Milwaukee City Wire

Wisconsin LGBT Chamber of Commerce issued the following announcement on Oct. 18

It’s safe to say that no aspect of human life remains untouched by the coronavirus pandemic. From personal relationships to international relations, the pandemic has had a profound impact on the way we live our lives and interact with the world around us.

For businesses, the pandemic spurred a frantic struggle to adapt or perish. It was a struggle that thousands of businesses failed as many shut down overnight and many more were left teetering on the brink of bankruptcy.

Now as the dust settles and everyday life begins to return to normal in various parts of the world, both businesses and individuals are left asking the question, “How do we prepare for the next pandemic?”

In this blog, we aim to answer this very question from the business perspective. We’ll go over what businesses need to do to ensure that the next pandemic doesn’t take them by surprise and how they can equip themselves for a better tomorrow. 

So let’s dive in.

• Ensure Liquidity for Your Business

There are some important lessons we can learn from the current pandemic that will help businesses survive whenever the next pandemic rolls around. The first and foremost of these lessons is that business survival depends on how easily businesses can access their assets to bail themselves out of financial tight spots.

In other words, the more liquid a business is, the better chance it has of surviving crisis situations such as a pandemic. When COVID-19 suddenly boomed and forced entire nations to impose lockdown restrictions, only businesses that had backup cash were able to survive the initial months. 

That’s why it’s important to have cash that will get you through at least three to six months (or ideally one year) of crisis where business is in a rut and sales are down.

• Prioritize Sustainable Growth with Staff

The one thing this pandemic taught us, above all else, was the sanctity of human life. Many minorities such as the LGBT community suffered much higher infection and mortality rates than others. Similarly, many LGBT owned businesses also suffered more financial losses than other businesses, while LGBT folk also experienced higher unemployment levels.

This shows that the impact of the pandemic was magnified by the disparities in our society. One of the mistakes we cannot afford to make during the next pandemic is ignoring certain parts of the society. 

That’s why businesses that hope to survive the next pandemic should apply this lesson to their own setups. The only acceptable growth is sustainable growth and sustainable growth is impossible to achieve without a dedicated and loyal workforce.

While the COVID-19 pandemic saw record highs of unemployment, businesses cannot afford to go the same route in the next pandemic. Instead, they need to work on prioritizing the people within the organizations so that the staff becomes an indispensable part of the system. 

Not only will this boost confidence within the workforce but also force business owners to evolve the way they think about growth and the role of employees in it. 

• Provide Employees with Financial Stability

As a part of prioritizing sustainable growth, businesses need to provide employees with financial stability. Such a practice makes employees feel secure in their position and work harder for the organization. 

Although it’s true that every person defines financial stability differently, there are some practices that can ensure that all employees feel financially stable working for an organization. 

For instance, regular bonuses and increments based on performance improve financial stability for employees. Similarly, setting up retirement plans can ensure that employees are financially well off when they retire.

These financial benefits also make it easier for employees to take pay cuts if a crisis occurs, for example, a pandemic that forces the business to cut costs. So whenever the next pandemic comes around, employees would be able and willing to take the necessary pay cuts to ensure the survival of the company. 

• Incorporate Technology to Promote Remote Working

It’s no secret that the tech industry wasn’t hit as hard as some of the others thanks to the role of technology. In fact, tech companies such as Amazon enjoyed growth during the peak months of the pandemic.

This shows that incorporating technology is a step in the right direction for businesses when it comes to surviving the next pandemic. This incorporation involves developing remote working environments and making employees comfortable with digital technology.

In fact, businesses need to try to involve all stakeholders in the promotion of remote working so that suppliers, employees and customers can all interact efficiently and effectively during the next pandemic.

• Improve Online Business Operations

The incorporation of technology is the first step to expanding online business operations. Given that the entire world is online and business’s digital presence counts for more than a physical one, organizations need to develop online capabilities to survive the next pandemic.

This is evident from the boom in e-commerce and online activity during the coronavirus pandemic. The improvement in online business operations will also ensure that whenever the next pandemic ensues, businesses are ready to shift competencies to remote locations and continue working without affecting output.

• Invest in Digital Security for Business

Finally, businesses need to invest in digital security in order to protect themselves from hackers and malicious activities. Even though this step will cost businesses, the long term protection is well worth the investment. 

Once businesses have incorporated the necessary digital infrastructure and shifted competencies and processes online, protecting this framework is essential in the next pandemic. The coronavirus pandemic already revealed several shortcomings in the current cybersecurity model across the world.

This is why businesses would be better off investing in cybersecurity today rather than delaying this important step. Once the investment is made, any business would be ready to take on the closure of physical office locations during the next pandemic.

Conclusion

Even though the coronavirus pandemic has turned the world upside down, it has taught us incredible lessons. These lessons are essential for businesses to carry into the next pandemic so that they can avoid the pitfalls revealed by the current one. 

Among the lessons that need to be learned by businesses is the prioritization of people over processes, the incorporation of technology and the need to shift online. Any business that takes these steps will be able to secure a better future even if another pandemic rolls around. 

Original source can be found here.