BUSINESS RESILIENCE DURING THE COVID-19 PANDEMIC

Abstract

The COVID-19 pandemic has completely changed the way of life for most people over the past year. Simple practices such as going to the grocery store or conducting a meeting look entirely different. This includes the way that businesses operate. Those that have come out of this pandemic showing resilience have adopted the mindset of quick innovation that has allowed them to maintain relevancy to the changing times. Several characteristics of these resilient businesses have emerged including adaption of new technology, innovating quickly, and developing scenario plans. This has resulted in a fundamental change to how business is being conducted lending more towards e-commerce, digital products, and contactless methods of payment and delivery. These trends became necessary during the pandemic and many are likely to maintain into the post-pandemic time. Companies desiring to stay successful must be willing to adopt these changes and continue to be flexible in the inevitable unpredictability of the future.