The duration of the pandemic remains unclear with some Australian states preparing for a potential second wave. However, undoubtedly the pandemic has altered life for everyone, this being reflected in the new emerging trends and practices of business. Restructuring your business to adapt to these emerging trends will be crucial to your long term survival and success. Below are examples of some trends that businesses should be aware of:
More flexible work arrangement and working from home
An increased amount of businesses will likely embrace remote work for the long term. As businesses have now seen first-hand that working from home and flexible working arrangements may not necessarily mean reduced productivity, it is more likely that companies will continue to allow segments of their employees to work remotely.
Everything moving online (E-Commerce)
Whilst E-commerce is nothing new, from the pandemic we see emerging categories and increased options catalysed by consumer demand. With this said, customers are also demanding for faster delivery times and different shopping options at reasonable prices. If your business sells physical products, then these trends will be crucial to note down.
Focus on resilience rather than efficiency
Many companies have been focused on designing the business in a way to streamline roles, supply chains and workflow to improve efficiency. However, with the pandemic, businesses that are designed to be flexible and resilient were able to better respond and make corrective changes.
With the duration and impact of the pandemic still unclear, we recognise that this may be uncertain and challenging times for your business. If you would like more information on how to restructure your business to reduce financial distress and ensure your business is well adapted to the new ‘normal’ then please speak to one of our professional and experienced advisors from CRS Insolvency Services. Contact us on our 24 hour advice hotline on 1800 210 073.