Future Of Businesses Amidst COVID

The pandemic was a wake-up call that the unexpected and the unlikely are more tangible and plausible than anyone previously anticipated. There’s no turning back to the way things used to be. The stakes are high, and the risks and opportunities are great. Employers must prepare their companies for a constant state of uncertainty, disruption, and change.

COVID-19: A Business Impact Series - KPMG Nigeria

How can businesses prepare?

  1. Build Strategic Resilence: Businesses all throughout the world had to respond quickly and decisively to the pandemic’s difficulties. As we go into the next phase of the recovery, now is the time for businesses to look for and grab the possibilities that are emerging. Businesses who take steps now will be better positioned to take advantage of the possibilities that will emerge amidst COVID and its variants will continue to win in their markets as more predictability and stability return.
  2. Rethinking crisis management: Many previous businesses were unprepared for the fast-moving and unforeseen consequences of COVID-19. However, by learning the correct lessons from the epidemic and preparing for the next crisis, we can be better prepared for the next disaster. Design a crisis response team, create a crisis response plan, and construct an integrated resilience program to plan and prepare for the next inevitable disruption.
  3. Flexibility and Adaptability: The pandemic taught us how to be flexible and adapt to a rapidly changing business landscape. Expect no business as usual and have a greater willingness to try new approaches. The mindset of disruption will almost certainly become a competitive advantage. Expect the unexpected and use it to your advantage and that of your team.

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