Considerations for Business Leaders Approaching Another Pandemic Year
Many of us said goodbye (and good riddance) to 2020, buoyed by news of vaccination rollouts across the world. We’ve seen many 2021 predictions and, thankfully, many experts are forecasting a strong economy to pick up in the spring. What remains is to what extent COVID-19 has permanently upended workplace logistics. As much as we might hope 2021 will return some semblance of normalcy to our social routines, the continued waves of this pandemic portend major impacts to how, and where, we work. As an entrepreneur and business leader, I believe that adapting is key to navigating uncertainty. Here are some considerations as we head into another pandemic year:
Embrace & Optimize Working Remotely and From Home
Business leaders across the world are nearing one year of practice and experimentation with remote work. You or your colleagues in People Operations have likely already circulated clear, consistent expectations of your staff, and have hopefully found that your teams are working well, if not thriving, in the comfort and safety of their own homes. Even before the outbreak of COVID-19, my own team at Introhive has worked remotely with expanded teams across Canada and in New York and London. I personally operate and lead the company from Miami. I urge you to consider how your business might be better off with a permanent or hybrid remote model, even after the pandemic is a thing of the past. Consider saved costs and ensuing budget flexibility, happier employees, and a more diverse talent pool. As you become comfortable with this new structure, continue to invest in productivity, conferencing, and AI software tools that can optimize the WFH experience for your employees.
Keep Your Eyes on Valuations
If the past is prologue, markets may be in for a rocket ride up. The 1918 flu pandemic ushered in the “Roaring 20’s” — a decade of exceptional market growth following a world war and public health crisis. I see many analogies with our present moment: widespread vaccinations will allow business operations across sectors to return in full force, resulting in increased production, consumer spending, and overall market confidence. Prepare for frothy, bubbly valuations, and a huge boom in debt. Beware the lessons of 1929.
Believe it: Software is (Still) Eating the World
Many industries are adapting to the COVID-19 climate of social distancing, temperature checks, and virtual programming. The hospitality worlds of dining, lodging, transportation, and events are burdened with some of the strictest restrictions, generating new configurations and protocols. Because public spaces have been redefined and reimagined by this pandemic, expect a huge boom in construction projects and construction-adjacent businesses that highlight their ability to conform to these new standards. Most importantly, pay attention to the software industry, as I see it having the greatest potential gains. With extended or indefinite WFH plans, companies will be ever more dependent on software to corral, connect, and support their decentralized workforce. Businesses will also rely on software tools to engage with their customers in a safe, socially-distanced manner that still generates sales and tracks prospective clients. Software and technology is the glue that keeps us all feeling connected and convenienced during this period.
This coming year will have many difficult challenges. Some challenges will be iterations of what we saw in 2020 and others will have their own idiosyncratic mark for 2021. While you cannot control or predict how the coming months will affect your business or those in your community, push forward with the confidence in your adaptability and the positive outlook that this new economic environment will bring with it more opportunities for growth and ingenuity.
Jody Glidden is the founder and CEO of Introhive. Founded in 2012, Introhive is the fastest-growing B2B relationship intelligence service and data management platform. The company was recently recognised by Deloitte’s Fast 50 and Fast 500 Awards and was named the 2020 MarTech Breakthrough Award winner for best CRM Innovation Software.
