The impact of post pandemic business has been quite a game changer for us all in many aspects of our lives but especially in the business world. The business world as we know it has had to adapt as a result. Due to this adaptation, we have all had to change the way that do things. We have learned many things from the pandemic and because of this, maybe COVID has been a blessing in disguise. Here are some of the ways COVID impacted the business world and how it has affected businesses after the fact.
During the COVID pandemic, there were many elements that came into play that made it trickier for businesses to run as usual. We saw restrictions placed, lockdowns occur and a rise in uncertainty for many.
To help during these unprecedented times, government incentives were offered to Australian businesses so that they could keep trading throughout COVID. This included Job Keeper and Job Saver, and outside of that, there was a range of smaller, industry-specific incentives as well. There were a lot of businesses that managed to continue to trade throughout COVID due to these incentives which helped the Australian Economy to stay afloat thanks to the ATO and the State Government. Now that these Government incentives have diminished and “normal” business trading is almost amongst us, some businesses have struggled to stay afloat post lockdown and with restrictions easing. This is because they didn’t have the right infrastructure and business model to be able to support them in these ever-changing times.
Before COVID, we were in a period where everything was a bricks-and-mortar style business blueprint. At the time when COVID first occurred a lot of businesses were still using old-style business models with old infrastructure, long-term leases, and lots of long-term employees, which in hand made it very difficult to adapt quickly. So, what the pandemic has shown businesses, is that having a newer business model and an adaptable approach is the best way to stay at the forefront of the business world. For example, one of the many issues that were faced across a whole range of industries was on the labour side of things, specifically migration. A lot of industries have always relied heavily on migration to keep the workforce flowing. When the borders were closed, no new migrants were coming in, so this made it progressively more difficult to have a consistent workforce and with it, creating problems for businesses. From this, businesses have had to restructure their labour force and create new adaptable ways to continue to run.
Although not all businesses struggled throughout this global pandemic, some for a range of reasons blossomed. These businesses were luckily enough to perhaps be in the right place at the right time in an industry that happened to be advantaged by COVID and the lockdown and thrived as a post pandemic business. It wasn’t just luck though, many of these businesses were seen to have had a double focus approach. Their business owners were not only focusing on the business alone but being more conscious when making decisions on how they could stay agile and adaptable in both their personal life and their business. These businesses were the ones that typically outperformed those that took the opposite approach.
If there’s anything we’ve learned from the last couple of years it is that you need to have an element of agility and adaptability when it comes to your business model and approach, so you can change quickly, scale up or even scale back so that your business can be in a much better position.
Most people, could agree that COVID has been both disastrous and at the same time a big learning curve for all businesses. Unfortunately, many small businesses did not survive through the lockdowns and were unable to recover, even when things began to be ‘normal’ again. Overall, the impact COVID has had on businesses can be seen in a positive light for those who have survived the pandemic, learning resilience and gumption, although not without challenges. It has pushed businesses to change, adapt and modernise their business structures and methods so that they can stay afloat in the ever-changing world that we live in today.
This blog is based predominantly on the information given in our Law in Life Series by Aubrey Brown Lawyers, Episode Four: Doing business in the post-Covid world, supporting post pandemic business. See the full playlist here
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