Preparing to Reopen: How to Adapt and Seize Opportunities from COVID-19
November 17, 2020DownloadsDownload Article
For the most part of early 2020, the COVID-19 pandemic meant near all-encompassing shutdowns, dramatically affecting many, varied businesses across a wide section of the market.
Now, as the initial health fears begin to subside and forced shutdowns and isolation measures are relaxing across most states, businesses have started reopening. This comes with considerations including dealing with the remaining restrictions, adapting to the changed landscape and ideally, if possible, seizing opportunities that may present in the near term.
For many businesses assisted by the Government stimulus and support payments intervention, the outlook perhaps looks more promising than what was initially forecast, when considering a six month ‘hibernation’ period and the related assistance of Government’s measures to support businesses.
Although uncertainty is improving, with recent relaxation in restrictions, uncertainty still exists in isolated areas and as such, the reopening of businesses will obviously present many challenges. The upside is that, with a business landscape that has been turned on its head, those challenges can offer opportunities for businesses that are prepared and agile enough to adapt to the changed circumstances.
In order to adjust to changed trading conditions, business owners will need to plan carefully and not automatically revert to the decision making processes employed previously. Savvy operators will recognise and accept that large segments of the market will not return to the ‘old’ normal – at the very least because of continued social distancing until a vaccine is widely available - and they will need to be flexible, being open and alert to capitalise on opportunities that arise.
Although impacted businesses will feel the damaging impact of COVID-19 for some time, there will be many businesses that emerge successfully.