Uncertainty vs Preparedness for Business in the age of COVID19
March 17, 2021at6:30 PM
Ever since the world was hit by the Covid19 pandemic, the biggest uncertainties now revolve around this global health crisis. It’s been almost a year now since the pandemic disrupted our day-to-day lives and reportedly forced us to stay indoors and adapt to the new way of living, working, and almost surviving. This pandemic has brought up issues that we have been facing in the pre-pandemic era, with a stronger intensity. Most pressing issues other than the obvious health crisis are related to economic concerns, particularly for people who lost their jobs or their sources of income, for business owners, and for investors and their savings. If you reach out to experts of the field, even they might not have an idea about when they will be able to bounce back from this crisis, in simple words the duration for both the current health and economic crises remains uncertain and unpredictable.
People these days are not only fighting to stay alive and healthy but also to survive the day-to-day expenses. Challenge today is not only to keep yourself and those around you safe but also to adjust to the new normal.
In situations like this, it might seem a little difficult to see past the immediate needs to secure revenue and working capital, but in order to stay prepared, what we need now is a thorough pre-planning and preparedness for multiple scenarios to avoid any future uncertainties and surprises later. It is important to not lose sight of what is needed the most in order to recover from the damages the pandemic has caused, and once it passes only the current preparedness will help businesses regain their glory.
Let’s take a look at few important factors shared by TCS, that we can consider while dealing with the covid19 pandemic infused economic concerns:
· Are your major suppliers and customers financially secure? Consider redoing creditworthiness due diligence and business partner risk assessments – recovery may be constrained if major customers or suppliers go out of business.
· If there is a longer duration to the pandemic, haulage, shipping, and air-freight companies may cut capacity, making supply chain costs rise, or even leaving you unable to ship raw materials and products.
· How rapidly will a large number of furloughed and laid-off workers return to work and start earning money at a level to be confident again in their spending?
· As bankruptcies, personal mortgage defaults, and other unpaid bills rise, will there be a tightening of the credit market, making it costlier or even impossible to get the credit needed to fund your recovery activities?
“Did you know: that the world’s most inspiring leaders tend to have developed – often subconsciously – a muscle for the unexpected that helps them to unleash creativity and resourcefulness and drive impact especially in times of uncertainty. They create their own “smart luck” by spotting and connecting the dots."
Turning a crisis into an opportunity to innovate, evolve, and grow is what differentiates regulars from extraordinary beings. In the end, despite all the hardships, it’s always the bravest and the smartest one who survives and thrives amongst all odds. All the business success stories that we see and read today have gone through all the hardships, they have seen their ups and downs and have managed to stay on top of their games even today, all because of their preparedness and determination to come out of all the uncertainties.
Overall, we believe that all the leaders and stakeholders need to start providing a sense of direction to their teams and assurance to their customers while preparing for uncertainty, as well as looking and working towards how the situation should shape future corporate culture. These are few approaches businesses can take to battle the economic crisis in the age of Covid19.
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