2020 was an extremely tough year for some business verticals regardless of their actual size. However, since they are smaller and tend to be less hindered by bureaucracy than bigger companies, mid-sized organizations (such as manufacturers) have had more opportunities to adapt better to the market changes brought about by the COVID-19 pandemic. Also, when compared to the former, mid-sized companies can better leverage financial strength, varied clientele bases and nimbleness to not only survive, but thrive in this new normal. While its effects were quite severe, the pandemic has also presented lots of opportunities that are ushering in a long-overdue transformation in the business world. Here, then, is what the post-pandemic future holds for mid-sized companies.
Companies Are Seeing Plenty of Opportunities For Growth
Generally speaking, the social distancing restrictions which have been imposed during the pandemic have surprisingly opened up lots of opportunities for mid-sized businesses to register significant growth.
This is particularly the case when it comes to eCommerce and the digital economy. To this end, companies that embraced digital platforms to reach out to their clients have thrived during this period of uncertainty. Today, online sales are no longer an option, but rather a necessity for mid-sized companies. The pandemic triggered a structural shift towards digital commerce, which is bound to continue to surge higher post-pandemic.
Also, the growth of eCommerce has led to an increase in digital financial services that are made available for mid-sized firms. For example, financial services including digital payments, credit, and insurance are, now more than ever, delivered at points of sale by many non-financial businesses. In turn, this has gone on to greatly boost access to finance by mid-sized businesses, which has minimized operational costs and efficiency in the digital economy.
Employees Are Excited to Return to Work
If surveys conducted by leading pundits may be believed, a sizable number of employees are very eager to resume working onsite.
For instance, a recent survey by the Harris Poll has revealed that 72% of American workers are excited and anticipating their return to the workplace after the pandemic. Of this tally, 45% of them are expecting to get back to work this summer. Some of the main factors that have motivated most of those polled include the ability to socialize with their colleagues and the resumption of in-person work collaboration. More than 80% of these employees trust their leaders to make informed decisions when the time to reopen their workplaces arrives.
The Macroeconomic Drivers for US Companies Are Very Positive
At the moment, the macroeconomic drivers for US businesses happen to be very encouraging, especially for mid-sized business establishments. This may include improved access to capital and financial services, the pent-up demand of products and services of consumers, and even access to technology enablers. First of all, the recently enacted American Rescue Plan Act has presented many mid-sized companies with the much-needed financial support to not only survive but thrive post-pandemic. Additionally, the rise in digital financial services otherwise known as fintech, as earlier noted, has ensured that mid-sized organizations have more options laid out for them when it comes to securing capital and funding. On the other hand, despite the convenience of shopping online, consumers have remained frustrated with the slim options of shopping and accessing essential services. This has led to plenty of pent-up demand for them to soon get out of the house and obtain products and services in the traditional manner. Lastly, the COVID-19 pandemic has given rise to many technological innovations that have both sustained and led to the further growth of mid-sized businesses.
The COVID-19 Pandemic Has Made More and More Businesses Become Technology and Data Believers
The pandemic, out of sheer necessity, has made most businesses wholly embrace technology in the carrying out of their day-to-day core operations.
To begin with, this period of uncertainty has ushered in remote work. Many companies all over the US have eagerly adopted remote and hybrid work, which have been clearly shown to be not only feasible but highly effective, too. Remote and hybrid teams have been equipped with the right tools, and have maintained and, in some cases, superseded their pre-pandemic productivity and efficiency. This, in turn, has made business organizations rethink their policies in the context of supporting their remote and hybrid workers. Also, the pandemic has triggered companies to offer more flexible work options to their employees. This has, in the long run, boosted employee engagement and retention rates. On the flip side, the increasing shift towards technology has made many businesses become staunch believers in the power of data. The advances made in data analytics have been proven to play an essential role in guiding companies to make better, quicker, and accurate business decisions. In turn, this has enabled businesses to set, achieve and even exceed their strategic planning and forecasting objectives.
Enter Results Software!
Results Software is an innovative and powerful enterprise performance application that can revolutionize the way your mid-sized business conducts its core functions. When you leverage the power of Results Software, you and your team will be in a better position to not only survive, but thrive in the post-pandemic era. This enterprise performance software comes replete with diverse capabilities to automate and streamline most business functions across all levels of your organization. With Results Software, you will be able to improve employee engagement and accountability along with your decision-making processes, while, at the same time, access actionable insights into improving your bottom line.
Vice President Professional Services