A recent McKinsey survey showed what many business leaders felt intuitively: The old normal is gone forever. It will not come back even after the COVID-19 pandemic is over. Here are some statistics that show why.
The pandemic has thrown businesses into a never-before-seen scenario that has upended how they operate. Many businesses that were thriving before the pandemic now find themselves having to make difficult decisions, including whether to furlough or lay off employees. This task is not as simple as cutting payroll. Other factors must be considered. For example, furloughed employees are treated differently than laid-off employees when it comes to employee benefits.
Traditionally, strategic planning provided a road map for a future that was fairly predictable. The pandemic changed that in a dramatic fashion. Today’s business landscape is fraught with uncertainty, yet we are finding ways to deal with a new normal that is still a work in progress.
Don't scramble to get all your finances together a few days before the deadline. If you do, you're setting yourself up for disaster. This has never been more true than this year.
When the COVID-19 pandemic begins to finally ease, will your business be ready to ramp up operations? The real question here, of course, is whether businesses will be able to operate the way they’ve traditionally operated. Company leaders must strategically plan for what’s next — the “new normal.”
The supply chain issues created by the COVID-19 pandemic are challenging businesses in ways they have never considered. Some of these changes will — and probably should — remain in place after the immediate crisis is over. This means businesses need to react to what is happening today at the same time they are developing steps to be proactive moving forward, after this emergency is over.
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