Business Development and the Impact of the Pandemic

11 March 2021
By Roger Jones
roger@TheCork.ie

Business

In the challenging and uncertain times brought about by the Covid-19 pandemic, organisations have been looking more closely at how to operate in the digital age, with many companies showing both resilience and creativity to incorporate rapid changes in order to continue operations.

The pandemic has also been a catalyst for further growth in industries already established online. Online casino software developers like Espresso Games have been engaged in several successful business partnerships during the pandemic as the demand for online entertainment at home has significantly. It is expected that more companies will now focus on online development in time for what is being termed the “next normal”.

Pandemic recovery will be digital

As the pandemic began to spread, business operations had to move fast. With a work environment that changed drastically, with employees working from home, managers had to undertake training to understand their new responsibilities to connect with their employees and customers in a very different environment.

Virtual work environment

Now, companies are reimaging how work will get done. In the past, a company may have flown out a handful of its best employees to meet a global client to complete a job in a couple of weeks but the new virtual work environment means that companies can use the talent and potential of more staff irrespective of their physical address in whatever way best suits the customer. This has the potential to provide a better experience for the client than flying five people to the client’s destination.

Reimagining operations

Mobile apps have recorded record growth during the pandemic. The digital age had already pushed companies to look at how they can target a growing younger demographic, and many had already seen that business growth online. The restrictions of movement that resulted from the pandemic only accelerated the change, pushing technology to create improved online operations. One of the most significant impacts of the pandemic is that when thinking of doing something new, the initial thought of business leaders is to look at whether there is a digital solution.

Crisis communication strategy the new norm

The impact of the pandemic has seen quality leadership through effective, clear communication. Those companies that already had a crisis communication strategy have made this their new standard communication strategy. The best leaders now communicate more often using a variety of channels, sharing the strategy for development and being openly transparent about the progress of these initiatives. This has made most employees feel more connected to the business and the challenge for the next normal is how to continue to lead and manage better virtually, to strengthen connections across the entire company.

Unlocking potential

Business development and the impact of the pandemic have made companies ask themselves three important questions:

Who are we?

All businesses need to have a persuasive and exceptional identity to attract and inspire employees, investors, clients, and partners. There needs to be a clear business purpose that holds strong values in a unique culture that is attractive not just to those involved in the business, but to customers too.

How do we operate?

Business development needs to have an operating model that can easily be put in place to encourage teamwork and rapid decision making. This means that businesses need to value and develop talent throughout the organisation and not just those in higher management roles.

How do we grow?

Leaders have seen their businesses operate with resilience and creativity throughout the pandemic and the issue now is to incorporate these values into a continuous learning atmosphere going ahead into the “next normal”.  Finding a way to hardwire these behaviours into the organization will guarantee the company’s strength in the years ahead.

Expected results

The companies that will thrive post-pandemic have developed fast, flexible operating models based on a solid sense of purpose, replacing control and hierarchy with collaboration and teamwork.

 

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