The COVID-19 pandemic is an unprecedented issue facing millions of people. The economic slowdown, fear and panic-buying, and unusual stay-at-home orders and quarantine practices have led to a dramatic shakeup in the business world.
Besides the frontline responders like nurses and doctors, and the essential workers on the ground at grocery stores, no one has felt the disruption more harshly than small and medium-sized business owners.
Due to an intense surge caused by panic buying, supply chains are being stretched to their limit in order to keep deliveries flowing smoothly and store shelves to be stocked. While the panic buying has leveled off as the crisis continues, the global ramifications of the economic slowdown have only begun to be felt.
Here’s how COVID-19 will most likely change business logistics in the future.
Better disaster preparedness
The economic crisis in 2008 ushered in an era of uncertainty and volatility. The global pandemic has illustrated that volatility will continue, both socially and economically. It’s likely that, as this crisis fades from memory, more businesses will take steps to protect themselves. If you’re a small or medium-sized business owner looking into ways to protect yourself, here are a few ideas to get you started.
- Disaster recovery plans. Disaster recovery plans can take many different forms. From
a technological standpoint, you may want to invest in data backup plans.
Alternatively, consider outsourcing your IT to a managed IT service. - Insurance.
As the global economic landscape continues to evolve, insurance may be a good
decision. Insuring your business and equipment can help prevent full
dissolution in the event of a crisis. - Clear chain of command. The chain of command is a central feature of the
military. Your business may benefit from having one as well. Consider giving
clear roles and assigning specific duties to trusted employees in the event of
a crisis.
Increased reliance on online presence
The stay-at-home orders created a huge surge in online ordering of almost every good, including health and wellness aids, self-care purchases, and luxury items. While some businesses are faltering in the face of COVID, others, with the infrastructure to adapt to online shopping, are thriving.
If your business hasn’t adopted an online presence yet, COVID should be a wake-up call. Restaurants are still making some money by offering delivery or take-away options, while other businesses are still making money via online sales or digital orders.
The bottom line
It’s difficult to predict how businesses will adapt to the coronavirus. However, better disaster preparedness, and widespread adoption of online practices, are almost-guaranteed outcomes of this global emergency.
Don’t get caught unaware! Vodigy offers managed IT services to small and medium-sized
businesses. Contact us today to get started!
