Thriving in the Post Covid-19 Economy

Posted on Friday 30 April 2021

Thriving in the Post Covid-19 Economy

The pandemic has brought new, life-altering, and even frightening changes for us all. From cities on lockdown to mask mandates, and from social distancing to hospital bed shortages, the “new normal” is in a constant state of evolution.

It’s dizzying – and not surprisingly, it’s also a significant source of stress for parents, children, students, employees, and employers alike. It has pushed so many people to start dealing with a direct lender, and some are struggling to pay back.

Economies across the globe have undergone massive changes, too. The pandemic has heavily influenced the way that we spend money: with limited funds due to unemployment or decreased working hours, people are changing their spending habits. And with continuing health concerns over interacting in-person, people are opting for working from home instead of a daily commute to a crowded office.

How can you keep your business thriving in a post Covid-19 economy? What can you do to ensure that your personal finances aren’t at risk from one fluctuation to the next? In the sections below, we’ll look at how Covid-19 has affected the economy, and three ways you can keep up with the changes ahead.

Embracing virtual work

This is a big one for employers and employees alike, and perhaps the most significant lesson of the pandemic. Virtual work has always existed, far before the pandemic, but it wasn’t quite as accessible as it is today. We’ve all learned that in-person work isn’t always necessary, and more workers than ever are setting up home offices.

Working remotely has continued to grow in popularity and will likely continue in a post Covid-19 economy. A recent study found that 32 percent of Canadian workers continued to work from home for the majority of their weekly schedule in 2021.

And numerous surveys show that productivity is just as good (if not better) working at home when compared to working at the office. With higher rates of productivity and increased employee satisfaction, working virtually is often too good a deal to pass up!

But even in 2021, there’s still a big digital divide to cross. According to the BBC, around 60 percent of the global population does not have easy access to the internet or computers. And not all jobs can be successfully performed at home.

Many agricultural, social, and service-based work still requires in-person attendance and face-to-face interaction. If you’re lucky to have reliable connectivity and a job that allows for remote work – or if you’re willing to make a career shift – you may find that thriving in a post Covid-19 economy becomes much easier. Just make sure you have all the necessary setup to stay protected online.

Exploring new opportunities as a business

We’ve all had to learn to adapt to quick – and sometimes drastic – changes during the pandemic. Maintaining that same flexibility can pay off even after Covid-19, whether you are a business owner or an employee. Boost your profitability in a post Covid-19 economy as a business owner by asking yourself these questions:

How can I make coming into the storefront fun and exciting?

This might look different for each type of business, but the general idea of making in-store visits fun stays the same. Decorations, small outdoor events, giveaways, and loyalty programs are all great options to consider. Just make sure to maintain social distancing and sanitation requirements to ensure that customers feel safe and that their health (not their money) is a top priority.

How can I leverage technology to improve communication with customers?

Communication is key, and technology is a huge help here. Texts, emails, videos, and website updates can all deepen your connection with customers and keep them actively engaged with your brand.

How can I make it easier for customers to buy my products or services?

Your clients and customers have a nearly endless string of competing vendors, brands, and businesses. This is especially true during a pandemic, when purchasing power might be limited.

Make it easy, simple, and convenient for customers to buy from you, and you’ll find that your business is well-positioned to thrive in a post Covid-19 economy. Think about simplifying sign-up terms, offering online ordering and delivery, or running new promotions. Also contact your bank to see if they are offering any additional benefits or programs for small business owners like yourself.

Expanding your skill set

What if your employer has decreased your hours, or eliminated your job entirely? How can you ensure that your personal finances are running strong both during and after the pandemic?

Whether you’re receiving unemployment benefits or looking for supplemental income, there are plenty of great opportunities to expand your horizons. Jobs that are expected to continue to do well post Covid-19 include:

  • Consulting and bookkeeping
  • Online teaching
  • Courier and delivery services
  • Website, software, and app development
  • Medical and corporate transcription
  • Professional organizing services
  • Commercial and residential cleaning services
  • Freelance writing and editing
  • Digital marketing
  • E-commerce and dropshipping
  • Outdoor recreation
  • At-home fitness

Living through a pandemic has changed global expectations for businesses, employees, and gig workers alike. Most experts predict that those changes are here to stay. Thriving in a post Covid-19 economy means getting comfortable with flexibility, transitioning to virtual work, going digital, and developing new skills.