What will the economy look like in the aftermath of the coronavirus crisis?

More than ever, we are confronting the harsh reality of our current dependence on globalisation, mobility, the world economy and the health of our employees. If there is one thing we have learned from the coronavirus crisis, it is how innovative and flexible we have become! We have been obliged to do so in order to survive. It is worth wondering why we could not manage this before, if we can now. Digital meetings have replaced all non-essential travel, online shopping has exploded and we have finally accepted paperless digital administration and accounting practices.

More sustainable entrepreneurship

Sustainable entrepreneurship is all about balancing people, planet and profit. Though past sustainability concerns focused mainly on the environment, the value of social and economic sustainability is increasingly clear. Our reliance on other countries for such items as raw materials, production parts and now, medical products has some important lessons to teach us. And that is precisely where the opportunities lie. Imagine a circular economy, for example, with a chain that is much less vulnerable than current practices such as global outsourcing and just-in-time models.

Revisit your current business model

Though it may not seem that way, this coronavirus crisis is a perfect opportunity for entrepreneurs to revisit their current business model. Transition to operational self-sufficiency where you can for less dependency on factors outside your control. Set up partnership agreements with customers and suppliers or transform supply chains into supply circles. Think global, act local. Embrace digitalisation and respond to today’s needs. Dare to be innovative and sustainable; respect the environment.

Furthermore, it has been brought home to us once again how valuable our employees are. Not just their health, but their drive and commitment are what truly makes the difference these days. This crisis requires enormous flexibility on their part. It can prove even more fruitful than before to draw up a solid, sustainable policy that considers your employees’ work environment, involvement, their work-life balance and flexible working opportunities.

Businesses that dare to take these important steps will not just benefit from economic and tax incentives, they are ensuring that their companies remain future-proof in the new economy, after the coronavirus crisis is over.

Does your company wish to make an (initial) move towards more sustainability and innovation? Please contact your account manager or one of our experts at contact@vdl.be.