Despite the challenges all businesses faced in 2020, many leaders of the industry are hopeful for the economy's recovery in 2021.
In a recent article on the Philippine Star, certain tycoons shared their insights on what needs to change in the way we do business in order for companies to survive and thrive in the post-COVID 19 world.
It's clear that there will be no going back to the way things were and, as we have previously discussed, this can be a good thing, a valuable opportunity for learning and growth that will be beneficial to everyone in the long run. Supporting local businesses in their journey to recovery and resilience is also crucial to nation-building and every Filipino will need to work harder and more creatively in the coming year to ensure their future.
JG Summit president and CEO Lance Gokongwei tells leaders who seek to prepare their companies for the the future that they should be SMART:
- Motivated beyond profits
Ayala chairman Jaime Augusto Zobel de Ayala talks about adapting to the constantly changing circumstances while never losing sight of one's responsibility for the greater community:
“Leading through the unknown requires us to have hyper-strong sensitivity to the changes happening around and within our organizations, particularly to the many stakeholders inside and outside our companies. I believe that by paying close attention to these signs, we can best steer our companies to stability and growth, while making a meaningful impact to those most vulnerable in these difficult times."
He also enumerated three key areas that businesses should re-imagine if they want to succeed in the post-pandemic economic landscape:
"First, we need to rethink how we serve our consumers with products and services; and how we reach them through the most appropriate channels;
Second, we also need to redesign our employees’ working arrangements and how we operate our companies;
And third, we need to revisit our commitment as a private sector group to the broader communities around us."
Many businesses have already taken these three aspects into consideration by shifting operations online, making the most of digital transformation in sales and marketing, coming up with work-from-home arrangements, and highlighting corporate social responsibility and support for local businesses. The simple act of re-evaluating one's business processes is already a step in the right direction. And there is so much more we can learn from the experiences of 2020 that can shape how we can build better businesses as we enter a new year and welcome new and exciting possibilities.
In 2021, there will be no going back to business as usual. While businesses large and small continue to make important changes to their operations, products, and principles, they will need to be continuously flexible if they want to stay on the road to success. As long as we keep working together to improve and to grow, there will be no limit to what we can achieve. Despite everything that we endured in 2020, the future still looks bright.