It is vital to adapt infrastructural and operations of business ventures to accommodate our current reality.
The COVID-19 outbreak has changed the entire world beyond the initial health crisis. What was once a mysterious disease in a Chinese city has now spread across the globe, leaving the devastation of human lives and economies alike in its wake.
Beyond the lives lost, economies have stumbled, and businesses have come crashing down. The vast ramifications of the virus on the global political, economic, and social spheres are unprecedented. Entrepreneurs worldwide are trying to find innovative solutions to stabilize the situation and the economic recession that have arisen due to COVID-19.
Bradley Beman on the COVID-19 effect on business sectors
The COVID-19 pandemic has only exacerbated the fear of the unknown around the world. It is more important than ever for businesses to anticipate the unanticipated. The ability to adapt to uncertain circumstances is the characteristic that will define a successful business in this day and age.
According to Bradley Beman, the coronavirus has led to disruptions in every sector of life; the movement of humans, and the flow of money and the economy notwithstanding. However, the industry insider and investment expert also repudiates the rising conviction of no hope for the future of these sectors. He argues that instead of giving in to fear, we can view this unprecedented situation as the ideal opportunity to create innovative solutions for the problems plaguing society.
According to several other experts, the time is perfect for innovation in the existing business structures and models. Most believe that social businesses and philanthropic entrepreneurship for the betterment of society are the need of the hour.
The new necessity for distance learning has created a heightened demand for online classes and VR based education and learning classes. We have also seen an increase in online sales through e-retail sites as consumers choose to shop from the safety of their home. In various other sectors like healthcare, fitness, and wellness, we have seen an increased use of devices that monitor and track fitness and health goals. All these sectors, along with the relevant IT fields, have shown tremendous growth, even during these lockdown phases and economic recession as people around the world adapt to their “new-normal.”
There are massive changes expected in the fields of medicine and healthcare with more digital apps and online consultations finding favor in the coming days. There will also be new work rules in place for offices as well as educational institutions. It is safe to assume that physical interactions between people for communication and information sharing will also decrease with increased importance for online and digital communications. We already see the development of social norms that include social distancing, personal hygiene, and frugal living. Combining all this with remote working will pave the way for a different world from what we had known.
In short, COVID-19 has affected everything from enterprises, global and start-ups, economies of nations, labor markets, supply, and business distribution chains. The ongoing crisis and the impending economic recession have caused a change in the buying and the demand patterns of the customers and consumers. Thus, it is vital to adapt infrastructural and operations of business ventures to accommodate our reality.