Uncertainty about the pandemic and the unknowns about inflation and the economy will continue to consume the business community in the months ahead. Normal forecasting tools have become less predictable and pre-pandemic strategic and business plans have lost their ability to provide guidance to businesses looking for certainty.
The important role technology has played in managing operations during the pandemic cannot be overstated. During the pandemic, many businesses were able to manage operations remotely through the use of technology than ever thought possible.
Websites & Social Media Platforms
To enhance communications among stakeholders some businesses increased the number of documents and communiques they uploaded to their websites and social media platforms. Doing so not only drove more traffic to these digital platforms but also helped some organizations become known as the ‘go-to’ sites to get up-to-date information in their sectors.
During the pandemic, some businesses capitalized on the idea of increased digital marketing activities to stay in touch with their customers. Some businesses were able to grow email distribution lists significantly which contributed to online engagement, sales, and profits during the downturned economy brought on by the pandemic.
Revenue & Expenses
Keeping expenses low while keeping the revenue coming in was a challenge for many businesses throughout the pandemic. It is recommended that during downturned economies businesses:
- Keep operating expenses low.
- Track lost revenues and look for new ways to generate revenue.
- Take advantage of any wage subsidy programs offered by government.
- Apply for any business grants or interest free loans that may be offered during the pandemic to businesses struggling in a downturned economy.
Elaine Allan, BA, MBA
Technology & Business Blogger
Vancouver, BC, Canada