How Business Has Changed as a Result COVID-19: with Brian Mingham
In 2020, the way business is conducted has undergone a major transformation. The pandemic has highlighted a multitude of business flaws, weaknesses, and threats. Every business industry is facing their own set of unique challenges, and the way business leaders respond can set a precedent for innovation and growth moving forward.
As the Founder and CEO of CFSI Loan Management, Brian Mingham has faced his own challenges since the start of the pandemic and has responded with resilience and an open-minded approach to problem solving. Having spoken with other leaders in the industry, he is sharing some of the key changes that business owners around the world have faced as a result of COVID-19 and how they have responded.
When the United States went into lockdown in March 2020, businesses had to adapt quickly. With little time to respond, businesses — big and small — were forced to alter their strategies. Brian Mingham explains that as customer spending habits changed, businesses have had to re-think how to deliver relevant customer experiences while staying true to their mission and brand. Some businesses had to shift their production to produce PPE, some had to move online, while others have had to find new methods of communication. The customer is the central focus of any business, and many were ill-prepared for the swift shift to a digital strategy. To act in the best interest of their customers, many product-focused businesses have adopted ‘contactless’ pickup, payment, and delivery.
The way workers interact, communicate, and work with one another has been one of the biggest changes faced by businesses in 2020. Remote working has become a common work around, but it has not been without its hiccups. Brian Mingham explains that every industry was able to adapt in different ways, and it has been a steep learning curve. Without the infrastructure in place, a lot of businesses have had to create entirely new systems and ways of working. From setting up new project management tools to learning video conferencing, Brian Mingham considers it lucky that we live in a time where technology is able to support these imminent changes. In many ways, it has created an opportunity for employers and employees alike to re-evaluate how they can maximize internal communications for the benefit of the consumer.
Rise of E-Commerce
COVID-19 has highlighted the vulnerability of our supply chains, especially those who have a high dependence on international trade. The pandemic has accelerated trends in supply chains such as e-commerce, automation, and reshoring manufacturing. Brian Mingham explains that supply chains, now more than ever, are critical. It has given companies the impetus they needed to build contingency plans.
Many companies have suffered severe revenue losses since the beginning of the pandemic. Leaders have had to act quickly in order to optimize their company’s resilience and secure their future. With millions of jobs on the line, it is important to make strategic decisions that create new opportunities for companies and industries. Brian Mingham explained that this quick shift put businesses under a lot of immediate pressure to act. Putting leaders to the test, he believes that the pandemic has encouraged businesses to think on their feet, which will make them more resilient in the long run.
With all of these changes, Brian Mingham believes that it will force companies to consider the threats and weaknesses of their businesses before something like this happens again. It pointed to the weakness of live events, venues, and restaurants, encouraging any business moving forward to consider alternative digital strategies in the eventuality of another pandemic.