When the coronavirus pandemic finally subsides, it will have touched virtually every part of our lives, regardless of whether our own health was affected or that of our loved ones.
For businesses, COVID-19 has already forced many companies to change strategies for both their short-term and long-term well-being.
The way we do business is likely forever changed.
Business professor, corporate board member, and author Scott Galloway is tracking these revelations, which he reveals in a new book called “Post Corona: From Crisis to Opportunity.” Here are three of his insights:
- COVID-19 is an accelerant: The virus has created new trends and altered the trajectory of others. Some of the most obvious examples are the rise in remote health care delivery, the surge in online shopping and the spike in value for large tech firms.
- Greater opportunities and risks: While tech firms are a likely winner of the pandemic, opportunities exist for positive societal changes, such as in remote learning. However, the virus exposed widening gaps in income, health and opportunity. Policymakers will have to address these areas to prevent further damage to the economy as a whole.
- Survival of the fittest: Some businesses that thrive have flexible cost structures and provide goods or services aimed at people who have been forced to juggle their work and personal lives at home. Innovative leaders who strive to increase employee satisfaction while work is done remotely may also have an advantage in the future.
Recessions create possibilities for entrepreneurs
Galloway calls the time we are in as one of the best opportunities to start a new business, which he says is approximately six months into a recession.
Information from the U.S. Census Bureau appears to back that up as a surge in new business applications has been reported during the pandemic. Faced with challenging economic times, many new businesses rely on low operational costs and a lot of grit and determination to survive – traits that are likely to be embedded into their DNA.