Since coronavirus is endemic, this has affected not only the health sector but also business. Many business sectors are threatened with closure due to this outbreak. The sluggish economy has encouraged a number of businesses to adapt and even shift.
Shifting in business is a change in the business model, process, and strategy. Shifting can be caused by changes in people’s consumption patterns. Likewise at this time. Since the restrictions imposed by COVID-19, public consumption has shifted to basic needs and preventive products for viruses. And now the world is entering the new normal phase.
Facing these conditions, a number of entrepreneurs have implemented shifting. Entrepreneurs are required to be adaptive. To assist with the shifting process in the new normal era, you can use a guide prepared by the KPMG (Klynveld Peat Marwick Goerdeler) strategy team. This professional service company and one of the Big Four Auditors has compiled the following checklist to review business strategies and operations.
1. Market review
Reviewing whether company leadership is aligned with priorities and ambitions for current market conditions. Assess which market share is most affected by COVID-19. Revisiting short-term targets. The company also needs to draw up a plan to deal with market structure, competition, and purchasing dynamics in the event of a second and even third wave pandemic.
2. Proposition and brands
Assess whether the market is very familiar with the products that are owned and what is produced by the existence of a pandemic limit. Collaborate with stakeholders to deal with changing consumer demand. It is also necessary to consolidate production and focus on market needs.
3. Sales and customer relationships
Measuring sales response and how to work with consumers during a pandemic. Examine whether this crisis provides a different perspective regarding the weaknesses of the sales network and the ability to deal with uncertainty. Assess whether the organization builds good relationships with consumers through open collaboration and joint problem-solving.
In the business world, shifting is actually not a new thing. Especially since the internet is a part of people’s life. For example, before entering the era of e-Commerce, at first, shopping is an activity to visit a physical store. But now it switched. Also, the entertainment business we were visiting a DVD movie rental to watch movies at home in an old-time, but now it switched by subscribing to a Hooq or Netflix.
The shifting is hoped that businessmen will be able to recover from the crisis caused by the COVID-19 pandemic. Business actors can also adapt to face the new normal that may not return to normal (irreversible).