Impact of Covid-19 on US and Canadian businesses

 

A mutation of sorts was expected when the initial phases of the Covid-19 impact on businesses unfolded. The consumer behavior shift reflects the uncertainty of the times we are going through.



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While the businesses struggle to revive, re-establish and adapt, here are a few business insights ot help you gain the momentum in these times.

1.       Economic situation-

Consumers will make sure it is safe to return to markets, both financially and medically before making a return to the traditional shopping experience. This calls for an exceptionally well handled social media and online presence followed by a smooth and uninterrupted online shopping platform.

Unless the financial benefits outweigh the medical risks, it is expected the consumer behavior will be predominantly on the virtual side.

2.       Restructuring the supply chain-

The recovery period is uncertain at best and requires the de-structuring and restructuring of the existing supply chain patterns. Focusing on maintaining a central orchestration within the organization- looking for easing into the market with future plans rather than disruption. A sharp recovery period could follow the current economic slump, the recovery plans should be orchestrated keeping all current and future prospects in mind.

3.       Keeping up with agility-

Moving from crisis mode to recovery needs to have a calculated and time sensitive strategical approach. Again, easing into the market should be key. Following the organization strategies with agile responses will definitely be the key for moving forward.

4.       Workforce and motivation-

Making a move into workspaces will take time and motivation. Driving the workforce to perform well will need collaborative and productive environment.

 

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Ubicación: Toronto, Ontario, Canadá

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