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Doing Business After Covid-19

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There is no doubt in my mind at all that doing business after Covid-19 will be very different to doing business before Covid-19. How will this look? As a business mentor, my role is to look forward, consider the possibilities and help my clients navigate that path.

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Doing Business After Covid-19

  1. 1. DOING BUSINESS AFTER COVID-19 Or How To Take Advantage Of The Opportunities That Will Be There For The Taking
  2. 2. Covid-19 will make it into our history books as one of those Pandemics that shape the world
  3. 3. Covid-19 has forced us to change our habits.
  4. 4. It takes on average 66 days to form a new habit. Restrictions in place because of Covid- 19 are expected to be with us for 6 months New Habits once formed are difficult to change
  5. 5. A NEW LANDSCAPE is being built right before our eyes
  7. 7. LANDSCAPE CHANGE #1 Acceptance of stringent restrictions on our movement Before Covid-19 no democratic government would have been able to impose this on its citizens without an uproar.
  8. 8. LANDSCAPE CHANGE #2 Approval ratings for our politicians are at an all time high The public perception is that government can be trusted to do what is right for its citizens. Before Covid-19, the public had a very low level trust of government.
  9. 9. LANDSCAPE CHANGE #3 Unity in political parties Polarised politics appear to be taking a back seat as different self-interest groups work together and cooperate on a level never seen before as citizens are being called to sacrifice for the greater good.
  10. 10. LANDSCAPE CHANGE #4 New Dinosaurs Dinosaurs who have previously resisted getting online no longer have a choice.They will be here to stay once they discover it’s not that bad.
  11. 11. LANDSCAPE CHANGE #5 Return to family The globetrotters are returning home. Family has become important. Citizenship matters as governments call their citizens home.
  12. 12. LANDSCAPE CHANGE #6 Awakening to the Global Economy Consumers have realized we are very dependent on China. Many do not like the dependency they see. “Make America Great Again”, “Brexit” What is next?
  13. 13. LANDSCAPE CHANGE #7 The End of the Cash Economy Cash is frowned upon. Everything requires “Tap and go”.That same card can be used to track your movements.The technology already exist.
  14. 14. LANDSCAPE CHANGE #8 Big Brother is Back People are looking to government for support like never before.The “Big Brother will look after us” mentality is alive and kicking.
  15. 15. This new landscape will forever CHANGE  the way we THINK  the way we ACT  the way we BEHAVE.
  17. 17. My ADVICE to YOU Take the following into account as you pivot your business to survive the new Covid-19 landscape
  18. 18. BUSINESS CHANGE #1 Working From Home This will become the new normal, not the exception. Commercial properties could see a big drop in price and occupancy as businesses realize their employees CAN work from home.They do not need big offices.
  19. 19. BUSINESS CHANGE #2 Outsourcing The awareness of our inter-connectivity will see an increase in outsourcing to cheaper overseas contractors as employers realize that they CAN operated their business with remote workers.
  20. 20. BUSINESS CHANGE #3 Up skill Imperative As an employee or contractor, consider what change you should be making NOW to prepare for the possible loss of work to cheaper overseas labour. What type of work CANNOT be outsourced overseas?
  21. 21. BUSINESS CHANGE #4 Move From Globalisation Back to Regionalisation Covid-19 exposed our dependence on certain economics. Expect to see manufacturing incentivized to start up at home to ensure we are not dependent on another country for essential supplies.
  22. 22. BUSINESS CHANGE #5 Price WILL Matter Necessity will dictate the customers’ decisions. Many will not have spare cash. Many will surface from Covid-19 with more DEBT to pay off than before Covid-19. High fee chargers may have to reconsider their rates after Covid-19 … Or lose the client.
  23. 23. BUSINESS CHANGE #6 Online Business is Here to Stay The market for online training is going to explode. How can you take your business online? Get innovative. Meetings and networking online is the new normal
  24. 24. BUSINESS CHANGE #7 Virtual is Replacing Physical Meetings and networking online is the new normal. Shareholder meetings have gone virtual and is likely to stay virtual. What does a virtual court room look like? What new opportunities emerge if everyone is on a virtual chat all day and all meetings are virtual?
  25. 25. BUSINESS CHANGE #8 Apart BUT Remain Connected Consider what industries are likely to flourish when there is a requirement to remain apart while needing to remain connected to our work, clients and family. What new services can be created to enable people to feel connected to each other and to what was remembered as normal before Covid-19?
  26. 26. BUSINESS CHANGE #9 Cash Industries Covid-19 changed people’s habits where governments couldn’t. Discounts offered for “cash jobs” might disappear when the cash is not welcomed in retail.
  27. 27. BUSINESS CHANGE #10 The New “Normal” What does the world need when SOCIAL DISTANCING is compulsory, public gatherings are not permitted and travel restrictions are in place in many countries? Start home and office deliveries services for your products or be prepared to close down. Learn how to market online – content and videos RULE. Ignore this at your peril.
  28. 28. BUSINESS CHANGE #11 Priorities & Values Who are the essential workers?Who are the unsung heroes of Covid-19? It’s your teachers, childcare workers, shop assistants, nurses, doctors, truck drivers that are being asked to keep working to keep the wheels turning when a country is placed into hibernation.Will we see a wage rise for those workers?
  29. 29. DOING BUSINESS AFTER COVID-19 WILL BE DIFFERENT Lessons learnt MUST NOT be forgotten
  30. 30. PLAN FOR THE UNEXPECTED ACT QUICKLY Plan for theWORST Hope for the BEST Review your business continuity and crisis plans.
  31. 31. REVIEW YOUR SUPPLY CHAINS Understand the interdependencies and plan for any interruptions
  32. 32. APPOINT YOUR CRISIS TEAM During a crisis, communication is CRITICAL. Ensure that your designated key spokespeople are well trained and know their roles.
  33. 33. GET DIGITAL Covid-19 has highlighted the importance of technology. A business digital strategy that enables rapid responses to changing situations is key to your business survival.
  34. 34. STRONG LEADERSHIP EFFECTIVE MANAGEMENT Your employees, stakeholders and customers are looking to you to take action and set the tone for the business moving forward.
  35. 35. KEY TAKEAWAY Build resilience, adaptability and creativity into your company DNA. Long term sustainability is dependent on your ability to REACT quickly and DECISIVELY to change. Covid-19 will not be the last disruption to your business.
  36. 36. No one was prepared for Covid-19 ARE YOU READY FOR THE NEXT?
  37. 37. WORK WITH ME Will having me as your coach and mentor help you achieve SUCCESS and get you to where you want to get to FASTER? Yes, it will – EVERYTIME! PATSY LIM FCA, BUSINESS MENTOR & COACH Tel: +61 439 935 440 www.PatsyLim.com Let’s make business FUN again!