Today the world faces the COVID-19 pandemic. According to the World Health Organization, the last pandemic was the 2009 swine flu. Arguably, COVID-19 already has had more of a global impact as it has shut down access to countries and stifled economies in several continents. Currently markets are facing turmoil, international travel is largely banned, sixteen states have executive orders for residents to stay at home, and the United States has declared a state of emergency. While we do not know exactly what will come next, we know areas that were struck earlier with COVID, such as Wuhan China and Italy, are starting to see decreases in the number of COVID-19 cases and even beginning to loosen restrictions and begin limited working conditions. However, what are the future implications of COVID-19? Here are a few.
Digital and In-Home Service: With many states and countries instituting shelter at home mandates, we can expect businesses of all kind will take a technological leap forward regarding internet services and ability for remote work. If firms were previously not adept to providing digital services, they are now becoming so or getting left behind. Services that were previously not primarily digital and delivery, such as grocery providers and restaurants, are now doing so. While services that had a minimal virtual presence are quickly shifting to become the norm: medical practitioners providing telemedicine visits and courts holding regular virtual hearings. At least some of the advances will be permanent.
Science and Medicine: Though pandemics are not new, science and development will receive attention funding as the world is tasting the detriment of a serious pandemic. Everywhere, people realize how days where test and vaccine procedures are not available literally count toward job losses, dollars lost, and increased illnesses. For at least the immediate future, science and health will be key industries.
Longevity and Relationships: Though a firm’s technological capability will certainly lend itself toward success, reliability and strong relationships will become even more important as the ability to perform in the face of the COVID-19 pandemic will be a victory in itself. Business relationships will rise and fall based on the willingness and competency to handle the radical changes. Those who can thrive during this time will make their name for the future. BSP is weathering the storm and has done so in the past