The aftershocks of the pandemic on the global markets and business, in general, will continue long after COVID-19 or the Wuhan virus ceases to be a threat. No matter how people look fondly towards the pre-pandemic days, the writing is on the wall. There is no return to the “old normal,” firms have to adapt to an increasingly uncertain future.
At a time when even the basics of doing business are being redefined, executives and managers cannot afford to sit idly by. The leadership should be prepared to react in kind with the following measures.
Double Down on Business Identity and Values
Organizational cohesion and discipline are at risk when firms are forced to dilute the traditional office structure with high disruptive arrangements like remote work or hybrid work.
Aspects of the business, like its company culture, organizational values, and overall brand image need to be reassessed, reinforced, and in some cases, reinvented. Without such values in place, chaos and conflict in business partnerships can proliferate, leading to disruption.
Allocate More Importance to Speed and Agility
To effectively navigate the complexities caused by the pandemic and digital disruption, you need lightning-quick decisions. A meandering office bureaucracy is often an impediment to this kind of progress. To become truly future-ready, partnership firms should make concrete attempts to reduce organizational complexity.
Business partners should be prepared to resolve conflicts more amicably through business partnership mediation rather than getting entangled in prolonged and costly litigation.
Re-evaluate the Role of the Human in Business
With automation on the horizon, the importance of humans in business will not diminish. Instead, firms will have to find ways to leverage talent more effectively for productivity. With fewer employees on board, management has to specify clear expectations and boundaries as well. Inclusivity is also critical – nearly a third of surveyed employees were willing to transfer to new firms over concerns about inclusion.
Swiftly Manage the Business Conflicts that Occur
Conflicts may arise among partners at some point. Differences are almost inevitable when individuals get together as business partners to run an organization. Some level of tension is natural and to be expected. But partners need to be mindful of the additional restrictions placed by the modern, digital office.
A conflict risk assessment should rank high on the list of priorities. Nurture an inclusive culture, pay attention to the business dynamics, and above all, focus on nipping potential conflicts in the bud through business mediation services. Often Business Operating Agreements are out dated and obsolete. By revisiting your Business Operating Agreement along with your business strategy and budgets you are actively contributing to the health and welfare of your enterprise.
The Challenges of Post-Pandemic Business Mediation
In most instances, settling disputes out of the courts is the ideal option in business. As a more effective and affordable alternative to expensive litigation, mediation will have a larger role to play in the new post-pandemic business environment.
Business mediation has numerous advantages – keeping partnerships alive, better privacy, and efficient problem-solving. But even mediation needs to find its feet in the digital corridors of modern business interactions. When much of the business activity is moving to Zoom, the forward-looking mediators are also equipped to offer both in-person and online mediation services.
Even in situations where direct interaction is limited, skilled mediators can use subtle tactics to help business partners resolve disputes through remote mediation.