It is no longer a surprise that the pandemic drastically changed how the world operates. Ever since COVID-19 started spreading, people were required to stay at home, and every business deemed not essential was forced to close down.
The sudden change left no room for businesses to adjust and prepare, making it hard for some firms to survive the pandemic. The abrupt shift has significantly affected companies, especially SMEs or small to mid-sized enterprises. Because SMEs usually operate on limited capacity, executing long-term goals has been a challenge for them ever before the pandemic started. And with the COVID coming into the picture, most SMEs experienced massive financial pain and dislocation of their efforts to grow and run their operations smoothly. Some even had to pronounce bankruptcy as they could not withstand the pandemic’s economic effect.
The pandemic revealed a lot of flaws in business operations which became a lesson for companies. And now, with the economy slowly rising and being stable once more, businesses knew they had to develop and adapt to new business models that could help them scale their businesses.
Furthermore, the pandemic showed that growing the business is not the only thing entrepreneurs should focus on. Scaling a business is also one of the most critical steps to take, especially nowadays. Many enterprises have realized the need for more flexible and versatile business models and migration solutions that can withstand unforeseen circumstances such as the pandemic.