A lot has changed in the past two years. The Coronavirus pandemic has dramatically changed every aspect of our lives. For example, last year, a Zillow survey found that more than 1 in 10 Americans moved to a new house or apartment.
COVID has also affected how we work. For example, many businesses shifted to mostly-remote work during the pandemic. However, with the arrival of effective vaccines, things are starting to return to normal.
But, there’s no undoing history. With most governments on the precipice of lifting restrictions, now is the time to consider how these changes will affect business going forward.
Innovation is key
In order to adapt to changing times, businesses will be forced to adapt to changing environments. For example, during the pandemic, many restaurants offered delivery to stay afloat during the pandemic. Out-of-the-box thinking and quick execution will become ever more important in the shifting post-COVID landscape.
Democratization of capital
Over the past two years, the stock market saw decades-lows and decades-highs. However, this volatility hasn’t kept people out of the markets. In fact, data show that more retail investors than ever have entered the market. Whether it’s time at home, government stimulus money, or something else, it remains to be seen how this increased participation will affect the markets.
Supply chain redundancy
The modern global business landscape has led to unprecedented cost-savings. However, the past two years have shown us the dangers of the centralization of manufacturing. According to Gartner, 57% of CEOs are planning to redevelop their supply chain to add resiliency to their businesses.
COVID has shown the risks of over reliance on an in-person workforce. In order to comply with workplace COVID safety standards while maintaining business operations, many companies turned to automation to continue their business without the humans. While controversial, COVID has only served to accelerate this trend.
COVID has affected the most mundane and ordinary aspects of our lives, including business. While working from home is the most obvious business trend, there are others that dynamic business leaders need to be aware of. The post-COVID landscape will require quick-thinking to adapt to new ways of doing business.