2020 is an unusual year and some people even say it is a new age since the world has entered into the new normal. What does the new normal mean? According to Wikipedia, when something that was previously abnormal has become commonplace, we call it new normal.
Following the COVID-19 pandemic, people’s life and working mode change and the growth pattern of economy alter. Under such a situation, there are some aspects we need to know and some adjustments need to be made.
1) Global Economy Recession is Inevitable
Whether you want to admit it or not, the world economies are closely linked. Unless the pandemic around the world is over, the economy won’t recover. In the meantime, the battle between pandemic prevention and economic recovery is like a tug-of-war, however, we need to recover the economy as well as control the pandemic.
2) Adjust Recognition and Live with Challenges
Under the current pandemic situation, there is no 100% certainty for any prediction. So we need to change our thoughts and recognition to live with uncertainties. For example, we should become used to wear face masks and keep social distancing in public places. More and more people begin to buy things online and solve the problem online. And the benefits of new technology and digitalization become more and more prominent. Faced with a new situation, if we cannot make any prediction for the future, what we need to do is to increase our ability to cope with problems flexibly.
3) Focus on the Current Business, Keep an Eye on the Long-term Development and Find a New Possibility
When the growth slows down and the business is downward, many companies consider more about surviving than growing. Is there still any chances under the new normal? If you can go deeper into your current business, you will find that there are still some chances, like cutting down cost and increasing organizational efficiency.
While focusing on the current business, keeping an eye on the long-term business is necessary. That is to say, you need to balance the current business and future development. And you may gain some new possibilities for your business if you can make some overall arrangements from the long-term run.
When abnormal becomes commonplace, we can do nothing but adjust ourselves and do the best as we can in the changeable situation. As the risk management philosophy of Huawei goes, an enterprise should be a plant rather than an animal, because a plant can grow well in whatever circumstances as long as its root goes deep.
