The value of being resilient would be the number one industry to take away from 2020. Although the Philippines responded swiftly and efficiently in response to the COVID-19 crisis, the effects on industry was recognizable.
ADB analysis showed that quarantine prohibitions had a substantial effect on the corporate practices of Philippine-based organizations. Two-thirds of businesses have been found to be temporarily suspended. Of those left available, almost 80 per cent served at half or less capacity. Such abrupt closures would have had a huge negative effect on the cash flow of businesses, demonstrating the need for organizations to be resilient.
Getting a resilient business strategy would help the company in a variety of ways. Being robust will improve the company capacity to withstand tension, rebound and rewire core business operations, and succeed under extraordinary circumstances.
- Four strategies that will make the company more resilient in 2021 are:
- Switch to a remote workforce
- Optimize the operation
- Improve your corporate relationship
- Invest in high performing devices and network
1) Switch to virtual workforce
One of the main ways to ensure that the company is strong in times of adversity is to start moving to a remote workforce. Following the 2020 COVID-19 pandemic, several businesses have announced that they will switch to a long-term remote working paradigm. Microsoft, for example, has announced that it would encourage workers to begin operating partly from home without permission. Likewise, the job marketing team in turn told its staff that they will continue to operate virtually until at least July 2021, with the possibility to make this agreement permanent.
Moving your company online brings a number of benefits. One of the advantages of the move to a remote working model is to eliminate the need for in-person meetings that can be time-consuming and expensive, particularly if they include travel to another venue. Investing in video conferencing tools would allow your organization to hold virtual meetings effectively.
2) Streamline the process
Another way to improve your organization’s resilience is to simplify your activities and procedures. You need to have procedures in place in order for the company to run smoothly. However, it is often common for a company to have so many systems in circulation that may have detrimental implications for the enterprise.
Evaluating and revamping your business activities can reduce the risk of mistake, failure, or wasted resources. Operational productivity and quality of work will, in turn, improve. In addition, implementing activities may also reduce the running costs by eliminating additional redundant procedures.
A crucial factor of streamlining the processes is to make sure that there is an ongoing business practice. Be sure to regularly check your company processes to make sure they are operating efficiently. Using this time to refresh, withdraw or substitute under-performing business operations.
3) Strengthening the business partnership
The power of relationships cannot be discounted when it comes to improving your company’s stability. Strategic partnerships may be the solution that makes it possible for an organization to adjust its uncertain times. Partnering with other businesses will grow your audience, boost your brand and plug the gaps of your existing market solutions.
You could use strategic partnerships as a way of delivering creative and additional services to your target market. For example, a marketing team might collaborate with a web development firm to ensure that it can provide its consumers with a well-rounded digital solution.
Businesses have invested a lot of work into having their business the best they can be. They would need to invest in effective contact, promotion and distribution practices to increase revenue and ensure profitability.
One significant practice that can lead to improved brand recognition, visibility and credibility is the dissemination of news releases. However, for a press release to accomplish its purpose, all procedures, including creation and press release distribution, should be closely controlled.
As well as collaborating with other companies within your niche, you can also improve durability by working with a Managed it service firm to build your data centers.
4) Invest in better quality devices and network
Eventually, one of the best approaches to make your company more robust is to be organized. Investing in elevated off-set hardware and software will allow the company to evolve and solve challenges.
Without adequate hardware and software, your company processes may not operate as expected – you may face disruption, failures, and high costs of attempting to fix problems due to inadequate hardware or software reliability.
In reality, investing in high-quality hardware and software for your company will offer many business benefits. The benefits of investing in the right IT technologies for your company include improved productivity, lowered costs by automating repetitive processes, enhancing internal and external interactions and expanding your future business offerings.
If you are unaware of what hardware or software applications your business needs are, you should hire an ICT solutions company to help you decide which resources your business needs to function optimally. Your preferred one should then be able to educate you about the right resources for the company.
Businesses have invested a lot of work into having their business the best they can be. They would need to invest in effective contact, promotion and distribution practices to increase revenue and ensure profitability.
One significant practice that can lead to improved brand recognition, visibility and credibility is the dissemination of news releases. However, for a press release to accomplish its purpose, all procedures, including creation and dissemination, should be closely controlled.