As days turn into months, it’s kind of evident that things wouldn’t be as they were anymore.
Now, more than ever, the reality of how deeply the pandemic has affected every aspect of our lives is sinking in. Not many companies are keen on growth as much as staying afloat and wading through this sinking muddy economic situation.
Interestingly, there has been so many solutions that have come up as a result of this pandemic and some companies such as Zoom are experiencing an unplanned growth. BBC featured a Kenyan boy that built a mechanized hand and soap dispenser. A young Nigerian northerner built a ventilator. There are also breakthroughs in drone usage for material collection and testing as well as for fumigation.
Over 155 Drugs and 79 Vaccines are being tested world-wide- many of them still under test and trial.
Telemedicine has never been more effective as it is now in helping to manage the way doctors interact with patients.
Coronavirus pandemic may have sparked a wave of innovation including helping us witness a union of Big Tech rivals collaborating to rescue humanity, However, one thing we all know for sure is that the business of rescuing humanity and economy at the same time is a “Herculean” task.
Uber, which was birthed during one of the world’s worst recession has taken a very deep hit since this pandemic started. The company has had to lay off about 3,700 people as well as shutting down operations in some countries.
Google, known for its many perks such as free lunch, on site massage therapists among others, also recently stopped the free lunch and fitness option for Googlers working from home. The tech giant is also slashing marketing budget by 50%.
Andela, The African tech startup “shining light” also recently announced through its CEO that the company has decided to let go of 135 members of its staff.
We may not know exactly when all this will end but one thing we are sure of is that tact and creativity will decide what companies bow to the pressures of this period and the ones that make it through.
Asides From Layoffs, what other creative ways are companies surviving?
I mentioned earlier about Google cutting off certain perks. They have also reduced their marketing budget by 50% and imposed a hiring freeze.Google, like other companies have put capital intensive projects on hold.
Some companies have also taken the decision to permanently work from home. This will definitely leave a huge gap in real estate and possibly negatively impact the co-work space business models however it is cost saving for the companies who will be cutting cost on rent and utility bills. Also,to resume work during this period means to provide a suitable work space free from germs with social distancing rules strictly adhered to – an additional cost many small companies affected by the pandemic may not be able to afford. Not to mention savings on rental space for those on short term leases.
Creating new products/Amending Services to address or to tap into current trends; Many enterprise focused businesses are having a hard time during this period. This further explains the reason why Andela had to retrench some of its staff because the companies they work with are also struggling financially.
Diversifying or re-purposing available resources can help a company stay relevant. Bolt Nigeria recently launched Bolt Business Delivery to generate revenue. WakaNow falls in the group of the worst hit companies having recorded as much as a 98% drop in patronage . They’ll be introducing video selling coupled with implementing other internal policies to stay afloat.
It is what it is, some companies may never fully recover after all this is over especially because there will be new dynamics to life and business.
Wherever your company falls on the rope- winning or losing. Understand we are in peculiar times and you can learn a lot from watching how your competition or other companies are systematically navigating through this period.
