360 Magazine, Business

COVID-19 Shifted Modern Business

COVID-19 and the global pandemic has presented a significant and unforeseen challenge to many businesses. The government and public health restrictions have meant closures for some, and the economic impacts have meant customers are more nervous than ever before. As a business, managing through this pandemic means shifting the fundamental way you see your business. To better understand how COVID-19 has shifted the perspective of modern business, consider these points.

Managing the books

Prior to the pandemic, businesses could be excused for not being across the minutia of detail when it came to their day to day finances. Managing inventories, purchasing and other key accounting tasks may have been considered handled in a lot of circumstances. With the pandemic taking force, it’s been crucial to shift that perspective and consider online accounting software. As businesses shift operations away from bricks and mortar style offices, to working from home, online software is key. Businesses need to be able to manage and keep an eye on all finances in real-time. Making critical accounting decisions remotely could make or break the business, so your business needs to be agile in the way it operates. Traditional businesses could get away with quarterly reporting or even monthly, but the modern business will need to be much more focused on the numbers week to week or even day-to-day. Online software can keep you up-to-date with the accounting details you need to make smarter decisions.

Smart tooling

Previously, businesses considered tools which would allow their employees, customers and competitors to connect a nice service to have. Since COVID took hold, it’s been crucial for the modern business to adapt and offer a range of tools to help create those connections. In lieu of seeing people face-to-face, businesses needed to find ways to create virtual collaboration and avoid an over-reliance on traditional communication methods, like email. 

The modern business has shifted its perspective on these tools and some are now even seeking to find ways to create these virtual connections, similar to the water cooler type conversations you’d see in a physical office. This pandemic has created a divide in project teams, product teams and many other teams where close collaboration was a key to success. Modern businesses, rather than abandoning these ways of working, have adapted and found tools that help them connect better in a separated world.

Productive home workers

Prior to the pandemic taking hold, a lot of traditional business managers held the belief that working from home was unproductive. With public health advice all but demanding businesses have employees work from home, this perspective has certainly changed. Many businesses experienced a changing of the guard, albeit through a transition period. But as time goes by, the modern business is realising that expensive leases and large tenancy are simply not necessary. Employees have proven that productivity will go on, and that business output doesn’t suffer simply because staff are at home. 

Without commutes, some staff even prefer to work longer hours. The pandemic has offered the modern business an advantage to be taken. Allowing staff to become flexible with work arrangements both now and into the future can help build a more engaged and focused workforce. The caveat to this is ensuring staff have the appropriate setups and systems access to do their jobs effectively.

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COVID-19 has challenged many widely held beliefs about the way a traditional business needs to run. From managing the day to day to allowing staff the freedom to work from wherever they are most productive. Modern business perspectives have changed and a lot of managers would argue it’s about time too.

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