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John Wang
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Stocks
April 14 10:32

What will be the first priority in post-COVID business?

The economy should shift to being resilient first and efficient second.
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Coindesk’s columnist and entrepreneur Preston Byrne has published his take on the major changes that might happen in the global economy when pandemic levels off. He believes, that the businesses will have to shift their priorities towards resilience. 

Byrne stresses, that dominant business culture of the recent years favoured efficiency over everything else. Managers, CEOs and whole companies are encouraged to use all of their resources to grow and develop. The burn rates should always be kept high, despite the risks. The emergencies are rarely taken into account when preparing strategies and budget.
This behaviour proved to be reckless and destructive. Raw efficiency can not handle global crisis, and it hurts the consumers, the investors and the companies itself. Nobody is exempt from the global issues. SMBs, large companies and banks all suffer the consequences. 
When the pandemic is over, business will have to change and prioritize resilience. There will always have to be a financial reserve and a contingency plan.
Byrne believes, that many companies will also introduce changes to their organization. Workforce will be divided into smaller teams, that work remotely and can function independently.