Advenz Commentary: January 2021
2020 was a year unlike any other with unprecedented scales of disruption due to the Covid-19 pandemic. Before arriving at this new normal, governments, organisations and individuals were forced to swiftly adapt and establish contingency plans in response to unpredictable situations. In this coming year, it is ever important for us to reflect and understand our experiences as we move towards a post-Covid-19 world.
When countries announced their impending lockdowns early last year to tackle the spread of Covid-19, majority of organisations and individuals struggled to implement remote working arrangements or reinvent their internal work processes. For businesses who, at the time, did not leverage on the technology developments in recent years, it was exceptionally challenging to completely transform business models and for employees to pick up the necessary skills within a short timeframe. Well-established conglomerates or MNCs also faced their own share of difficulties in reassessing business strategies and downsizing to cut losses. Over the past year, it became evident that only businesses who show the ability to innovate and have a collective will to evolve, are those who are able to weather the storm.
To turn unwelcomed changes into opportunities, businesses must adopt a growth mindset that strives for continuous development and improvement. This includes future proofing business strategies and remaining adaptable to unforeseen developments in the industry or the economy. It is also important to remain open to new possibilities and capitalise on diversified revenue streams to reduce business risks.
As employees may no longer work within close proximities with team members, there will also be an increasing need for organisations to focus on boosting employee engagement and morale. Employees are the fundamental driving forces behind a business’ success, and it is key to keep them motivated and committed to counter any detrimental impacts to work quality and productivity. Lastly, it is also important to relook into human resource policies, to provide the additional support for employees who may face mental health issues or hardships due to the pandemic.
What Advenz has done
Despite the uncertainties in 2020, Advenz had assisted multiple clients to incorporate new companies. Within the best of our ability, alternative arrangements have also been extended to help existing clients manage their costs and mitigate the repercussions of an economic slowdown.
In the months of May till December, we have also directed resources to our efforts in rebranding and marketing. We are proud to have done majority of these in-house and will continue to strengthen Advenz’s presence and enhance our service offerings.
General Outlook for 2021
The general outlook for 2021 is optimistic with mass vaccination across countries and easing of border controls. Certain sectors have shown signs of picking up and the economy is expected to gradually recover. The Ministry of Trade and Industry (MTI) forecasts GDP growth at 4% to 6% in 2021, though the estimated figures remain below pre-COVID levels.
There is still uncertainty as to how the situation will evolve, especially with several countries struggling to contain a resurgence in infections. Hence, it is vital for companies to leverage valuable lessons from last year and effectively execute recovery plans with a coordinated approach. We must continue to navigate through the ambiguity, to reshape our future and create the post-Covid era that we envisage.