A lot of businesses did not make it through the COVID-19 crisis. The pandemic has had an impact -big or small- on businesses of all sizes and sectors. Startups are no exception although they are no strangers to risk. Younger people have been disproportionately affected, particularly in industries that pandemic-related restrictions have hampered. Many businesses failed, and unemployment is expected to drive more people to start their businesses. Amidst the crisis, however, a surprising number of companies used the challenges and difficulties they were facing to help other businesses not only survive the pandemic but thrive once lockdown restrictions were lifted.
These entrepreneurs will require assistance in order to survive and thrive following the pandemic. For economies to recover and become more resilient, innovation and entrepreneurship is key. As a result, it is critical to consider how these entrepreneurs and their new ventures are supported. To assist new entrepreneurs, business accelerators, a mechanism for supporting and growing new ventures will need to evolve post-pandemic. COVID-19 has resulted in decreased customer demand, a lack of employee availability, and disrupted supply chains, all of which have jeopardized the survival of businesses. Starting a new business is more difficult in such an uncertain environment. It is more difficult to transform an idea into a viable and sustainable business model. Funding may become scarce, and investors may become more risk-averse. Some industries may no longer be considered appealing.
This Covid-19 pandemic is primarily a global health emergency but has had far-reaching economic and social consequences. Despite the fact that some economies are slowly and cautiously reopening, the combined effect of the pandemic and the necessary mitigation measures, such as prolonged lockdown and physical distancing, has resulted in a global recession, owing largely to the rare twin supply-demand shock.
Here are a few solutions recommended by Intercompany Solutions :
Use digitization to your advantage
In a recent survey, 82 percent of executives agreed on the need to transform the way their company's source and manage labor digitally. Still, only 23 percent had devised and implemented a strategy for doing so. However, the COVID-19 pandemic has resulted in unprecedented digitization in ways never before imagined. According to data, we have jumped five years in consumer and business digital adoption in just eight weeks. The outbreak has resulted in structural shifts, such as a shift in customer preference for digital engagement and remote working models for employees, which are likely to persist even after COVID is eradicated.
Balance speed and stability
Organizational agility is a company's ability to quickly change or adapt in response to a volatile and rapidly changing market. It has two main dimensions: speed and stability. A company must be sharp and be responsive to keep up with the times in terms of the former. This involves being innovative and dynamic in its thinking and actions; however, there must be a set of core elements to ensure its long-term success and ability to scale up operations. As a result, the latter component of stability, or solid backbone, becomes critical.
Promote systemic change through collaboration
The 2020-21 Covid-19 pandemic has served as a stark reminder of how interconnected societies have become in the modern era. Despite the difficulties, the pandemic has highlighted the importance of multi stakeholder collaboration and the need for systemic resilience. To successfully build these components, the fabric of trust must be ingrained across seemingly disparate stakeholders; and businesses are increasingly understanding this – whether it is trust in the various actors in a supply chain or trust among employees in an organization. Systemic cooperation will also be essential for businesses to reclaim their operational capacity.
The world is still reeling from Covid-19, with some economies cautiously opening up, but the last few months have forced us to examine our current business operations and their inefficiencies. The Dutch economy is still booming despite Covid. Intercompany Solutions employs these strategies to propel businesses to profitability. Contact Intercompany Solutions for customer preferences and strategies. Nonetheless, new opportunities for innovative entrepreneurs are emerging as a result of COVID-19. Consider health-care needs, the increased use of digital technologies, and opportunities associated with the work-from-home trend. Accelerators' business models must evolve to support their portfolio of startups both now and after the pandemic.
Intercompany Solutions operates in The Netherlands
Would you like more information on starting a Netherlands BV during uncertain times? The Netherlands is a stable economy and thriving capitalist country since the golden age. A Dutch BV is taxed at 15% corporate tax in the lower bracket, and The Dutch corporate tax rate is currently 15%.
Bottom line
While it is impossible to predict what will happen next, it is possible to draw on the lessons of the past few months and see them as opportunities for growth. Businesses must respond to the current crisis while also preparing to thrive in a new reality that emphasizes agility, digitization, and multi stakeholder collaboration. To ensure success, the three components are interconnected and require targeted strategies. This includes a wide range of elements, such as localization of production, workforce reskilling for a digitized economy, and considering non-traditional collaborations across different communities.
