What is the kind of business that thrives in a global pandemic, and how does the state recover from the huge job losses caused by pandemics? Some parts of the country, including New York, New Jersey, Pennsylvania, California, Nevada, and Massachusetts, have the highest unemployment rates in the United States due to the pandemic.
Are companies equipped to meet the demands of a pandemic economy and have the resources to survive competitors who will be even more brutally affected? Are the companies well positioned and have behaved in a way that has outlived the competition, some of which will have been more brutal than others? Efforts are underway to prevent, cure, and mitigate COVID-19, and leading CEOs are also planning time to prepare their companies for the world to weather pandemics.
Companies must set a course to ensure the longevity of their businesses and can reap the benefits of the post-pandemic and look forward. If companies take bold steps, months of terrible pandemics could be the time to make money again. One thing the coronavirus pandemic highlights is the importance of companies that enable us to live and work online.
With record sales and revenues, this retailer is another company that thrives in the event of a pandemic. Amazon is one of the few companies to succeed in an outbreak of the coronavirus, and it can afford to expand its workforce. By reducing labor costs during pandemics, we can see that it might be best for workers for the time being.
Companies should examine supply chains, implement pandemic-ready business models, and look for products with secure, contactless delivery systems. They should understand which companies are likely to prosper and enforce their business model in the event of a pandemic. In states where cannabis is legal, companies that offer safe cannabis delivery during COVID-19 are placed to do well in this type of market.
If nothing could have prepared companies for COVID-19, this is what they must do now to adapt and thrive after a pandemic. While we are inspired by the success of companies like Apple, Google, Facebook, and Microsoft in the wake of the 2008 financial crisis, we must be careful to distinguish companies that are able to show resilience to pandemics from those that are recession-proof.
As entrepreneurs and employees move through the new normal, there are some ways for them to adapt to survive a global pandemic. Although no company could have foreseen that a global outbreak of COVID-19 – the strip of land thrown on a previously smooth economic path by the global pandemic – is a path that experts believe companies should take to overcome pandemics, and that could help them.
Companies that make cleaning products hope that public behavior will change forever after a pandemic, and that people will continue to stock up on these products. Small businesses that produce goods could also do more business, as many people want to stock up on canned and ground food. Local delivery companies like Mary Daze will be able to build a database of customers that will continue to order after the pandemic is over.
The economy was destroyed, millions of people were made unemployed and countless small businesses were left ruined. Perhaps surprisingly, not all industries were hurt during the pandemic and recession, but others thrived. Even in socially distanced times like the Great Depression and World War II, mom-and-pop businesses thrived. It is vital for businesses to focus their customers, better understand their needs during a pandemic, and rethink and change the business model accordingly.