The Post-Coronavirus Business World
Over the past few months, life as we know it has changed drastically. Non-essential businesses, daycares, and schools have been shut down to ensure social distancing and slow the spread of coronavirus. The pandemic has altered the way we work, play, and connect with others – leaving us relying on digital tools to see one another on a virtual level as opposed to face-to-face. But as lockdowns are lifted, what’s next for businesses that are able to open their doors?
A Look At How CFOs Are Moving Forward
CFOs have undoubtedly dealt with a range of challenges resulting from the pandemic. This includes:
- Shutting their physical locations down
- Handling less sales and/or revenue due to a change in purchasing behavior
- Dealing with major disruptions to supply chains
- And much more
Now, as we look toward the new normal and businesses are able to open their doors, what are they planning? For most, remote work offered an opportunity to save a huge amount of money due to:
- Less need for office space, supplies, and maintenance
- Greater productivity resulting from higher satisfaction/less commuting
- Access to a wider talent pool regardless of geographic location
Gartner surveyed 317 CFOs and found that the business world may not change back to normal right away simply because lockdowns are lifted:
- 74% of CFOs will be moving previously on-premises employees to remote work post-COVID-19.
- 81% of CFOs are planning to exceed their contractual obligations to hourly workers via remote work to offer flexible schedules.
- 13% of CFOs have already cut real estate expenses with another 9% planning to do the same.
In addition to the above plans, CFOs had various ideas for cutting costs as a result of the pandemic:
- 60% have canceled all leadership/offsite events
- 49% have delayed capital expenditures
- 58% have frozen hiring
- 58% have canceled conference spending
- 32% have delayed or frozen offers for new hires
Remote Work Is Here To Stay
For many organizations, the rush to remote work meant their strategies were ad-hoc and unorganized. Going forward, it’s important to ensure a more cohesive, secure approach. Here are our recommendations:
- Provide the necessary technology foundation: Your remote workers will need up-to-date, secure devices, including laptops, mobile devices, and accessories like printers, webcams, and head-sets. If they don’t have them, consider providing corporate-owned devices for them.
- Invest in the right collaboration tools: The right collaboration tools will make a world of difference in terms of productivity. Microsoft 365 is a great start – offering video conferencing, email, word processing, and much more. You can also incorporate a VoIP system that allows for any time, anywhere calling.
- Choose cloud-based applications: If you’re currently relying on applications like an ERP system, CRM system or accounting programs, make sure the right people have access to cloud-based versions of these systems to keep them productive.
- Don’t forget about cybersecurity solutions: Lastly, cybercrime is on the rise due to the influx of remote workers, alongside the fact that we’re all feeling some degree of uncertainty and fear. Don’t forget to invest in cybersecurity solutions, including VPN technology, anti-virus software, firewalls, and more.
Ready To Move Forward?
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