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3 Elements to Bounce Back from the economic effects of COVID-19

It is during a crisis that we are able to see the traits of a true leader. The pandemic’s impact in the economy and businesses is undeniable, however, there are afew elements that could have you set up for success after Coronavirus pandemic.

The curfews and lockdowns have led to a standstill. You are probably wondering what you could have done differently to be well prepared for it. How will your business recover? What next? The good news is you still have time. The real question is, how will you use it? Here are some things to consider: 

1.Emergency Crisis Fund

Many companies especially Small Medium Enterprises (SME’s) have been affected the most by the pandemic. It is important to be prepared for any crisis. As part of the crisis response plan, having a crisis fund acts as a cushion that helps the business from sinking. Think about it, your business would have some sort of fireproof plan. Now, that doesn’t mean that it wouldn’t get burnt but it should atleast withstand the heat.

2. Improving Systems

A good way to improve the systems is through digitizing. One example of such a company is Amazon where 24 hour operations are automated, improving productivity, and output. This means less man power, right? Not really. It still needs more employers such as customer service, distribution and packaging. It is a good time to re-evaluate where human capital is needed, and maximise their contribution to the organizational goals.

3.Use Creativity

In the words of Albert Einstein, “Imagination is more important than knowledge.” What this means is that knowledge can limit you from becoming something greater. Working through your imagination/ideas gives you a deeper understanding of your capabilities. This requires you to face your fears, doubts, and take the risk. Use this time as a creative process to evolve, come up with new concepts, and engage in the growth of your business. I know it is easier said than done but wouldn’t it be worth it? (PS: Don’t forget to have fun with it too.)

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This article was first posted on Fuzu.

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