While there is still no guarantee that the pandemic’s impact is about to end soon, businesses are carefully treading the new normal phase- including all its pitfalls and uncertainty.
The global turmoil upended our daily living and evolved into the black swan event of the decade. Businesses were put into halt, the workforce faced massive unemployment and the economy witnessed a worse downfall since the 2008 crisis.
However, because of proactive steps, some countries emerged faster from the pandemic and are now slowly recovering. How are they embracing the precariousness of the new normal?
Imposing Structural Changes
Bringing back the vigor of the pre-pandemic days entails a lot of work, and can take a couple of years to regain. Having the flexibility to ride with the wave of changes comes as an indispensable solution to survive the crisis.
Various structural shifts have been implemented as the lockdown took effect in most countries, one of which is the move to the online space of most workforces across industries. The COVID-19 restrictions limited most of our movement and introduced a new way of working. Labor-intensive jobs are reduced to a minimum and have migrated towards the digital platform.
However, as temporary as we perceive it, remote work schemes may be a permanent solution for many businesses. Its convenience both for the employers and the employees is seen as a viable approach to a more modernized way of operating.
Welcoming Innovation to the Table
To embrace innovation means pushing your firm’s boundaries.
Technological adaptation is an imperative business recovery strategy we must take, especially nowadays that the times are fragile.
Even before the pandemic, automation has long been crawling in the industry. Robotic process automation, when combined with artificial intelligence can be a smart solution to support increasing consumer demands.
Aside from unloading all manual tasks off the table, deploying digitally-driven efforts can provide your team with insights and analytics for making sound business decisions.
Maximizing Small Business Recovery Grant
Since the lockdown began, governments have been giving out all types of assistance to all affected households and firms.
Almost everyone is in financial distress because of the economic downturn. The recession pushed the different Australian states in producing various stimulus packages to support their respective jurisdictions.
To help firms stand back up from the turmoil, here are the coverage of the small business recovery grants:
- wage subsidy
- wage subsidy for apprentices and trainees
- safety net for companies facing financial distress
- time-limited asset investment incentive
- credit loans
For more information about the state grants and assistance, you can visit the Australian Business Community page.
The JobKeeper also announced its extension of payment until March 2021, but was further improved according to the August 7 announcement. The government aims to support businesses and not-for-profits while the pandemic’s effect is still rolling.
Though there are easing of restrictions, the road towards a more stable community is still indefinite. The new normal for businesses is under a progressive plan, but we can note that there are significant changes, and we are still to learn how the situation will go over the course of the years.
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Get in touch with our experts today to have an idea how we can assist you better.