting that redundancy will always be better than efficiency in regards to critical resources.
*One other important strategic priority that businesses should always consider once the COVID-19 pandemic officially comes to an end is to consider building up a stronger organizational immune system as opposed to maximizing more short-term profits. When it comes to the post-pandemic business world, the advantage will end up going to businesses that are able to quickly convey bad news in an upwards manner as opposed to experiencing some kind of resistance involving this. Furthermore, it's also worth noting that there are many business managers who tend to believe that utilizing the fear factor will end up resulting in increased amounts of economic performance if they take the step of reducing overall organizational complacency. Unfortunately, this is something that will only end up resulting in all sorts of early warning signs that eventually end up going unnoticed and/or unanswered.