It has been at least three months of humanity battling with the virus crisis and during these three months, the economy was sharply down due to the unfamiliar circumstance people never experience before. Going to work, contacting customers, even talking face to face with friends became unpleasant activities. Although it seems that human starts to have the situation under control but still needs to be very much careful of the communication channels with a new common practice called social distancing. The social distancing practice takes major role of what we call “new normal” in human living and it will lead to many transformations including how we conduct businesses.
Getting back in business after the lock down is not as easy as pressing a button then everything will be back as normal. How a business will survive the new normal can be broken down into three stages: restoring, recovering, and recreating. Restoring stage starts with businesses have to reopen and mostly will face with financial difficulty. Business owners must consider social distancing practices which will require additional expenses while sales and revenue do not match with debts and business costs. They will then be forced to reorganize the debt and expense structure such as negotiating on rent with their banks or landlords, selling out assets and reducing employees in order to survive. Anyhow, the goal to pass this restoring period is to settle down with businesses are back to operation. This will probably take three to six months depends on impacts and requirements of each industry.
When the business is back in action with reorganized debt and expense structures, it is important that business owners need to really understand new business landscape especially real demands, customer behaviors, and alternative products. With all the information being gathered, they should be able to realize facts and opportunities, then to remodel businesses moving forward. This recovering period can take another six months and the goal is to recognize new opportunities and business positioning. From this point on, all businesses should already get used to the new normal and be able to continue the businesses profitably. The last stage is the recreating period where businesses start implementing strategies for more profit and sustainable growth. With the experience surviving through the virus crisis and the new normal, one recommendation to all business owners is to seriously consider crisis management as a part of business and corporate strategies which include risk management with scenarios and solutions modeling.
Life after lockdown, people will have to become accustomed to living with new normal lifestyles such as online shopping, work from home, study from home, video conference for meetings, and payment through mobile banking. Besides that, customer behaviors will certainly change especially how they choose products. People will be more careful and become detail-oriented of what they are going to buy i.e. sources, ingredients, and prices. As for the development of the new normal, it will take time for the society to realize what the real new normal lifestyles will be. Therefore, business owners and organizations will have to be ready and be able to modify their business models to support these new normal lifestyles.