Scott Patrick Carson Explains How Businesses Can Mitigate Loss During a Lockdown Caused by COVID-19
The COVID-19 pandemic has triggered a wave of government-mandated lockdowns across the world, with estimates suggesting that more than a third of the global population is currently under lockdown to limit the spread of the virus, which has infected nearly 1 million people.
The resulting impact on the global economy has been severe, with many industries shutting down and global trade grinding to a halt. In the U.S, it’s predicted that the economy could contract by as much as 9% in 2020, which would represent the greatest annual decline in economic output since the Great Depression.
While there are scant few silver linings to be found in a calamity of such magnitude, businesses that have been forced to shut down or which are otherwise confronted by the harsh new realities of their situation do have a rare opportunity to reinvent themselves and develop new ways of doing business says Powered by MRP founder and CEO Scott Patrick Carson, who revolutionized the medical aesthetics supply chain by pinpointing and correcting deficiencies in the old paradigm.
Carson shares a few of the ways that businesses can look to reinvent themselves and improve their operational performance now or when they’re able to reopen.
Seek Out New Leads and Partners
Just because a company may have been forced to close down their physical operations doesn’t mean their business activity also needs to cease. With the rigors of running a business each day no longer eating up the bulk of a company’s resources and focus, there’s no better time to set its sights on pursuing new revenue streams, strategic partnerships or sales leads.
Review Location and Employee Performance
The Coronavirus-induced operational pause could also allow companies to take a much deeper look at the performance of their employees and locations, potentially revealing important insights about what aspects of the company and its culture are working well and which aren’t. Scott Patrick Carson adds that now would also be an ideal time for companies to take advantage of some of those newly gleaned insights by redesigning or upgrading their physical locations.
Develop New COVID-19 Products or Solutions
There is immense opportunity in the marketplace to create new products or services to help people cope with all aspects of COVID-19. And given the very real possibility that this Coronavirus will become a permanent part of the human landscape and that future lockdowns may be required even after this first wave has been passed, there’s no reason to suspect that such innovations would be obsolete any time soon.
Expand and Improve Online Presence
With physical commerce likely to wane for the foreseeable future, many companies will have little choice but to focus on finding new ways to engage customers and clients to promote their products and services. Building or improving their online presence would be a great start, with Scott Patrick Carson recommending during times of great crises, we need to prevail and fight even harder. It simply isn’t the time to despair and give up.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes