Lockdown lessons: The firms adapting and thriving

The highly unexpected COVID-19 pandemic has paralyzed the world for several months and continues to strongly impact businesses even to this day. Companies were left with no choice but to adapt in order to survive. Here are some of the major changes brought on by the pandemic.

First and foremost, companies that were previously against digitization have now been forced to jump on the bandwagon. In France, thanks to the financial assistance given out by the government to support businesses, several large and small businesses have been able to set up teleworking for their employees. What began as an exceptional measure to deal with the pandemic has finally become the norm for many businesses. They understood that digitization was no longer an option but a necessity for all companies.

The worldwide lockdown measures have also helped businesses truly understand the meaning behind the saying, “a dollar saved is better than a dollar earned.” Companies have become more responsible in the way they operate. While many large companies and SMEs were still able to maintain a certain level of activity during the pandemic, many executives still could not travel abroad and even within their own countries. They could also no longer hold in-person meetings in grand offices or spend thousands of dollars on business dinners. Companies have therefore realized that these expenses, which they once thought were essential, were in fact a luxury. They have since become more humble in their operations and have learned to truly appreciate the successes accomplished by their employees. 

Finally, companies have become much more focused on preparing for future crises as well. The pandemic has made people realize that no one is entirely safe when the global economy is at risk and that they need to be prepared long before a crisis even occurs. Thus, emergency protocols are being developed and tested so companies can stay in business when faced with similar situations in the future.

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