Abstract:
Business recovery strategies in the post-COVID era focus on helping companies
recover from the economic impact of the pandemic, which has affected businesses of
all sizes and sectors. Some of the strategies employed included cost-cutting
measures, diversification, and digitalization. This review seeks to determine the cost
cutting measures employed by businesses to reduce expenses and streamline
operations, and exploring new revenue streams while finding ways to increasing
efficiency, such as automating processes. The review also seeks to determine
recovery strategies adopted to recover from the pandemic including expansion into
new markets or product lines to help reduce the impact of any specific industry
downturn. Digitalization strategy has become increasingly important for businesses
in the post-COVID erae-commerce, digital marketing, and online communication
tools, to reach customers and improve efficiency. Another important strategy under
review is continuity and crisis management which helps businesses to respond
quickly and efficiently to unexpected events such as lockdowns, supply chain
disruptions, or changes in consumer behavior. Responsiveness and adaptiveness to
changing circumstances and customer needs is another key strategy under review
since it opens to new opportunities and being agile in the face of challenges. Overall,
the COVID-19 pandemic has presented many challenges for businesses, but with the
right strategies in place, businesses achieve successful recovery with those able to
respond quickly and adapt to new reality more likely to recover and emerge
stronger from the crisis.
