Impact of COVID-19 on doing business

Impact of COVID-19 on doing business

In a world of uncertainties caused due to the COVID-19 pandemic, all spheres of life have been significantly affected, including the existing business models. Businesses have not been given any time to react, plan and act according to a pre-planned strategy. Irrespective of size, businesses are struggling to stay afloat, with small and medium businesses hit particularly hard.

The scale of this crisis is unprecedented and the human as well as the economic effects of the Coronavirus will continue to linger for the next few years. Most countries resorted to severe lockdowns to combat the spread of the virus, which led to large-scale unemployment and entire industries being shut for months together. To contain the spread of the virus, most offices have resorted to a work-from-home policy and interpersonal communication has been limited to digital mediums.

The key takeaway here is that a majority of businesses still operated offline but COVID has caused an immediate shift in the way we do business and the need to adapt strategies on the fly. Product purchasing and consumption patterns have seen rapid shifts, simultaneously. Businesses have been forced to look online in search of growth opportunities, due to limited conventional routes.

Witnessing that the older ways of doing business such as luncheons, tradeshows, and conferences are infeasible for the near future, businesses must rely on newer technologies to succeed in the present circumstances. Innovation is the paramount need, presenting a vast opportunity as well as a challenge at the same time.

With the seismic shift in the business landscape, the immediate requirement is the need for innovation, technology and preserving the relationships for thriving and sustaining businesses. The pandemic has posed some very important questions such as:

• How to maintain those pre-existing business relationships? 
• Are relationships being commoditized? Are we more concerned about trade metrics? 
• Does the B2B relationship matter anymore? Does the relationship between two business people matter anymore?

If your thoughts are on similar lines, join us for a special webinar on November 18th 11 AM (EST), as our three panelists: Israel Ellis, Dave Bent, and Stu Grimson, discuss the impact of COVID on business, B2B relationships, and the technology needed to succeed post-COVID on “Doing Business Online: Doing Business with other Businesses”.

Click the link to Register Now! https://bit.ly/34NOGje

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