Corona-virus pandemic shows us again how our business needs resilience. Our business must be prepared for any changes and reconfigure product lines. Sudden changes are a test of firm’s resiliency, emphasizing that we cannot do everything alone.
Today, despite all the guidelines that may prevent us from selling, we can define the company’s success in another way by changing our process and routines, at least during the outbreak of the virus.
Sheth (2020) at the journal of Industrial Marketing Management states that “business of business is more than business and the investor is just one of the stakeholders and not the only stakeholder” he said, COVID-19 pandemic often push good companies into the ditch because they are unwilling to change and adapt. Under these circumstances, many companies around the world temporarily changed direction. For example, General Motors and Ford decided to produce plastic shields and ventilators.
And in Iran, many knowledge-based companies came to the aid of governments and, along with medical devices, produce masks like other manufacturing counterparts. Critical situations are certainly an opportunity to innovate and test the products of knowledge-based start-ups; and it learned them that they should not only be profitable through the sale of related products but that entering into unrelated businesses can sometimes be untying.
The business environment is on standby and we are all on the same level, neither higher nor lower. We cannot see ourselves alone, and our business is highly dependent on society.
In critical times, stakeholders (employees, suppliers, customers, community, and investors) satisfaction determines our survival in the market.
In business, we deal not only with an individual or a company but also with a community.