An unexpected curveball has been thrown at the population of the world in 2020. We are in a unique recession that is not quite similar to what we have had before. There have always been ups and downs in the economy and we have come to expect that. But this is a global pandemic with global implications. Think about it. The last time that we had the same phenomenon impact the whole world for the same reasons at the same time was World War 2. This is not just the economy taking a regular schedule dip, it is motivating and fueled by the virus and all that it entails, this means that as long as the virus is still not under control means that the economy will still be in a difficult place. There are a few important things that you will need to be aware of when we do finally get back to normal.
No such thing as “back to normal”
There will be no such thing as “back to normal”. This virus and all that comes with it has required businesses to innovate and change to meet a growing market need. If you are a business owner expecting things to return exactly the same as they were, you are going find yourself, unfortunately, left behind. Many have adopted the mindset of hunker down and wait it out. The businesses that are subscribing to this idea will find themselves stuck in their financial bunker and unable to return to the newly adapted world. The businesses that will thrive and make it are those who have chosen to innovate and pivot. The market will have different needs and priorities after this is all done. The groups that have changed to meet that quickly adjusting demands will have changed and grown their way out of this. There will be a new normal after the fact and if you are not able to operate in the new normal, you will be left behind.
Day to Day Change
In all aspects, the day to day operations in all sectors will have change at least partially. Those who could innovate have found new ways to meet the demands of their audiences. These innovations will not become obsolete when the pandemic is under control. For example, many universities have been required to create online versions of every course, which in the past usually only offered selective online options. Once the pandemic is over, the chances of offering more online options will be very likely. Many businesses will have to adjust to the new perspective of their customer and employee. Chances are people will now be much more conscious of bacteria and public health after this is all done. Businesses will need to be aware of this. You will probably see more natural disinfectants. More efforts to relieve stress and prove effort is being taken to all parties.
“Something” must be done
There is an interesting phenomenon that comes with times of crisis that you and many companies will need to consider is the fact that it almost doesn’t fully matter in the eyes of your customer base what you do about the virus so long as you are doing something about it. They usually understand that you are going through the same difficult circumstance as them. There is no way to know for sure what will and won’t work in a difficult economy. So long as you develop some plan and let your relevant audiences know about it they will know that you are trying your best and it will instill a huge amount of trust in you or your brand. This usually looks like contactless transactions, delivery options, or repeatedly cleaning and disinfecting common touch surface areas.