Eventful and volatile are two words that clearly summarize the first half of 2021, and with markets seemingly under the mercy of uncertainty at this point and time, no shed of economic confidence can accurately forecast what else is to come after the mid-year. In fact, a quick peek at the real estate markets will tell a vastly different story when compared to the sudden rise and consequent fall of many cryptocurrencies in a span of a few months, meaning that efforts in reopening the global economy have yet to take full effect.
However, one concerning issue that has been resurfacing is business owners growing doubtful of their company’s performance and, as a result, taking drastic and rash measures to revitalize their business operations and prevent missing the next wave. But, we strongly advise to let go of this non-useful perspective because we should be focused on creating and maintaining sustainable progress, as opposed to a sudden jumpstart of perfection.
Cut Yourself Some Slack; We are Still in a Global Pandemic
Although it’s been well over a year now since the initial outbreak of Covid-19, we must remember that the world is still in the middle of a global pandemic and the fight against the coronavirus has yet to cease. Therefore, we shouldn’t have our sights set on short-term turnovers and immediate gains because the impact of the pandemic is colossal, and regaining what was lost will easily take more than just one year and possibly upwards of a decade of reform.
- Economic Recovery Is Slow-Paced:Fears of inflation lurk countless markets, supply chains remain heavily stressed, and enterprises are left with an insurmountable amount of demand with no inventory to procure from. And with all these three factors combined, it’s no surprise why the economic recovery has been very slow-paced despite its urgency. And, consequently, it’s also the reason why your company’s performance has been lagging behind.
- Employment Markets Take Even Longer:While the reopening of the global economy is one large undertaking to handle, the revitalization of employment markets is an entirely separate issue that is equally as difficult to manage. And given the disruptive impact of the pandemic on the workplace and traditional work environment, it will take even longer for any semblance of normalcy to unfold. Yes, Non-Farm Employment Change did report a total of 850,000 jobs added, but this number is still a far cry from what we need to recover.
Shift Your Focus to Areas You Can Manage
With all these things considered, we strongly recommend that you refrain from prioritizing aspects that you have no control over and that you shift your focus to areas of your business that can be managed. In fact, with a bit of effort and appropriate resources invested, these areas in your business could just prove to be the saving grace that lets you ride the next economic boom upwards.
#1 Talent Acquisition and Restaffing
Companies pride themselves on excellent talent and proficient employees; however, the global pandemic forced countless businesses to implement lay-offs just to stay afloat during the most turbulent times of the economy. And if you found yourself in the same predicament a year ago, we suggest that you focus on talent acquisition and restaffing areas in your business that are severely lacking personnel.
You might even find it a lot more seamless to integrate a more diversified workforce and widespread talent pool now that more and more people are willing to undertake remote employment. Therefore, the introduction of the hybrid workplace and the outsourcing scene breaking into the mainstream are both exceptional growth opportunities in disguise.
#2 Zero-Waste Goal and Efficient Business Processes
Since physical branches and retail stores are slowly becoming a thing of the past, logistics and the transfer of both goods and products have become the norm, which has been guilty of creating the most waste and being the most inefficient. With that said, there’s no better chance than now to restructure your business processes for more efficiency and to strive for that zero-waste goal.
To give you a headstart, we suggest that you refer to your primary supply chain and consider the possibility of reworking your reverse logistics framework or system to manage returns better and provide a complete customer experience. It might require a significant investment to overhaul, but the results will prove more than necessary given enough time to grow.
Markets Will Recover, So Please Bide Your Time
In conclusion, we want to remind all business owners and entrepreneurs that markets will recover over time and are, in fact, already welcoming foreign investments to boost growth even further. Therefore, please bide your time and grit your teeth for the second half of 2021 at the very least because things are going to see some major change and restructuring as soon as we enter the year 2022.