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5 Common Traits of Businesses That Have Survived the Pandemic

Since the onset of the COVID-19 pandemic, a lot of businesses have been struggling to survive, leading to mass layoffs and closures. A survey by Statista shows that the pandemic negatively impacted 23.4% of the surveyed small businesses. Surprisingly, other companies thrived during this same period and experienced exponential growth.

These businesses found ways to overcome the global economic turmoil and kept their doors open throughout. But how did they do it? Here are the five common traits of businesses that have survived the pandemic.

1.   Effective Communication

The Centers for Disease Control and Prevention (CDC) has constantly been issuing COVID-19 prevention guidelines such as social distancing, practicing good hygiene habits, and contact tracing for individuals. Businesses that have created a safe workspace and communicated their practices with employees and customers have survived these harsh economic times. Some continue to inform their clients about any changes in operating hours and protocols to keep them safe.

2.   Moved Services Online

According to a UNCTAD report, global e-commerce sales jumped to $26.7 trillion in 2020 due to the pandemic. More consumers started shopping online and fully embraced e-commerce. Businesses that shifted their services online increased their survival rate compared to brick-and-mortar stores. The pandemic has enabled the businesses to thrive and earn more revenue. They sell more products and services and easily acquire new customers.

3.   Creative Solutions

In 2020, entrepreneurs changed their way of doing business. The pandemic forced business owners to develop creative solutions to meet their customers’ needs. Companies that generated innovative ideas–like same day, at-home delivery–continued to attract new customers.

For instance, some innovative financiers moved all their services online. Instead of customers going to the physical branches to apply for loans, they accessed title loans online from the comfort of their homes. These businesses thrived because they addressed their customers’ pain points.

4.   Resourcefulness

Many smart entrepreneurs managed to survive the pandemic by being resourceful. For instance, most service-based businesses started delivery services to keep up with online orders. By branching into other business sectors, the companies added another source of income that played a significant role in keeping them afloat. Businesses that have expanded their portfolio and income streams have had a better survival rate.

5.   Flexible Operations

The pandemic triggered many changes which were important in controlling the spread of the virus. Businesses that thrived–and still continue to–had one major trait: agility. Some companies adjusted their operating hours and had employees work in shifts to reduce exposure to the virus. Others provided a pick-up and delivery option for all their services to keep their customers and staff safe. This made it easier for employees to work and customers to stay safe.

The pandemic has wreaked havoc on many businesses. Economies were negatively impacted, leading to the collapse of many companies. However, some businesses have managed to survive these challenging times. As the business environment keeps on changing, entrepreneurs must find ways to adapt and attain success. They must develop a framework that prepares their business for change.

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