As we bid goodbye to 2020, a year where a majority of the time was spent in fear and hope, I would like to reflect on the many lessons that came with it.
In my memory of the past few decades, there has not been a single year that can match up to the panic and fear that gripped people across the globe this year.
It was my first-time witnessing life come to a standstill overnight with governments, businesses and individuals left helpless and confused because of Covid-19. Along with the panic, however, I also noticed a great sense of determination among people to win the battle against the virus – which needs to be appreciated.
As I write this post, news of the first person to be administered with the vaccine for Covid-19 in UK has already made people gain some of the lost confidence. I believe India is also not far away from this step and we are all headed towards normalcy or to be precise, a new normal.
While this is highly commendable, people in the business sector have proven that they are agile in building and adapting to new ways of operating. It has been almost nine months that most businesses are back on track towards normal operations.
It is clear that what businesses have not learned in decades, they had to over the past few months.
I can say that the pandemic has been a great equalizer and going ahead, businesses will be much more alert, aware, and nimble in their approach.
On that note, here are three key learnings for business leaders in case of a future crisis:
Foresight and preparedness
The pandemic has taught us that no amount of strategic planning, scenario analysis, or risk management is enough for businesses to navigate in this new, fast-evolving world. Hence, what is essential for businesses is to become agile and adapt itself to any situation that may arise. Imagine certain industries like the aviation, hospitality, or the financial sector, where demand came to a halt overnight due to the lockdown. Who would have imagined such a scenario?
An organization’s ability to handle the unpredictable becomes critical for its survival irrespective of size, sector, or geography. How do we create a company culture that accepts uncertainty as a reality and builds a business with discipline, rigor, and fortitude? – becomes the question to ponder upon.
Digitization for future-readiness
One thing that has helped the world survive during the pandemic is the gift of technology. Technology and digitization, as we have witnessed, will be at the forefront of this new world. Locations and physical proximity are no longer crucial for functioning. In the new world order, where health and safety are paramount, digitization of various sales and other processes can limit unnecessary human interaction. During the pandemic lockdown, more tech-savvy organizations were able to quickly ramp up their services and ensure #wfh operations started delivering to customers.
Technology will ensure a seamless connection between the customer and businesses. Brick & mortar office spaces might become less frequented. In the financial services sector, for instance, I see Fintech innovations that have made everything smooth and easy for customers by embracing digital.
Compassion and Purpose along with Profits
The pandemic demonstrated to each one of us that together we can overcome the worst crisis. Organizations across the globe have displayed immense compassion in handling tough situations — saving jobs, supporting small vendors, and helping communities around them.
Businesses have realized that profits alone will not help an organization thrive especially during a pandemic. Most organizations joined hands with governments or through their CSR ensured that communities are safeguarded. Globally, businesses have made humanity and compassion a priority thereby building long-term trust with consumers, adding goodwill and social capital (equity) for their company.
As we welcome the new year with hope and happiness, let us be grateful to have survived the pandemic and pray for the safety and health of everyone. Lessons learnt over the past nine months should not be easily forgotten once they pandemic gets over, so that we are better prepared and ready for any uncertain situation in the future.
Happy 2021! Let’s get back to business in a safe and healthy way.
