How Businesses can Avoid Downsizing and Budget Cuts in the Post-Pandemic World

2020 has been one of the roughest years of the 21st century. With no solid solution to the pandemic and the chain reaction of problems that has followed, the world is at a halt. Aside from the business world, the effect can be felt everywhere. To the generation of up-and-coming businessmen and entrepreneurs, the global situation births a sense of fear towards their inability to achieve much in the post-pandemic world.

In short, this pandemic has shattered a century’s worth of foundations in the business world, opening the door for the post-pandemic era to be molded in a manner that caters to the ‘new’.

Many people either faced a pay cut, lower-income, or a job loss dated to the beginning of the pandemic. A news article published by BBC estimated that approximately 7.5 million jobs have been lost since, with these statistics last reading in June. All operating in the same sector, a businessman shares the same fears as other business entrepreneurs and owners, business students, start-up owners, and potential employees. However, one thing remains comforting – the current advanced and reliable technology serves us with a heightened advantage.

Since we have adapted to our lives thus far, it is now our responsibility to manage what comes in the post-pandemic world. Our technological, “E-Era” has facilitated and made it possible for us to think beyond today.

E-commerce, for example, has been soaring within the market, yet it is not a post-pandemic phenomenon; it’s been around for a while now. E-commerce began with primitive electronic data transactions in the 1960s, and in 1994 it had the first online retail transaction. As of recent, it has moved on to bigger and better giants such as Amazon and eBay – which have skyrocketed in terms of revenue ever since COVID-19 became a global pandemic.

With that being said, post-pandemic concerns reside with how businesses, that have had to cut salaries or let go of staff members, can be assisted. E-commerce helps increase the sales of these businesses which then allows them to sustain, rather than downsize, their staff. It provides them with a virtual marketplace that accommodates the operations of multiple businesses while also increasing their respective market reach. E-commerce also increases operation and warehouse jobs, despite there being global government-imposed lockdowns. With that, jobs are now being generated, and revenue is being added.

Opting for budget cuts has become a common practice in the business world; however, that shouldn’t be the case if the investment revolves around e-commerce. This is a risky situation for every business, however, it is ultimately the way forward, and the global pandemic has made that very clear.

If a company knows that it can’t survive with the investment in e-commerce, the wiser choice is to not invest, especially during these hard-hitting times. Yet, if a company analyzes that it can survive with the investment - then it should take a leap of faith.

COVID-19 has given put the spotlight on remote work. Currently, remote work is being talked about more frequently and has become a household name in the business world. At this point, remote work options are still limited, but have grown significantly since the start of the pandemic. It has not only proven to be beneficial but has also upheld its value during this global crisis; in addition, it has an overwhelmingly positive effect on the livelihood of businesses and people. It is ultimately very advantageous.

Working from home has shown that productivity levels can increase, as employees are more willing to work under comfortable and convenient circumstances – without the fear of losing their jobs looming over their heads. This is very foreseeable, although it is also very likely that employees take advantage of that loose degree of comfort, which can cause a decline in those productivity levels highlighted above.

For those that strive to be business entrepreneurs with phenomenal entrepreneur ideas, do not take this time for granted and invest, heavily, in the thoughts and processes which can take immediate flight in today’s new business ‘world order’.

From successful entrepreneurs to business entrepreneurs and businessmen, everybody has been affected by this pandemic. However, the post-pandemic world is one that is rising, carrying with it a handful of potential and knocking down doors for the upcoming generation while accommodating the past - none of which can be done without passion-driven dreams and sheer will-power.