Business Lessons Learnt From Two Years Of Pandemic

The past two years have been a roller coaster ride for businesses struggling to maintain their profits amidst a global calamity. The COVID-19 pandemic engulfed every domain and industry and left them marred with uncertainty. It has been the most challenging period for entrepreneurs after the recession of 1991. It made them display their resilience and persistence to survive and thrive in any condition.
The pandemic was a surprise, and businesses were unprepared for the situation. Still, they managed to stay afloat with their quick response and prompt actions to curtail the damage. The perseverance of the commercial sector has been commendable and given us several vital business lessons that need to be learnt. Thus, if you wish to start-up or buy a business for sale in Brisbane, you must pay attention to these strategies and make them a part of your operations.


1. Upgrade Your Contingency Plan

Many farsighted entrepreneurs have an emergency plan. However, these are often made for expected problems, such as low sales, economic downturn, negative publicity, etc. No one prepares for an unexpected situation like the recent pandemic. Thus, the most significant lesson from the past two years is to have a concrete contingency plan in case the office needs to be shut down.

The plan must have steps to avoid downtime and continue operations without chaos or lack of collaboration and communication. The employees must be trained to work in such situations, such as remote work, using advanced tools for maximising efficiency.

2. Don’t Be Afraid to Pivot

Resisting change can spell doom for your business as an entrepreneur. Progressing with the market trends is necessary to meet the changing needs of the customers with time. During the lockdown and restrictions, most buyers preferred online shopping. Businesses that were able to provide the service managed to make profits.

Those who had not built the infrastructure for digital transactions and online processing of orders suffered badly and had to work on the transformation in haste. It made them hit a rough patch until they were able to meet the needs of the customers. So, advancing with the latest technology in the market must be a priority for business owners in Brisbane.

3. Pay Attention to Local Customers

Many business owners ignore their local client base in their quest to reach a global audience. However, the customer base in your community is your biggest strength. These people stood by small businesses in their vicinity during the bad times of the pandemic when international shipping and travelling reached a standstill.
Local marketing and support are needed to acquire new customers, increase brand loyalty, establish credibility, and gain a competitive advantage against large corporate chains. Customers showcased their allegiance to local businesses to support small entrepreneurs in their communities; this devotion matters for the brand. Thus, local marketing should not be neglected.

4. Debt Management Is Essential

Businesses need capital for stock, marketing, training, hiring, operating, manufacturing, office lease, utilities, etc. Most entrepreneurs take out business loans to manage their finances. However, repayment of loans is a huge responsibility that can become problematic in times of a financial crisis like the pandemic.

Thus, entrepreneurs should ensure that the interest rate is low and work on improving the cash flow to pay off the debts sooner than the due term. Ask for advice from your accountant and mentor before borrowing and do the risk analysis and future-proofing work in advance to avoid heavy losses during a dry spell.


5. Offer Work-Life Balance

Build a workspace that fosters a healthy work life for the employees. Although the workforce started coming back to offices in 2021, the new variants of the disease kept them on the edge. Also, remote working during the lockdown allowed them to spend more time with family and find time for themselves which was getting lost in travelling to the office and other redundant work-related activities.

The new hybrid working concept is the latest trend that has been introduced to help employees lead a satisfying life. It helps them to feel less stressed about work and happier because of the flexibility extended by the employer. As a result, they have become more productive and efficient. Thus, creating a positive and healthy work environment is a necessity.


Entrepreneurs need to have a continuous development plan that provides training and tools for growth in times of crisis. Also, the contingency plan must be upgraded every year, and the satisfaction of customers and employees must be kept at the forefront.

About the author

Wallace Peter is a freelance author and contributor who writes articles and blogs for numerous top online media magazines and business-minded people worldwide. He has years of practice & practical knowledge in finance, accounting and business. He has helped several CEOs and budding entrepreneurs reach the next level in their business growth plans. He keeps himself updated with modern marketing trends and is always known in the industry for providing top-notch solutions to B2B and B2C businesses. His insightful articles are both an interesting read and a treasure of knowledge.


Post new comment

The content of this field is kept private and will not be shown publicly.
This question is for preventing automated spam submissions.