Nobody expected a crisis like coronavirus to ever occur in our time. It rocked the business world and economies. As organizations continue to strategize their COVID-19 responses and recovery plans, it’s important to reflect on some of the critical business lessons the virus has taught us so far. Here’s a quick look at the top four.
1. Work Environment Flexibility is Essential
Research from the Bureau of Labor Statistics shows that close to one-third of salaried employees had the ability to work from home just prior to the coronavirus pandemic, and about a quarter did so regularly. Their companies were agile and, thus, were able to pivot with ease when COVID-19 hit. At the same time, working from home isn’t always an option in times of crisis. Organizations need to have the technology and processes in place to ensure work can continue from an alternate location, be it homes or a different facility.
2. Comprehensive Business Continuity Planning is a Must
It’s estimated that as many as one in four businesses is etching out their very first business continuity plan in the wake of the coronavirus pandemic, but many businesses remain unprotected, and even some with plans established still weren’t prepared. Common oversights include failing to test strategies and failing to plan for a variety of continuity disruptors. Examples of the latter include:
- Network Interruptions
- Inclement Weather
- Natural Disasters
- Manmade Issues
- Disruption of Transit Systems
3. Financial Readiness is Key in Staying Strong Through Economic Uncertainty
In the brief window between the first known case of coronavirus emerging and the virus becoming widespread, economists were raising red flags that corporations had record levels of debt. In America, this amounted to roughly $10 trillion or 47 percent of the economy. This, they feared, would not only be the end of many companies if an economic downturn hit but a catalyst that would send the economy spiraling further. As we know now, that economic downturn did hit, and companies are scrambling to make cuts they should have made long before any alarm bells rang. That’s not to say all these organizations will fail, but those that had little to no debt will naturally fare better in the long run, and the few with the foresight to save are in an even better position.
4. Don’t Put All Your Eggs in One Basket
All too often, organizations try to keep everything in-house and under one roof. That tends to be inefficient because many of the business processes they’re managing internally aren’t the company’s specialty. They’re simply components of doing business. Moreover, when a facility is impacted by an unexpected event, all operations within that facility grind to a screeching halt. Diversification is a time-tested way to minimize risk, and outsourcing can be the vehicle that takes you there.
Address COVID-19 and Be Prepared for the Future
With more than three decades in business process outsourcing, DATAMARK has helped countless Fortune 500 companies, government agencies, and enterprise-level organizations prepare for issues like COVID-19 while running more efficient and profitable businesses. We do this by providing outsourced business services like:
- Contact Center
- Data Entry
- Digital Mailroom
- Document Storage
- Business Continuity Planning
- Finance and Accounting
To learn more about these services or explore how they might fit in with your business model and objectives, contact us.