COVID-19 has taken a heavy toll on the global economy. Businesses have closed, customer demand has declined, supply chains have been interrupted, and new regulations have challenged businesses to reach customers in new ways. Indeed, a lengthy and challenging recovery is already underway. To better prepare for the major changes ahead, the Bartercard team has offered some advice on how you can adjust your business growth strategies for the post-pandemic world and ensure better cash flow in a rapidly changing business landscape.
COVID-19 is still pushing companies to rapidly operate in new ways, from permanent work from home policies to online coffee orders. Systems resilience has been tested as never before. Countries are successfully flattening the curve, but even if we can fight the coronavirus and maintain continuity, the reverberating effects of the pandemic are likely to permanently change how the world does business. Successful recovery from locked-down economies will require us to maintain this increased level of adaptability for the foreseeable future.
We managed the pandemic; we can manage the post-pandemic
At the very start of the lockdown, almost any process that could be rapidly digitised went virtual, including video conferencing, document signing, and electronic trading. This digitisation will continue with a reduction in physical assets, which lack the flexibility and scalability that businesses need to survive this pandemic and any future disruption. Resilience will become the new buzzword as we look to reduce reliance on single points of failure.
COVID -19 has driven home the need to reduce global supply chain vulnerabilities; the disadvantages of a system that requires all its elements to work like clockwork have now been exposed. Traditional structures are often optimised for cost and were not always equipped to cope with the unplanned disruptions and demands that lockdowns put on business. Organisations must re-configure their supply chains away from being rigid and linear to operating within agile, networked ecosystems.
Technology is key
The pandemic has clearly exposed a huge divide between those that modernised their infrastructures before lockdown and those that didn’t. For organisations that were already using modern tools and practices (such as video conferencing systems like Zoom or online collaboration tools like Slack) and had moved critical business applications to the cloud, it was a relatively easy transition.
Speaking of technology, Bartercard’s Marketplace mobile app or Search is an easy way for you to find other members when you’re out and about. You can also browse products and services all in one place, and search for keywords or find members near you.
While having the latest tech is all well and good, using it effectively requires the backing of equally flexible work culture. For instance, it’s not enough to simply deploy a best-in-class video conferencing system. There also needs to be a culture where people use it and do so appropriately. Otherwise, it’s no better than using a regular phone. Organisations need to implement a culture where employees are used to interacting via digital applications to be better positioned to take a modern business approach.
What has the pandemic taught us?
The pandemic’s most enduring impact will be as an accelerant. While it will initiate some changes and alter the direction of some trends, the pandemic’s primary effect has been to hasten changes to dynamics already present in society, from e-commerce to online education to remote healthcare. The biggest question facing the world as the pandemic recedes will be: will these accelerations continue?
Take your business network mobile
In this challenging economic climate, we here at Bartercard understand that it’s more important than ever for businesses to think outside the box. If you’re working in a reduced capacity, you can still get new customers, offset your expenses, and induce a better cash flow to keep cash in your business, all while continuing to strengthen and expand your networks. Check out the Bartercard mobile app today and discover the benefits of a supportive business network that moves with you.