It is high time to consider the impacts of the COVID-19 and get prepared for the expected circumstances that will follow this pandemic. Many possible scenarios can come into play after the pandemic is over.
The future is highly dependent on us – a massive part of the contributors to the country’s economy – and it is our social responsibility to mitigate the impact of this crisis on the economy.
There is no doubt that the coronavirus has hit everyone in the world in one way or another. Businesses, supply chains and economies are suffering. The following are some of the things suggested by top innovation consulting firms in Malaysia to survive the COVID-19 pandemic.
1. Protect the Customers and Employees
First and foremost, every organization should remember that the safety of the employees and the customers are the first priority. While anyone can catch this virus and spread it, there are a few measures which should be adopted by an organization to reduce the chances of getting the coronavirus.
Every social distancing guideline should be followed to the letter by the companies to ensure the safety of the employees. Online sessions should be conducted to spread awareness about the virus and seek help from the experts in avoiding it.
Once the pandemic is over, the organizations are going to be highly dependent on economy experts and innovation consulting to resume normal operation.
According to the WHO and CDC guidelines, there should be at least a distance of 6 feet among people and every person with symptoms of the coronavirus should use a mask. These guidelines must be implemented by the organization to make sure it does not fall victim to the spread of the virus.
The COVID-19 pandemic is an unprecedented event in modern history, and so every business strategy and policy must be adapted according to the modern needs. Many companies have strict sick leave policies, but during the pandemic, these companies should encourage sick employees to stay at home and make sure their pay is not deducted.
Anyone showing mild symptoms of the virus should be checked by medical experts, and if possible, organizations should offer good medical insurance plans to cover the costs.
2. Sanitation and Hygiene
The importance of sanitation and hygiene cannot be emphasized enough as every medical expert is urging the people to avoid touching their face at any cost and keep washing their hands whenever possible.
Hand sanitizers with more than 60-70% of alcohol should be made available at the business sites to make sure everyone is able to clean their hands from time to time.
A business that cannot afford to allow their employees to work from home should get the opinion from innovation consulting firms and implement distancing guidelines while working.
3. Continuation of Businesses
Every business and the economy of Malaysia have taken a hit due to the coronavirus pandemic in one way or another. In order to stabilize the businesses and keep them going, businesses can adopt the following strategies:
a) Businesses should be prepared to fulfil the enormous demands of products or services by the customers as soon as the quarantine and the social distancing guideline start to loosen up. Undoubtedly, the sales and the revenue had fallen dramatically because the cases of the coronavirus were continually increasing.
As a result, many businesses were decreasing their production to minimize financial losses. However, production should not be cut back by a huge margin because once the Movement Control Order (MCO) is lifted, consumer demand will increase much more than the predicted volume after the virus. Hence, companies need to maintain a standard production level to meet consumer demand, once the curve starts flattening.
b) The importance of having multiple sales channels is becoming clear due to COVID-19. While companies having only physical stores at specific locations are suffering due to the MCO guidelines, many virtual businesses and e-commerce sites are thriving due to high demand. Flexibility is vital for any business. Hence, establishing online stores for companies should be the top priority to recover from the effects of the coronavirus.
c) Digitalization of the businesses and the economy is essential to survive in these unprecedented times. Every business owner should focus on digitalizing their working procedures, and training should be provided to facilitate the employees in working from home for the smooth and efficient working of the company.
The future of world economies and businesses is surely unpredictable. Still, organizations should continue to maintain their services as much as they can within the bounds of the MCO guidelines. Business regulations, safety procedures, and trading deals will have to be revised after the coronavirus to ensure the success of the companies and keep the employees safe.
Some studies have suggested the practice of social distancing until 2022. Hence, every organization should seize the opportunity to design both short-term and long-term strategies to rejuvenate their businesses effectively. For more information and innovation management tips, feel free to get in touch with us.
