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Important Lessons That COVID-19 Has Taught the Business World

Despite many businesses having rainy-day emergency funds and contingency plans in place, many small business owners were woefully unprepared for the drastic economic downturn brought on by the COVID-19 pandemic. Economists warned us from the beginning that the economic impact of this pandemic would be severe, a prediction which has not only come into fruition but that has also made it perfectly clear that business practices need to be more adaptable to unpredictable circumstances. With that in mind, here are a few important business lessons to learn from COVID-19.

Establish a Crisis Management Strategy

A lot of unforeseen events can trigger the downfall of any business or cause severe financial loss. That’s why business insurance exists. This time last year, a global pandemic would have been very low on the list of crises that would devastate the economies of entire countries for many people. Unfortunately, hindsight is 20/20. COVID-19 is proof that nothing is so far outside the realm of possibility within our lifetime that we shouldn’t be prepared for it within reason.

Maintain a Flexible Business Plan

Now, more than ever, it’s become abundantly clear that in order for businesses to survive, they need to be adaptable to any circumstances that may come up. Before the pandemic, employers were more reluctant to allow employees who had the means and opportunity to work from home to do so because they thought productivity and morale would suffer. The pandemic has proven that in most cases, the opposite is true. By eliminating commute times and providing employees with the resources they need access to, productivity levels have actually increased.

Business Continuity Planning Is Critical

Long before the pandemic, business continuity planning was a vital component of ensuring survival in light of various crises and catastrophic events. Unpredictable circumstances can happen any time, resulting in business disruptions. All businesses benefit from conducting routine risk assessments to identify the most common business disruption denominators based on industry, geographic location, and other relevant factors. A comprehensive business continuity strategy minimizes the impact of these factors on your business practices.

Decentralize Business Processes

Decentralizing business processes entails restructuring the current organization of your business and delegating more responsibilities to lower level managers and core members of your team. The advantage of this restructuring process is it gives top-level management more freedom to focus on important decisions for the company.

Use Modern Technology to Your Advantage

Invest in a robust technological network that allows you to make necessary business practice adjustments conveniently and effectively. Modern technological advancements have made it possible for more employees to travel and work remotely as needed. Incorporate this into your business model, so that you can keep your business running virtually and maintain open communications with your remote working employees.

Outsource Key Processes to 3C Contact Services

As one of the most renowned and trustworthy call centers in North America, 3C Contact Services has helped numerous small- and medium-sized businesses expand into larger markets. Our experienced and courteous customer service team can successfully manage the following key backend processes on your behalf: