Sample Business Paper on Promoting Business during the Pandemic

Introduction

            The Covid-19 has impacted both small and big businesses adversely by shaking up business and consumer behavior on a significant scale. However, the presence of the pandemic does not mean all is lost as these firms can rethink their business strategies and take advantage of digital transformation and E-management to keep business alive. Some of the most advantageous factors for business during this Covid-19 period are the presence of digital sales and acquisition channels, outsourcing analytics, and updating acquisition models. This paper analyses the procedures of the stated factors and how they will be beneficial to businesses during the pandemic.

Promotion of Digital Sales and Acquisition Channels

One of the ways for companies to ease the impact of Covid-19 is to take advantage of digital transformation in the 21st century by ensuring a transition to digital. This transition will not only promote rapid business growth and increased need for consumer targeting but it will also provide solutions to fraud and risks the business encounters (Brammer, Branicki and Linnenluecke, 2020). The promotion of digital sales and acquisition channels will greatly benefit businesses; however, it will bring with it some challenges. To overcome these challenges, businesses will have to demonstrate agility by revisiting their analytical and on-boarding abilities through the use of the latest technologies like Machine Learning (Giones et al., 2020). Furthermore, businesses will have to invest in technologies that ensure fraud prevention and identity management.

Updating Acquisition Models

The rapid growth of e-management and the impact for business environments driven by the pandemic mean that models and strategies applied before Covid-19 will not work effectively presently (Seetharaman, 2020). Therefore, businesses have to reassess their acquisition models, rethink their processes, and update their shifting customer profiles with speed. These upgrades will go hand-in-hand with relevant updates to data sources and analytical tools to allow businesses to easily carry out data acquisition, data analysis, and implementation. Bartik et.al (2020) states that the first critical step to counter the effects of the pandemics on business and their target consumers is to repair the existing acquisition models and to look out for new model strategies and put them up for implementation.

Outsourcing Analytics

Outsourcing analytics is a factor that will be advantageous to businesses in the way it will ease the operational risk. The pandemic has increased the rate and occurrence of operation risk since it has forced office operations to come to an end. Some of the issues to do with operation risk include; illness, failure from relevant suppliers, and unusual consumer needs resulting from the digitalization of sales that bring about increased resource demands Bartik et.al (2020). Outsourcing analytics will allow businesses to know and take the right steps in the midst of Covid-19, allowing them to get through the downturn. In this case, the procedure here is to outsource analytics since in-house analytics may be costly (Araz et al., 2020). This factor will enable businesses to respond rightly and effectively to the operational risk arising from the impacts of the pandemic.

Conclusion

            The pandemic has brought about negative business conditions that have resulted in losses, damages, and increased risks. As a result, some businesses are on the brink of collapse; however, this does not need to be the case since factors like outsourcing analytics and updating acquisition models can prove beneficial to such businesses. It is important to accept that the business is not the same due to Covid-19; therefore, it is important to undertake the necessary steps to ensure one’s business survives this period.

 

 

References

Araz, O. M., Choi, T. M., Olson, D., & Salman, F. S. (2020). Data analytics for operational risk management. Decision Sciences.

Bartik, A. W., Bertrand, M., Cullen, Z., Glaeser, E. L., Luca, M., & Stanton, C. (2020). The impact of COVID-19 on small business outcomes and expectations. Proceedings of the National Academy of Sciences117(30), 17656-17666.

Brammer, S., Branicki, L., & Linnenluecke, M. (2020). COVID-19, Societalization and the Future of Business in Society. Academy of Management Perspectives, (ja).

Giones, F., Brem, A., Pollack, J. M., Michaelis, T. L., Klyver, K., & Brinckmann, J. (2020). Revising entrepreneurial action in response to exogenous shocks: Considering the COVID-19 pandemic. Journal of Business Venturing Insights14, e00186.

Seetharaman, P. (2020). Business models shifts: Impact of Covid-19. International Journal of Information Management54, 102173.