COVID-19 has unmistakenly affected global markets, forcing businesses to explore innovative solutions to overcome the growing negative implications of this unprecedented crisis in what is now known as the new normal.
With products and industries identified as essential and non-essential at a time when the market is stricken with fear and anxiety, convenience and preference as purchase influencers have been overtaken by immediate product availability and trustworthiness in the realm of safety in the new normal.
As with business and among individuals, health is both a concern and a priority.
While consumers stay within the safety perimeters of home and avoid crowds to protect themselves from contagion, businesses strive to be relevant at this time to sustain operations.
As business models are reviewed and reinvented to be financially healthy in the new domesticated economy, there remains the greater concern for the well being of communities that needs to be addressed, an expected non-negotiable consumer requirement from all sectors even when the crisis has settled and restrictions are eased.
Unknown to many, businesses such as supermarkets operating in the midst of a health scare deal everyday with the inestimable difficulties of managing inventory, logistics and other operational concerns including pandemic-related anxieties among frontline employees.
On top of all these and the daily risk of exposure, there are higher expectations from businesses to have a greater sense of responsibility in matters of compliance to governing ordinances and adherence to protocols in the upkeep of public welfare and safety.
The crisis has upended daily operations as we know in a high risk situation that make operations even more complex while enduring the pains to keep the business afloat and serve consumers best.
On the flip side, non essentials work doubly hard on innovating and reinventing themselves to prevent brands from fading into oblivion. Becoming relevant has become mandatory at a time when the propensity to purchase among consumers has not only become limited but very meticulous as well.
Branded apparel lines crossed-over from stylish fashion to much-needed PPEs aligned with their image; others came up with signature face masks and shields that remained true to their brands’ lifestyle edge. Liquor manufacturers produced sanitizers and disinfectants instead. Fast food chains made available bestselling products on the menu in supermarkets to save precious inventory from being written off, and to be perceived as a brand that ’empathizes’ with its consumers at a time like this.
Essential or not, all businesses struggle with challenges and continue to innovate in order to become relevant. The impact on the economy is global, so tremendous that many folded up causing thousands their jobs, crushing hopes and dreams the world over.
If there is anything good this crisis has done, however, is that is has brought people together, unified opposing views, humbled humanity enough to recognize that no one can live alone, bridging differences to rise again.
The situation spared no one – shattering businesses large and small, confining millions to their homes, it has leveled the ground for both economy and society, leaving even the strongest vulnerable to its most destructive effect.
History shows that it is in crisis that the Filipino spirit triumphs.
It gives us pride to witness businesses collaborate and support the with government to help provide the needs of thousands displaced by the crisis. Faceless corporations suddenly showed humanity, prioritizing and providing people in their organization help in every way possible. Consumers patronized MSMEs and start-up entrepreneurs and local products. Even payment deadlines have been extended.
As some formats are forced to cease operations, business leaders back up the ones that remain in service. Others reinvent and rebrand to continue employing thousands. Rising above profits to people, essential businesses are reinforced with providing additional resources and support to cushion the impact on weaker businesses and keep the economy robust.
The unified efforts of the team are what bring success on the water. No matter how strong individual paddlers are, if a team doesn’t work together, the culture of trust and respect won’t be there and the team can’t go far.
We draw inspiration from some examples of business leaders who were undaunted by the seeming hopelessness and helplessness of the economy during lockdown. These are visionaries who instead of withdrawing, marched on ahead in full gear to conquer and succeed.
A retail tycoon courageously enlists his essential business for IPO when stocks are shaky. Instead of taking the hit from other crisis-affected businesses in his conglomerate, the leader tenaciously reinforce his strongest weapon to counter adversity.
Another retail operator practiced transparency with his people, explaining the potential risk of closure brought by the effects of COVID-19. Endeared, he got the full support of his team on improving productivity. Today, the stores are still fully-operational with not one less employee.
A leading local operator stands by the commitment to serve the community best. Despite being embattled by difficulties surrounding the pandemic, genuine concern for the people and community thru efficient service take precedence over profitability. Today, the brand remains endeared as one that would stand by its promise, making it stronger even in the face of giants.
The geese migration routes never vary, year after year, even when the flock members change.
In spring, they will always return to where they were born.
The lesson to learn here is to stay true to our core values and purpose.
Strategies, tactics, and products may change in order for an organization to remain agile, but great companies always stick to their core purpose and values, and preserve them with vigor.
A pandemic is a moment of tough choices. Decisions made now will shape the fate and define the future of millions.
How do we save people’s lives without destroying their livelihoods? Where do we allocate scarce resources? How do we protect those who do not have the means to protect themselves? Should we let go of people to cut down on expense? World leaders, business owners, heads families all over the world are trying to find the balance between being sustainable and being helpful.
The choice is not about which business must remain; rather it is about how to become agile to sustain the weak and emerge together more resilient and united, leaving no one behind.
The pandemic has proven that one law defies gravity.“We actually rise by lifting others. Others do not have to lose in order for you to win. Help others succeed, and we will be successful.” – Francis Kong
We want for every Business to be relevant, to thrive and rise above any challenge, and pivot to sustainable success. We are driven more than ever to work with you to make this happen.