Source: Saurabh Kumar, Bizcommunity, 8 January 2020, photo credit: The Hans India
Businesses must urgently reposition themselves and reformat their business models after the economic and financial devastation wrought by Covid-19 in 2020. They can do this by taking advantage of the new normal if they have any hope of thriving in a post-pandemic reality.
The outbreak of Covid-19 and the subsequent lockdowns across the globe, which severely impacted earnings and business operations, coincided with the financial year-end in February/March of 2020. This means that most businesses started their new financial year with a considerable deficit.
Yet, there is a hope of recovery on the horizon, as the imminent availability of a vaccine, which is currently in the developmental stage, is expected to herald the beginning of a countdown to the end of the pandemic. However, realistically, it is only towards the second quarter of 2021 that businesses are likely to see improved demand for goods and services, as well as the resumption of stalled projects.
That said, businesses cannot expect to operate as before and if they wish to create value for customers, business models will have to be rewritten and product portfolios reshaped. Now is the time to push and prepare for a post-Covid-19 world.
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The South African Pork Producers’ Organisation (SAPPO) coordinates industry interventions and collaboratively manages risks in the value chain to enable the sustainability and profitability of pork producers in South Africa.
