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Start » business ideas, 10 businesses that will remain in demand post-pandemic.

COVID-19 has increased demand for some businesses, and many of those businesses will remain popular after the pandemic subsides.

As COVID-19 continues to shift the business and commerce landscapes in the U.S. and around the world, some companies have been fortunate to see enormous jumps in demand. Many of these businesses, which mostly center around technology and recreation, will not simply be a flash in the pan and will continue to attract many customers after the pandemic in part to changing consumer behavior.

Here are 10 business types that will be in demand even after the threat of COVID-19 fully subsides.

At-home fitness

Peloton , Mirror and other companies that provide home-based connected fitness products and online classes have become popular because many gyms closed throughout the U.S. during the pandemic. However, now that these products and classes have become part of the home routines, it’s likely they are here to stay for the long term.

“With more people aware of the virtual options for maintaining their fitness and wellness, I think people will continue to include online classes and workouts as a part of their overall wellness routine,” Paul Javid, CEO of Alo Moves , told Forbes . “The key factor here is variety — people want their workouts to work for them, and they enjoy being able to customize their classes to their ever-evolving lifestyle.”

Cybersecurity

With so many more people working from home during the pandemic , IT has been a struggle for companies. As such, businesses have invested in cybersecurity solutions to help protect company computers, phones and data that are being used all over the country instead of in corporate offices. With some companies telling workers they can remain remote after the pandemic, the need for cybersecurity will remain.

“Companies are already dealing with remote workforces that were increasing in size — remote roles were increasing at most places, but then the whole company was remote,” Chris Wysopal, founder and chief technology officer of cybersecurity firm Veracode , told CNBC . “And so all of a sudden you had to deal with ‘How am I securing all the laptops that are there? How are all those employees getting in all the systems they need to access?’ It changed everything really, really quickly and cybersecurity people had to scramble, essentially, to make sure that that was all done well.”

With many physical stores still not allowing full capacity because of the pandemic and some closed for good because of COVID-19, more people are shopping online than ever. E-commerce sales in the United States increased more than 40% year-over-year in August 2020, reaching $63 billion, according to data from Adobe. Now, even if people head back to these stores after the pandemic, the convenience of online shopping will remain and more people will take advantage of that.

“We are seeing signs that online purchasing trends formed during the pandemic may see permanent adoption,” Taylor Schreiner, Director of Adobe Digital Insights, said in a recent report . “While BOPIS (buy online, pick up in-store) was a niche delivery option pre-pandemic, it is fast becoming the delivery method of choice as consumers become more familiar with the ease, convenience and experience.”

Fast-food franchises

While not all franchises have sustained normal demand levels during the pandemic, some franchises are thriving . Fast food franchises in particular have adapted to changing consumer behavior , including more people ordering in bulk, a preference for “contactless” pickup, in-app digital ordering and new traffic spike times. New investments in technology and automation will likely help fast-food companies weather the storm and remain a popular option after the pandemic.

With more people cooped up inside in 2020, consumers turned to gaming to help them pass the time during the pandemic.

Food delivery

With fewer people dining out and more eating at home during the pandemic, there’s also been a jump in consumers having meals delivered. While food delivery services such as Grubhub and Uber Eats have struggled with profitability, they have become more popular than ever during the pandemic. Uber, for example, said demand for Uber Eats more than doubled in the second quarter of 2020 . Even before the pandemic, the market for online food delivery was projected by some analysts to reach $200 billion by 2025 . Now that the pandemic has introduced more consumers to the convenience of food delivery, there’s good reason to believe it will stick.

With more people cooped up inside in 2020, consumers turned to gaming to help them pass the time during the pandemic. Whether that gaming was on consoles, PCs or mobile devices, sales were up. As of the end of August 2020, $29.4 billion of video games had been sold in the U.S., up 23% from the year-before period, according to Quartz . Quartz reporter Adam Epstein believes many of those people who gamed during the pandemic will continue to play even after it is over.

“These widespread increases in both game sales and usage likely can’t be sustained as consumers leave their homes more often and life slowly returns to some semblance of a prior normalcy,” Epstein writes. “But they may fall back to a much higher baseline, as the pandemic permanently changes our entertainment habits, further steeping the world in gaming culture.”

Home improvement

During the pandemic, home sales have boomed, with many Americans seeking more comfortable places to ride out COVID-19. In July 2020 alone, home sales increased by 8.7% versus July 2019 sales. With so many people living in newly bought houses and more people stuck at home, home improvement stores and services have seen a new boom as well. Companies like Lowe’s, Home Depot, Tractor Supply and Sherwin-Williams have all seen demand increase this year , and surveys suggest home improvements will continue for quite some time as people invest in new properties.

“Although we expect some near-term deceleration as parts of the population go back to their places of business and spend less time at home, COVID-19 could provide a longer-term benefit for home improvement stocks if it ultimately does cause an increase in housing turnover as our survey may suggest,” Bank of America analyst Elizabeth Suzuki wrote . “A shift into larger existing homes (corresponding to a shift out of cities) and older homes requiring renovation (which most young buyers can more easily afford), could be a multi-year tailwind.”

Remote work software

Remote work applications — whether it’s video chat, instant messaging, productivity, collaboration or other tools — have become important fixtures in the work-from-home landscape that has been accelerated by the pandemic. Companies have invested in this software to better connect employees who no longer have the office to center themselves around. While some employees will go back to the office after the pandemic, not all will. As such, the software makers behind these tools will likely remain in demand.

Telemedicine

More people than ever are seeking medical appointments via telemedicine due to concerns about catching COVID-19 and restrictions limiting the number of people allowed in offices. Forrester now predicts “virtual care visits will soar to more than 1 billion ” in 2020. While some people who did virtual doctor visits will return to in-person appointments, the ease of virtual visits and investments by doctors in telemedicine software means it’s here to stay.

"We've been telling doctors for years that by 2024, there will be more virtual visits per day than in-person visits. COVID has brought that date two years, maybe three years forward," Clinton Phillips, CEO and founder of telehealth app Medici , told TechRepublic . "Before, doctors were saying, 'Oh, 1% of visits are virtual. This will take forever.' Now they're going, 'Oh my gosh, this is really happening.'"

Virtual events

During the pandemic, virtual events and conferences have become a staple for companies trying to replace in-person experiences. While said in-person events will return after the pandemic ends, virtual events will also remain because so many people have now been exposed to them and companies have invested in the infrastructure to make virtual events work. What also might develop is a new hybrid model , where a conference will take place in person but there will also be an online version of the event for virtual attendees.

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10 Post-Pandemic Opportunities to Grow Your Business in 2021 The largest wealth transfer in human history is happening right now. Fortunes have been made to the tune of trillions in 2020. Was it you? Will it be you?

By Mike Koenigs • Feb 18, 2021

Opinions expressed by Entrepreneur contributors are their own.

What are the top 10 opportunities hidden in plain sight and available right now to grow and scale your business post-pandemic?

I don't have to tell you that this has been a crazy year for most people. There are a ton of businesses that have done exceptionally well during this unprecedented time.

The largest wealth transfer in human history is happening right now. Fortunes have been made to the tune of trillions in 2020. Was it you? Will it be you?

Professor Scott Galloway reported in 2009, e-commerce represented about 6% of all retail sales in the United States. That increased 1% each year up until last year when the pandemic hit. Inside of eight weeks, we went from 16% to 27%.

The world and business shot ahead about five years due to the usage of Zoom.

Related: 25 Ways to Make Your Zoom Meetings Awesome!

We had no choice. We didn't have travel, the hotel industry, or live events. Everything crashed and burned but those who pivoted have done very well. Those who didn't are struggling to survive. The advancement in mindset, thinking about what has value, shifted dramatically and is a huge part in the preparation for the post-pandemic, chaos, crisis, and opportunity.

Through an entrepreneur's lens, I asked, "where are the opportunities inside this chaos and confusion? How can I add value, serve and provide more value?" That's what I think being a great entrepreneur is all about.

Here are my "Top 10 Post Pandemic Growth Strategies"

These come from a variety of case studies, observations, and thoughts I've had this past year

1. Craft a pandemic-proof offer

• Elevate what you already do and move into a big-ticket offer targeted at an audience with more money.
• Virtualize, Digitize, Dematerialize. The best part of the new "Zoom Economy" is the perception of value for in-person versus online is equal in nearly every business.
• Craft a story that's tied to your brand that articulates your product experience with social proof.
• Elevate you and your brand properly with authority and status with content marketing.
• Use one or more channels to "bring "em in."

2. Get narrow, deep, and expensive

• Build deep, meaningful relationships with potential clients with personalized messaging .
• Design offers that can be delivered to any country or industry.
• Don't be afraid to double or triple your prices.
• Create a "category of one" brand.

3. Zoom it up!

• Sell and deliver with Zoom.
• Build a studio - I recommend getting a quality microphone , ring light , and branded background. This is the one my team uses .
• The biggest players increased revenue and sales using Zoom - Tony Robbins had record attendance for his UPW events, previously only delivered live.
• Go international.

4. Use podcasts to get clients and rapidly create content

• Get on podcasts where your ideal clients will hear you or start your own.
• Consider hiring a podcast booking agency - $200-$400 will get you on a quality podcast with thousands of subscribers.
• Podcasts are the fastest and easiest way to get SEO.

5. Create and borrow super credibility

• If you can't be found on Google immediately, you're at a huge disadvantage
• Content marketing is critical for generating leads and credibility.
• You need consistent SEO with disciplined content creation.
• Gain super credibility by interviewing or being interviewed by experts on podcasts, blogs, or platforms.
• If you haven't already started using Clubhouse , get an invite and start speaking in rooms. It's a great place to network with experts.

6. Never trust a platform. Email still rules:

• Facebook, Google, and Social can deplatform, delist or censor you at any time. Don't trust them. Drive traffic back to your website and build a list.
• Email reigns for connection-building and sales.
• Invest in cold email - there are super affordable database services with hundreds of millions of contacts for $100-$300 per month.

7. "Who" everything up

• Stop asking "how can I do this?" Ask who can do this?
• Create collaborations with the right "who's."
• Read the book, " Who Not How " or this interview with the author, Dr. Benjamin Hardy .

8. Prepare to go back to physical

• Events will come back.
• Reinvent and zig when everyone else zags.
• Stand out with new ways to deliver in a digitized and virtualized world.

9. Accept cryptocurrency:

• PayPal and Stripe are supporting crypto this year.
• It's easy to accept.
• We put bitcoin on our website - 5% of our revenue was paid in crypto.

10. Embrace Virtual Reality

• It's intimate and immersive.
• How can you use VR to add value and be unique?
• I'm delivering business coaching with VR this year.

Bonus #11. Here's an idea that has helped drive sales for us and our clients during the pandemic. Produce a "Day in the Life" video of experiencing your product and service. We created "The Superpower Accelerator Experience" for us. At the end of this episode is a 6-minute video that we produced for Strategic Coach . It overcomes every sales objection their salespeople hear and describes what it's like to be a customer.

Related: Here's How You Can Charge $500,000 for Your Services

Dan Sullivan, Strategic Coach's founder called it " the finest piece of marketing material Strategic Coach has had in 31 years , a work of art."

It's the result of having interviewed over 100 members, the executive team, the sales team, and looking at years of buyer and customer data. We set out to craft a short "hero's journey" that would be easy for salespeople, clients, and customers to share.

The most profitable lesson I learned in 2020 is the key to achieving consistent growth even in a downturn requires great storytelling, narrowing your message to a higher-end audience, and quickly pivoting how you deliver your product.

Don't focus on the transaction, sell the transformation.

Entrepreneur Leadership Network® Contributor

Founder of Superpower Accelerator

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

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From surviving to thriving: Reimagining the post-COVID-19 return

The 1966 World Cup marked a low point for Brazilian soccer. Although the winner of the previous two tournaments, the team was eliminated in the first round, and its star player, Pelé, failed to perform. Fouled frequently and flagrantly, he threatened never to return to the World Cup. Many wondered if Brazil’s glory days were over. Four years later, however, Brazil won again, with such grace and style that the 1970 team is not only widely regarded as the best team ever to take the pitch but also as the most beautiful. And Pelé was named the player of the tournament.

Making this turnaround required innovation, in particular, the creation of a unique attacking style of soccer. It required building a cohesive team, even as most of the roster changed. And it required leadership, both in management and on the field. The result: by reimagining everything, Brazil came back stronger.

As businesses around the world consider how they can return from the torment inflicted by the coronavirus, Brazil’s journey from failure to triumph provides food for thought. In a previous article, McKinsey described five qualities that will be critical for business leaders to find their way to the next normal : resolve, resilience, return, reimagination, and reform. We noted that there would likely be overlap among these stages, and the order might differ, depending on the business, the sector, and the country.

In this article, we suggest that in order to come back stronger, companies should reimagine their business model as they return to full speed. The moment is not to be lost: those who step up their game will be better off and far more ready to confront the challenges—and opportunities—of the next normal than those who do not.

There are four strategic areas to focus on: recovering revenue, rebuilding operations, rethinking the organization, and accelerating the adoption of digital solutions.

1. Rapidly recover revenue.

Speed matters: it will not be enough for companies to recover revenues gradually as the crisis abates. They will need to fundamentally rethink their revenue profile, to position themselves for the long term and to get ahead of the competition. To do this companies must SHAPE up.

S tart-up mindset. This favors action over research, and testing over analysis. Establish a brisk cadence to encourage agility and accountability: daily team check-ins, weekly 30-minute CEO reviews, and twice-a-month 60-minute reviews.

H uman at the core. Companies will need to rethink their operating model based on how their people work best. Sixty percent of businesses surveyed by McKinsey in early April said that their new remote sales models were proving as much (29 percent) or more effective (31 percent) than traditional channels.

A cceleration of digital, tech, and analytics. It’s already a cliché: the COVID-19 crisis has accelerated the shift to digital. But the best companies are going further, by enhancing and expanding their digital channels. They’re successfully using advanced analytics to combine new sources of data, such as satellite imaging, with their own insights to make better and faster decisions and strengthen their links to customers.

P urpose-driven customer playbook. Companies need to understand what customers will value, post-COVID-19, and develop new use cases and tailored experiences based on those insights.

E cosystems and adaptability. Given crisis-related disruptions in supply chains and channels, adaptability is essential. That will mean changing the ecosystem and considering nontraditional collaborations with partners up and down the supply chain.

Rapid revenue response isn’t just a way to survive the crisis. It’s the next normal for how companies will have to operate. Assuming company leaders are in good SHAPE, how do they go about choosing what to do? We see three steps.

Identify and prioritize revenue opportunities. What’s important is to identify the primary sources of revenue and, on that basis, make the “now or never” moves that need to happen before the recovery fully starts. This may include launching targeted campaigns to win back loyal customers; developing customer experiences focused on increased health and safety; adjusting pricing and promotions based on new data; reallocating spending to proven growth sources; reskilling the sales force to support remote selling; creating flexible payment terms; digitizing sales channels; and automating processes to free up sales representatives to sell more.

Once identified, these measures need to be rigorously prioritized to reflect their impact on earnings and the company’s ability to execute quickly (exhibit).

Act with urgency. During the current crisis, businesses have worked faster and better than they dreamed possible just a few months ago. Maintaining that sense of possibility will be an enduring source of competitive advantage.

Consider a Chinese car-rental company whose revenues fell 95 percent in February. With the roads empty, company leaders didn’t just stew. Instead, they reacted like a start-up. They invested in micro–customer segmentation and social listening to guide personalization. This led them to develop new use cases. They discovered, for example, that many tech firms were telling employees not to use public transportation. The car-rental company used this insight to experiment with and refine targeted campaigns. They also called first-time customers who had cancelled orders to reassure them of the various safety steps the company had taken, such as “no touch” car pickup. To manage the program, they pulled together three agile teams with cross-functional skills and designed a recovery dashboard to track progress. Before the crisis, the company took up to three weeks to launch a campaign; that is now down to two to three days. Within seven weeks, the company had recovered 90 percent of its business, year on year—almost twice the rate of its chief competitor.

During the current crisis, businesses have worked faster and better than they dreamed possible just a few months ago. Maintaining that sense of possibility will be an enduring source of competitive advantage.

Develop an agile operating model. Driven by urgency, marketing and sales leaders are increasingly willing to embrace agile methods; they are getting used to jumping on quick videoconferences to solve problems and give remote teams more decision-making authority. It’s also important, of course, for cross-functional teams not to lose sight of the long term and to avoid panic reactions.

In this sense, “agile” means putting in place a new operating model built around the customer and supported by the right processes and governance. Agile sales organizations, for example, continuously prioritize accounts and deals, and decide quickly where to invest. But this is effective only if there is a clear growth plan that sets out how to win each type of customer. Similarly, fast decision making between local sales and global business units and the rapid reallocation of resources between them require a stable sales-pipeline-management process.

2. Rebuilding operations.

The coronavirus pandemic has radically changed demand patterns for products and services across sectors, while exposing points of fragility in global supply chains and service networks. At the same time, it has been striking how fast many companies have adapted, creating radical new levels of visibility, agility, productivity, and end-customer connectivity. Now leaders are asking themselves: How can we sustain this performance? As operations leaders seek to reinvent the way they work and thus position themselves for the next normal, five themes are emerging.

Building operations resilience. Successful companies will redesign their operations and supply chains to protect against a wider and more acute range of potential shocks. In addition, they will act quickly to rebalance their global asset base and supplier mix. The once-prevalent global-sourcing model in product-driven value chains has steadily declined as new technologies and consumer-demand patterns encourage regionalization of supply chains . We expect this trend to accelerate.

This reinvention and regionalization of global value chains is also likely to accelerate adoption of other levers to strengthen operational resilience, including increased use of external suppliers to supplement internal operations, greater workforce cross-training, and dual or even triple sourcing.

Accelerating end-to-end value-chain digitization. Creating this new level of operations resilience could be expensive, in both time and resources. The good news, however, is that leading innovators have demonstrated how “Industry 4.0” (or the Fourth Industrial Revolution suite of digital and analytics tools and approaches) can significantly reduce the cost of flexibility. In short, low-cost, high-flexibility operations  are not only possible—they are happening. Most companies were already digitizing their operations before the coronavirus hit. If they accelerate these efforts now, they will likely see significant benefits in productivity, flexibility, quality, and end-customer connectivity.

Rapidly increasing capital- and operating-expense transparency. To survive and thrive amid the economic fallout, companies can build their next-normal operations around a revamped approach to spending. A full suite of technology-enabled methodologies is accelerating cost transparency, compressing months of effort into weeks or days. These digital approaches include procurement-spend analysis and clean-sheeting, end-to-end inventory rebalancing, and capital-spend diagnostics and portfolio rationalization. Companies are also seeking to turn fixed capital costs into variable ones by leveraging “as a service” models.

Embracing the future of work. The  future of work , defined by the use of more automation and technology, was always coming. COVID-19 has hastened the pace. Employees across all functions, for example, have learned how to complete tasks remotely, using digital communication and collaboration tools. In operations, changes will go further, with an accelerated decline in manual and repetitive tasks and a rise in the need for analytical and technical support. This shift will call for substantial investment in workforce engagement and training in new skills, much of it delivered using digital tools.

Reimagining a sustainable operations competitive advantage. Dramatic shifts in industry structure, customer expectations, and demand patterns create a need for equally dramatic shifts in operations strategies to create competitive advantage and new customer value propositions. Successful companies will reinvent the role of operations in their enterprises, creating new value through a far greater responsiveness to their end customers—including but not limited to accelerated product-development and customer-experience innovation, mass customization, improved environmental sustainability, and more interconnected, nimble ecosystem management.

Taking action. To keep up during COVID-19, companies have moved fast. Sales and operation planning used to be done weekly or even monthly; now a daily cadence is common. To build on this progress, speed will continue to be of the essence. Companies that recognize this, and that are willing to set new standards and upend old paradigms, will build long-term strategic advantage.

3. Rethinking the organization.

In 2019, a leading retailer was exploring how to launch a curbside-delivery business; the plan stretched over 18 months. When the COVID-19 lockdown hit the United States, it went live in two days. There are many more examples of this kind. “How can we ever tell ourselves that we can’t be faster?” one executive of a consumer company recently asked.

Call it the “great unfreezing”: in the heat of the coronavirus crisis, organizations have been forced to work in new ways, and they are responding. Much of this progress comes from shifts in operating models. Clear goals, focused teams, and rapid decision making have replaced corporate bureaucracy. Now, as the world begins to move into the post-COVID-19 era, leaders must commit to not going back. The way in which they rethink their organizations will go a long way in determining their long-term competitive advantage.

Specifically, they must decide who they are, how to work, and how to grow.

Who we are. In a crisis, what matters becomes very clear, very fast. Strategy, roles, personal ownership, external orientation, and leadership that is both supportive and demanding—all can be seen much more clearly now. The social contract between the employee and employer is, we believe, changing fundamentally. “It will matter whether you actually acted to put the safety of employees and communities first,” one CEO told us, “or just said you cared.” One noticeable characteristic of companies that have adapted well is that they have a strong sense of identity. Leaders and employees have a shared sense of purpose and a common performance culture; they know what the company stands for, beyond shareholder value, and how to get things done right.

How we work. Many leaders are reflecting on how small, nimble teams built in a hurry to deal with the COVID-19 emergency made important decisions faster and better. What companies have learned cannot be unlearned—namely, that a flatter organization that delegates decision making down to a dynamic network of teams is more effective. They are rewiring their circuits to make decisions faster, and with much less data and certainty than before. In a world where fast beats slow, companies that can institutionalize these forms of speedy and effective decentralization will jump ahead of the competition.

Many leaders are reflecting on how small, nimble teams built in a hurry to deal with the COVID-19 emergency made important decisions faster and better.

Organizations are also showing a more profound appreciation for matching the right talent, regardless of hierarchy, to the most critical challenges. In an environment with strong cost pressures, successful leaders will see the value in continuing to simplify and streamline their organizational structures. Experience has shown a better way, with critical roles linked to value-creation opportunities and leadership roles that are much more fluid, with new leaders emerging from unexpected places: the premium is placed on character and results, rather than on expertise or experience. This can only work, however, if the talent is there. To hire and keep top talent, the scarcest capital of all, means creating a unique work experience and committing to a renewed emphasis on talent development.

How to grow. Coming out of the crisis, organizations must answer important questions about growth and scalability. Three factors will matter most: the ability to embed data and analytics in decision making; the creation of learning platforms that support both individual and institutional experimentation and learning at scale; and the cultivation of an organizational culture that fosters value creation with other partners.

Those organizations that are making the shift from closed systems and one-to-one transactional relationships to digital platforms and networks of mutually beneficial partnerships have proved more resilient during the crisis. “Every business is now a technology business, and what matters most is a deep understanding of the customer, which is enabled by technology,” remarked a retail CEO.

By organizing to encourage insight generation—for example, by linking previously unconnected goods and services—technology is revolutionizing how organizations relate to their customers and their customers’ customers. Creating digitally enabled ecosystems is therefore critical because these catalyze growth and enable rapid adaptation. When the crisis hit, one company moved all its full-time direct employees into a virtual operating environment; meanwhile, its outsourcing partner, the CEO recalled, “hid behind their contract and played one customer off against another.” It is not difficult to imagine who is better placed to succeed in the more flexible post-COVID-19 business environment, where value creation is shared and strategic partnerships matter even more.

4. Accelerate digital adoption to enable reimagination.

Over the past few months, there has been a transformation in the way we interact with loved ones, do our work, travel, get medical care, spend leisure time, and conduct many of the routine transactions of life. These changes have accelerated the migration to digital technologies at stunning scale and speed, across every sector. “We are witnessing what will surely be remembered as a historic deployment of remote work and digital access to services across every domain,” remarked one tech CEO. He is right. Through the COVID-19 recovery, too, digital will play a defining role.

During the early recovery period of partial reopening, business leaders will face some fundamental challenges. One is that consumer behavior and demand patterns have changed significantly and will continue to do so. Another is that how the economy lurches back to life will differ from country to country and even city to city. For example, consumers may feel comfortable going to restaurants before they will consider getting on a plane or going to sporting events. Early signals of increased consumer demand will likely come suddenly, and in clusters. Analyzing these demand signals in real time and adapting quickly to bring supply chains and services back will be essential for companies to successfully navigate the recovery.

To address these challenges, leaders will need to set an ambitious digital agenda—and deliver it quickly, on the order of two to three months, as opposed to the previous norm of a year or more. There are four elements to this agenda:

Refocus digital efforts to reflect changing customer expectations. To adapt, companies need to quickly rethink customer journeys and accelerate the development of digital solutions. The emphasis will be different for each sector. For many retailers, this includes creating a seamless e-commerce experience, enabling customers to complete everything they need to do online, from initial research and purchase to service and returns. For auto companies, this could mean establishing new digital distribution models to handle trade-ins, financing, servicing, and home delivery of cars. For industries such as airlines, ensuring health and safety will be essential, for example, by reinventing the passenger experience with “contactless” check-in, boarding, and in-flight experiences.

Use data, Internet of Things, and AI to better manage operations. In parallel, companies need to incorporate new data and create new models to enable real-time decision making. In the same way that many risk and financial models had to be rebuilt after the 2008 financial crisis, the use of data and analytics will need to be recalibrated to reflect the post-COVID-19 reality. This will involve rapidly validating models, creating new data sets, and enhancing modeling techniques. Getting this right will enable companies to successfully navigate demand forecasting, asset management, and coping with massive new volumes. For example, one airline developed a new app to manage and maintain its idle fleet and support bringing it back into service; and a North American telecommunications company developed a digital collection model for customers facing hardship.

Accelerate tech modernization. Companies will also need to greatly improve their IT productivity to lower their cost base and fund rapid, flexible digital-solution development. First, this requires quickly reducing IT costs and making them variable wherever possible to match demand. This means figuring out what costs are flexible in the near-to-medium term, for example, by evaluating nonessential costs related to projects or maintenance, and reallocating resources. Second, this involves defining a future IT-product platform, establishing the skills and roles needed to sustain it, mapping these skills onto the new organization model, and developing leaders who can train people to fill the new or adapted roles. Third, the adoption of cloud and automation technologies will need to be speeded up, including bringing cloud operations on-premise and decommissioning legacy infrastructure.

Increase the speed and productivity of digital solutions. To deal with the crisis and its aftermath, companies not only need to develop digital solutions quickly but also to adapt their organizations to new operating models and deliver these solutions to customers and employees at scale. Solving this “last mile” challenge requires integrating businesses processes, incorporating data-driven decision making, and implementing change management. There are different ways to do this. A wide variety of companies, from banks to mining operations, have accelerated delivery by establishing an internal “digital factory” with cross-functional teams dedicated to matching business priorities to digital practices. Others, in addition to reinventing their core businesses, have established new business–building entities  to capture new opportunities quickly.

For companies around the world, the qualities that brought Brazilian football to new heights in 1970—imagination, leadership, and on-the field execution—will be paramount as they consider how to navigate the post-COVID-19 environment. Business as usual will not be nearly enough: the game has changed too much. But by reimagining how they recover, operate, organize, and use technology, even as they return to work, companies can set the foundations for enduring success.

Kevin Sneader , the global managing partner of McKinsey, is based in McKinsey’s Hong Kong office. Bob Sternfels is a senior partner in the San Francisco office.

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Business building sounds fundamental—and it is. But many large incumbents struggle to do it with consistent success, creating openings for disrupters to thrive.

Incumbents are keenly aware of the need to act faster and more boldly. What they often lack are rigorous processes to proactively explore what’s coming next, assess value propositions, and rapidly test-and-learn their way to new, scalable business ideas. It’s actually not about chasing the latest trend or shiny object—or reflexively rejecting anything with a whiff of hype. It’s about unlocking practical insights that guide sustained investment in scalable ideas uniquely suited to your company.

The firms getting it right think of business building as an experimentation machine that drives innovation and growth. It starts with identifying game-changing trends and thinking deeply about how they will alter markets, shift customer behavior, and create new profit pools. We see several that are gaining increasing attention, offering strong potential for business building in the years ahead. 

Circularity

What: The fundamental insight behind circularity is that waste should be treated as an asset. This includes both physical waste, which is generated during production and distribution or at the end of a product’s life, and capacity waste, the great stretches of time that most products go unused (think about the car sitting in your garage). Eliminating both kinds of waste helps companies use resources more sustainably and trim costs. But it can also offer opportunities to create new business models.

Why now: Circularity isn’t new, but it is experiencing fresh tailwinds. Consumer, investor, and government concern over climate change is pushing companies to use resources more sustainably. And geopolitical uncertainty—Ukraine and China being exhibits A and B—threatens raw material supply. Not surprisingly, this is encouraging more start-ups and large corporations to explore ways to use less and tap the potential value in wasted capacity. Companies like IKEA and Bugaboo are designing products to be more easily repairable, serviceable, and reusable. Others are exploring business models such as leasing or resale to create new consumer solutions that are both circular and profitable.

What’s working: While circular models are emerging in sectors ranging from automotive to beverages, fashion is seeing a clear spike of innovation. Catering to luxury brand consumers who buy something, wear it a few times, and move on, secondhand apparel sites like The RealReal have emerged to give fashionistas a place to monetize their overstuffed closets. Fashion houses (which have in the past destroyed unsold products to protect brand scarcity) are responding by finding ways to upcycle returns into new products or resell “preloved” items. That has spawned another site called Archive, which is working with A-list brands like Oscar de la Renta, Cuyana, and The North Face to create online marketplaces for used merchandise. Galeries Lafayette in Paris has also opened a section for high-end secondhand merchandise. 

Digital assets

What: Trillion-dollar losses in cryptocurrencies? The collapse of so-called stablecoins? Looks like the digital asset fad has hit the wall, right? Don’t count on it. Companies and investors who ignore the emergence of blockchain, or distributed database technology, do so at their peril. There’s no doubt crypto and NFTs are both volatile and rife with hype and speculation. But early blockchain applications are also providing proof of concept for the development of the key foundational infrastructure that will ultimately support broader adoption.

Why now: Blockchain evangelists would have you believe that the old Internet is being replaced wholesale by a new, disintermediated online ecosystem (Web 3.0), where everything from your identity to your mortgage is tokenized and fungible. How it actually evolves, however, is completely up for grabs. What we do know is that (depending on your industry) change can happen very rapidly. Much like the explosive growth of e-commerce or app-based services, what once seemed exotic can transform industries in the blink of an eye. As with prior paradigm shifts in technology, web3 control points are emerging, and early adopters may benefit from first-mover advantages.

What’s working: Already, companies like J.P. Morgan, Visa , Mastercard , and Stripe are investing in various blockchain use cases to fortify their leadership positions in finance. Gaming companies, consumer brands, real estate players—all are exploring how to use programmable tokens to enhance loyalty, improve product functionality, and introduce new products that take advantage of smart contracts. Alfa Romeo, for instance, is using NFTs to create transportable records for each car. The Australian Open made a step change in the world of tennis marketing by using NFTs to create an array of innovative benefits for spectators.

What: The metaverse is another flavor of web3 where digital assets like tokens and NFTs exist in virtual- or augmented-reality settings. Arguably, it is already here: Consider Fortnite users, who routinely engage and transact with each other in virtual environments. Full web3 functionality and truly meaningful application, however, will require maturation in the underlying technology and connectivity infrastructure. The global imagination for how to put the virtual world to work in the real world is only now waking up to the possibilities.

Why now: That said, the metaverse represents a paradigm shift in how people interact in cyberspace. It has the potential to be as impactful on our lives as the smartphone-enabled Internet has been. Like any technology, the metaverse is emerging in fits and starts. Early applications in gaming like Roblox and Fortnite may seem trivial—until you realize that real money is changing hands in these gaming environments. (Roblox alone had $2.7 billion of virtual currency purchases in 2021.) This is all to say that forward-thinking companies are already exploring what’s possible in the metaverse and how they might build businesses there. As with digital assets, first-mover advantage may be critical.

What’s working: In gaming, the Roblox community reached 9.6 billion hours of engagement in 2021, with a robust digital economy based on Robux, the game’s version of virtual currency. In entertainment, a virtual concert by Travis Scott generated $20 million, including the revenue from virtual merchandise. In retail, stalwarts like Gucci are setting up virtual storefronts and selling virtual apparel for use by digital avatars in virtual environments. Applications are also appearing in verticals like healthcare (group mental and physical therapy sessions in the metaverse) and education (virtual campuses to foster learning and collaboration across geographies).

Artificial intelligence

What: Most corporate applications of artificial intelligence (A.I.) in recent years have focused on internal efficiencies like delivery-route optimization or self-service HR portals. But that’s changing. As investment dollars continue to pour in, companies are increasingly using A.I. to create new products and services or to enhance older ones. This isn’t without controversy—ethicists and technologists continue to debate the risks and promise of A.I. But the field is growing exponentially.

Why now: Most companies these days collect more data than they know what to do with. Those that figure out how to put it to work are creating new revenue streams and, in some case, transforming industries. The time is now to be thinking strategically about what data assets you have and what new data sets you could be capturing. Can A.I. be used to turn those assets into new products and services that can scale? 

What’s working: In pharmaceuticals, AI is finding its way into all stages of drug development. According to Chemical & Engineering News , major pharma companies are partnering with A.I. specialists to build capability at the level of biology (target discovery and disease modeling), chemistry (virtual screening, retrosynthesis, and small molecule generation), and clinical development (patient stratification, clinical trial design, and prediction of trial outcomes). While approval of a drug discovered and developed using A.I. is a ways off—and some industry experts argue that targeted applications within the drug development process will likely make more sense—A.I. promises to transform how the industry develops drugs.

In automotive, Bosch is using A.I. to build a new solution that helps drivers find parking spots. The company’s ultrasonic sensors equip cars to locate open parking spaces as they make their way through traffic, even if the driver isn’t looking for a place to park. As more and more cars deliver this crowdsourced information to the cloud, A.I. analyzes it, guiding nearby drivers toward available spaces, while making sure that no two drivers are sent to the same spot or that a driveway isn’t mistaken for an open space.

The business-building principle here is universal: The data is available. How can we use A.I. to turn it into a product that improves people’s lives?

The creator economy

What: YouTube instructors, social media influencers, online product reviewers—creators are a new and complex group of stakeholders for companies that blur the lines between customer, product ambassador, and critic. They are often power users themselves and can serve as a new kind of sales channel to reach other users. They may have the power to overshadow companies themselves when it comes to influencing purchasing decisions and can sometimes become competitors. As a group, they are disrupting traditional media, sales channels, and business models.

Why now: The creator economy has reached a massive scale in the past few years—$100 billion by some estimat e s. One reason: Consumers are increasingly skeptical of big corporations and are seeking the authenticity of creators. That’s forcing corporations to engage these creators to drive consideration for their products and inform the innovation process. Often, that means giving up a level of control over what these creators say and do—something many large companies may find uncomfortable but necessary to protect the power of authenticity.

What’s working: Grin, which closed a $110 million Series B funding round in 2021, valuing the company at $910 million, has developed a platform that helps brands like Warby Parker , Allbirds , and Mejuri manage relationships with creators. The platform helps companies recruit creators, build authentic connections with them, and then analyze how those relationships are working. Another start-up, Pietra, has emerged to provide business-building tools for the creators themselves. The platform connects social media entrepreneurs with packaging and fulfillment resources, e-commerce tools, and suppliers. Pietra closed a $15 million Series A round in 2021, valuing the company at $75 million.

These are big secular trends that promise reshape industries. Consumer needs are changing, the technology available to meet those needs is evolving, and business boundaries are likely to be redrawn. The companies keeping pace aren’t waiting for the future to emerge in the sharpest focus. They are mobilizing now to define what’s coming next and positioning themselves to thrive.

Mikaela Boyd is a partner for Bain & Company, overseeing strategy practice for the Americas. Dunigan O’Keeffe is a partner for Bain & Company and head of the global strategy practice. Arpan Sheth is global capability leader for the vector solutions group at Bain & Company.

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Redefining the business of business

Business as usual is no longer an option; companies need to re-engineer how they operate. Image:  Getty Images

.chakra .wef-1c7l3mo{-webkit-transition:all 0.15s ease-out;transition:all 0.15s ease-out;cursor:pointer;-webkit-text-decoration:none;text-decoration:none;outline:none;color:inherit;}.chakra .wef-1c7l3mo:hover,.chakra .wef-1c7l3mo[data-hover]{-webkit-text-decoration:underline;text-decoration:underline;}.chakra .wef-1c7l3mo:focus,.chakra .wef-1c7l3mo[data-focus]{box-shadow:0 0 0 3px rgba(168,203,251,0.5);} Ben Hirschler

COVID-19 has been a wake-up call for business, shining an unsparing spotlight on the vulnerabilities of many organizations and pulling forward changes in working practices that were expected to take years into a matter of weeks.

The disruption unleashed by the worst health crisis in more than a century has ricocheted through every sector of the economy, from financial services giants on Wall Street to small shops and restaurants on main street. The after-shocks will have a profound impact on many aspects of commerce far into the future.

Importantly, coronavirus has also accelerated significant shifts in the complex relations between business and society, underscoring the need for a transformation towards a more inclusive form of capitalism.

Business as unusual

Coming on top of the existing challenges of climate crisis and growing inequality, the threat posed by a runaway disease has forced business leaders to question fundamental aspects of how they operate. One conclusion is already plain: a return to “business as usual” is not an option.

Instead, businesses will be expected to re-engineer the way they operate to build trust, create value for society at large and mitigate long-term risks. Customers, financial markets and governments will punish companies that fall short in terms of their social and environmental impact. Those that provide transparent benefits will be rewarded.

Companies which think that along the axis of people-planet-profit you can only be successful on profit will be the dinosaurs of the future.

The implication for company boards and their investors is that for a business to succeed in the long term, it must provide profitable solutions that positively affect all stakeholders. That means the previous primacy of the shareholder in the life of corporations is set to decline as other voices come to the fore.

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Taking stakeholder capitalism from principle to practice , why covid-19 shows the future not the end of globalization, reform is not enough to build trust – a call for system change.

The changes, however, do not stop there. Two other cornerstones of modern business – the presumption of continued globalization and a limited role for government in the economy – have also been severely shaken by COVID-19. Lockdowns, travel restrictions and other disruptions have crippled many global supply chains, while governments and central banks have intervened in an unprecedented manner to provide some $20 trillion in bailouts to keep the world economy afloat.

The full ramifications of this have yet to play out. But in an age of stagnating globalization and greater government involvement in economic activity, multinational companies are likely to come under pressure to operate more nationally in future, while the long-term price of mammoth stimulus packages may be higher levels of taxation and regulation.

How to thrive post-pandemic

The fallout of COVID-19, of course, varies substantially from sector to sector. A few industries, notably technology and healthcare, have benefited significantly from strong tailwinds, as demand has soared for products ranging from online conference calls and home entertainment to face masks and vaccines.

For other sectors, such as travel and hospitality, there has been a catastrophic slump in demand, making a return to the pre-pandemic environment unimaginable for the foreseeable future.

In between these extremes are vast swathes of the world’s manufacturing and service industries where the task now is to adjust to the shock of the past year and find novel ways to thrive in the post-pandemic era.

For many manufacturers, the key challenge is to adapt fast enough to keep up with the pace of technological advances that will shape the factories of the tomorrow. This includes incorporating artificial intelligence into operations, sharing data and developing the digital traceability systems needed to build comprehensive resilience.

The World Economic Forum’s Global Lighthouse Network has an important role to play here as a catalyst for accelerating the adoption of advanced technologies in manufacturing. So far, more than 50 manufacturing lighthouses have been identified from different industry sectors to help incubate new ideas.

Size also matters as companies chart an uncertain future course, since the pandemic has wreaked unequal havoc among businesses, just as it has throughout societies. Small and medium-sized enterprises (SMEs), which represent about 90% of businesses and more than 50% of employment worldwide , are likely to face greater difficulties recovering than their larger rivals, since they operate on smaller cash re­serves and thinner profit margins.

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Nevertheless, despite these many differences, there are some common themes facing the leaders of all companies considering their paths back to sustainable growth. The challenges and uncertainties they must weigh up include the future of remote working and the acceleration of digital solutions.

The technologies allowing such advances bring great opportunities, but also significant threats, from protecting against cybercriminals to preserving the “soul” of a company if employees can no long meet in person over a coffee.

One standout lesson from 2020 is that the adoption of digitization and the switch to contactless operations can happen almost overnight. Online banking interactions, for example, jumped to 90% during the pandemic, from 10% before, with no drop-off in quality .

But true business transformation requires more dynamic changes than simply applying digital technologies to do faster and cheaper what companies have always done. Nowhere, perhaps, is this more relevant than when it comes to rethinking supply chains.

Embracing just-in-case

Long-simmering Sino-American trade tensions and the innate fragility of global supply lines means that arguments about shortening them have been brewing for several years. The pandemic, however, exposed the fatal flaw in the principle that companies should optimize supply chains based on individual component costs, thereby creating a “just-in-time” (JIT) model that favours economic efficiency over resilience.

The image of automotive manufacturers flying Chinese parts in suitcases to Europe to keep production going in the early days of the pandemic was arguably the final nail in the coffin for the JIT approach.

Instead, more and more companies are embracing “just-in-case” supply systems that put resilience and sustainability centre stage. This rebalancing is critical, but the adjustment is likely to be wrenching throughout large sections of the economy, given that today’s global value chains represent roughly three-quarters of all global trade.

Securing a stake in stakeholder capitalism

Overarching the immediate lessons of COVID-19 is a recognition that environmental, social and governance (ESG) considerations – the yardstick for stakeholder capitalism – will be essential for corporate success in the future. And the stakes could not be higher.

The huge economic and societal disruptions of 2020 have been a potent litmus test for the idea of stakeholder capitalism, which received a fillip in 2019 when the US Business Roundtable redefined the purpose of a corporation as serving all stakeholders, not just shareholders . Some feared that the global crisis might have derailed the project, but in the event all the evidence suggests that the pandemic has pushed ESG issues further up the global agenda.

Corporate leaders from the mining, metals and manufacturing industries are changing their approach to integrating climate considerations into complex supply chains.

The Forum’s Mining and Metals Blockchain Initiative , created to accelerate an industry solution for supply chain visibility and environmental, social and corporate governance (ESG) requirements, has released a unique proof of concept to trace emissions across the value chain using distributed ledger technology.

Developed in collaboration with industry experts, it not only tests the technological feasibility of the solution, but also explores the complexities of the supply chain dynamics and sets requirements for future data utilization.

In doing so, the proof of concept responds to demands from stakeholders to create “mine-to-market” visibility and accountability.

The World Economic Forum’s Mining and Metals community is a high-level group of peers dedicated to ensuring the long-term sustainability of their industry and society. Read more about their work, and how to join, via our Impact Story .

“I think 2021 will be a historic year in terms of changing the philosophy of business, moving from shareholder capitalism to stakeholder capitalism,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum. He believes the concept is becoming truly mainstream in boardrooms around the world.

This is not to say that the profit motive and the capacity to create wealth by taking risks and pursuing innovation is redundant. The world still needs that fundamental growth engine, as well as the ability of markets to allocate resources efficiently. Yet far-sighted companies must also balance the need to run their operations in a sustainable way, not only to add value to society and to protect their licences to operate, but also to add greater long-term value for their shareholders.

In the past, resilience was just a cost. Increasingly it’s going to be looked at as asset.

Among investors, ESG is increasingly viewed as a risk management tool to benchmark the underlying strength of the companies that they finance. In a post-COVID-19 world, it will clearly pay to invest in businesses that are resilient, which means finding companies that track “externalities” – or the consequences of industrial activities that are not reflected in market prices – whether that is the impact on climate change or income inequality or diversity.

For management teams within companies, this changes the debate about the nature of resilience. "In the past, it was just a cost. Increasingly it’s going to be looked at as asset. We're going to have to build a flexible and agile organization that can respond to these things, and climate change is chief among these large-scale risks," said John Haley, Chief Executive Officer, Willis Towers Watson.

Financial infrastructure resilience matters just as much as manufacturing resilience in an era when all countries rely on the global investment system to foster the efficient allocation of capital. The growing investor focus on ESG issues is therefore to be welcomed, although there is clearly room for improvement. Far too often, investment decisions are still driven excessively by short-term pressures – resulting, for example, in companies concentrating on quarterly returns – making the system ineffective in responding to unprecedented economic, environmental or social challenges.

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All of which hammers home the need to bring ESG measurements into the mainstream and to ensure a consistent reporting system that comes close to the common metrics found in financial statements.

That endeavour has now moved an important step forward with leaders representing 61 global businesses signing up this week to a new set of Stakeholder Capitalism Metrics produced by the WEF and its International Business Council. These metrics include a core set of 21 universal, comparable disclosures focused on people, planet, prosperity and principles of governance that companies can report on regardless of industry or region.

The benchmarking system was developed with Bank of America, Deloitte, EY, KPMG and PwC, and it offers a common language to measure what is material for non-financial performance. It elevates ESG from a corporate box-ticking exercise to a process in which businesses demonstrate their long-term value creation and contributions to the Sustainable Development Goals (SDGs).

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Alan Jope, Chief Executive Officer of Unilever, believes the approach will form the foundation of increased corporate involvement in tackling problems like climate change, environmental degradation and social inequality.

“Companies’ annual reports and accounts might not be the first mechanism for change that would spring to mind, but standardized and mandatory non-financial reporting is critical to creating a new form of capitalism that tackles these problems,” he said.

Unilever is among the initial line-up of signatories to the Stakeholder Capitalism Metrics, which also includes bp, Dow, Nestlé, PayPal, Reliance Industries, Royal Dutch Shell, Siemens and Sony. This is, however, just the start. The leadership shown by the first companies is expected to inspire many others.

I would bet that come 2022, there will be a huge increase in the number of companies that have signed up for the Stakeholder Capitalism Metrics and it will become a standard that a lot of people will use.

The inequalities, social unrest and racial injustice exacerbated by the pandemic mean that the need for businesses to build trust among all their stakeholders has never been greater. More and more companies are now waking up to this imperative, with some 86% of executives surveyed by the Forum agreeing that reporting on a set of universal ESG disclosures was important and would be useful for financial markets and the economy .

This major initiative by the Forum and it partners echoes moves by other organizations to make business more sustainable in future, including, for example, Prince Charles’ new Terra Carta or Earth Charter project that asks businesses to take nearly 100 actions, including a commitment to achieving net zero emissions by 2050 or sooner.

Tomorrow's problems today

The readiness of company boards to embrace these projects speaks to a growing awareness that global threats can no longer to ignored as problems for tomorrow, and that building trust among customers, staff and wider society is crucial.

“Trust has become an incredibly important commodity,” said Kirsty Graham, Chief Executive Officer of Edelman Public Affairs, whose company publishes an annual barometer of trust. “It is how you bring people with you, it is your licence to operate if you are a business, it drives your commercial success. It is also your reputation.”

Over the past year, there has been a sharp decline in trust around the world as people have struggled to know where to turn amid of blizzard of misinformation. Significantly, however, the latest Edelman Trust Barometer offers a glimmer of hope for business, which has emerged from the turmoil of 2020 as the most-trusted institution, ahead of government, NGOs and media. That means the pressure is now on meet the expectations of people who are looking to companies to step in and fill the gap in addressing societal problems.

Nowhere is the challenge greater than with climate. Those commentators who early in 2020 thought the pandemic would put climate change on the back burner have been proved wrong. If anything, climate concerns have intensified as devastating forest fires and freak weather events in the past year have shown the urgency of a threat that could make COVID-19 look like a temporary blip in human progress.

The failure of governments so far to bend the curve on global emissions is shifting the debate to the steps that individual companies can play to address the problem. This involves not only cutting their direct emissions but also ensuring a net-zero supply chain. For companies in most customer-facing sectors, end-to-end emissions involved in getting products to customers are much higher than the CO2 released by their own operations.

Overall, an estimated 55% of the solution to the climate crisis will come from better energy systems and the remaining 45% from applying circular economy mechanisms to production and design . That makes collaboration across the industrial continuum essential.

Encouragingly, there are signs of progress with the launch of new commitments by leading companies to reduce their footprint. Just this week, more than 30 electronics companies, including some of the largest consumer brands, have joined with the Forum to launch the Circular Electronics Partnership, which will create a circular economy for electronics by 2030. Currently, only 20% of e-waste is dealt with appropriately, with the majority going to landfills.

Similarly, the Forum’s Global Battery Alliance is establishing a circular value chain for batteries in electric vehicles, with plans for a fully operational Battery Passport by the end of 2022, offering customers full ESG transparency for their product.

Delivering the message that stakeholder capitalism, not shareholder capitalism, offers the best opportunity to tackle the world's environmental and social challenges has been a long haul.

The original Davos Manifesto first established the stakeholder concept back in 1973, although for decades the response to the idea was muted. Things finally started to change in the wake of the 2008 financial crash. With luck, history will look back on 2020 as the greatest inflection point yet.

A collection of initiatives relevant to the day has been created for those with access to the Forum’s online tool, TopLink.

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8 Business Types That Are Thriving During the Pandemic

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The coronavirus pandemic has not impacted all of us equally. Certain communities, populations, and even industries were hit harder than others when the pandemic reached the United States and forced society to pause, contract, or shut down entirely.

While restaurants, bars, educational services, theaters, and many other small businesses that depend on foot traffic and in-person interactions suffered, other types of businesses have actually thrived. Businesses in these industries are either recession-proof—and even pandemic-proof—ventures, or have been able to pivot their operations successfully to account for shifting customer demand.

You’ve no doubt heard the occasional pandemic success story—the liquor delivery business that saw orders skyrocket during lockdowns, the clothing retailer that started producing popular face coverings, and so on. But on the whole, which industries have actually thrived during this uncertain and difficult time? Which businesses are a good bet to continue staying profitable going forward?

Using a combination of U.S. Census survey data and unemployment numbers, we’ve put together a ranking of the industries that have done the best during the height of the pandemic so far in 2020.

The top 8 businesses by pandemic performance

Which businesses are doing the best during the pandemic? Businesses in these eight industries appear to be performing well, according to unemployment levels as well as the results of recent weekly surveys from the U.S. Census Bureau. Industries were broken down by two-digit NAICS sector codes.

1. Utilities

The utilities industry hasn’t missed a beat during the pandemic, and for good reason: These are truly essential services that people need to pay for, no matter the situation.

This sector includes businesses that provide services like electric power, natural gas, water, and sewage removal. It can include generation, transmission, treatment, and distribution of these services.

The unemployment level during the month of August in this industry was the lowest we reviewed, at just 2.2%. Compare that to the Arts, Entertainment, and Recreation, which saw over 26% unemployment.

In its responses to the U.S. Census Bureau, utilities companies mostly reported little impact from the pandemic: 46.8% of respondents said the pandemic had little to no, or even positive, impact on their business, by far the highest mark of any industry measured. Nearly 90% reported no disruption in operations for even a day, and 40.9% said they had at least three months of cash on hand, also outpacing all other industries.

2. Management of companies and enterprises

When your business is to hold the securities of, or other equity interests in, other companies and enterprises, it’s hard to have a down year. Even when that year is 2020.

Establishments in this sector can administer, oversee, and manage other businesses, including organizational planning and decision making—such as investment firms.

A sizable 38.6% of these businesses reported that they had at least three months of cash on hand, and 27.6% said they had generated over $500,000 in revenue in the last month—by far the highest percentage of any industry. On top of that, 18.1% reported an increase in revenue over the month prior, as well as increases in the number of employees and the number of hours they worked.

3. (tie) Administrative and support and waste management and remediation services

This is another industry that is intimately tied to the operations and success of other businesses. And despite the down year that the economy has had, businesses that provide administrative, support, waste management, and remediation services continued to thrive.

Businesses in this industry might perform duties such as office administration, hiring and placing of personnel, document preparation, solicitation, collection, security and surveillance services, cleaning, and waste disposal.

Of respondents to the U.S. Census Bureau in this industry, 13.6% said they saw an increase in revenue in the last week. Another 10.2% reported hiring more employees, and 12.2% said their employees were working more hours.

On top of this, 87.4% of these businesses said they had missed no payments or bills since March 13, 2020—a sign of steadiness despite big-picture upheaval.

3. (tie) Construction

Tied for third in this ranking is the construction industry, which of course encompasses businesses that construct buildings or projects and can include general contractors.

This industry is an interesting case. Unemployment in August was relatively high, compared to some of the other top industries, at 12.4%. But construction projects have mostly continued in many parts of the country throughout the pandemic, which is perhaps why 18.3% of construction businesses said the pandemic had no impact or a positive impact on them—the fourth-highest percentage of all businesses measured.

Construction businesses have also reported a relatively high rate of increase in both the number of employees working and the hours they worked. Clearly, projects are continuing apace for this industry, despite the recession.

5. Finance and insurance

Businesses involved in financial transactions and underwriting risk make up the finance and insurance industry.

This industry was barely disrupted due to the pandemic—86.9% of businesses said they did not have to close their offices, even for a day. As a result, unemployment in this sector is quite low, at just 3.1% as of August.

These businesses also have quite a bit of money in the bank, as 39.2% said they had at least three months of cash on hand for business operations. Finance and insurance businesses may not exactly be thriving as much as they are—relatively—unaffected by the events of 2020.

6. Manufacturing

The manufacturing industry is made up of plants, mills, and factories, but also places that make general public products and sell them on-site, such as bakeries and custom tailors.

Many manufacturing businesses continued to pull in a lot of revenue during the pandemic: 13.2% said they made over $500,000 in revenue/total sales last month, the second-most on this list. A nearly identical amount—13.1%—saw an increase in revenue during that time as well. Employees and the hours they worked increased, too.

7. Professional, scientific, and technical services

This wide-ranging field includes many different kinds of businesses, such as legal advice and representation; accounting, bookkeeping, and payroll services; architectural, engineering, and specialized design; computer services; consulting; advertising; photographic services; translation and interpretation services; veterinary services; and more.

With so many different kinds of businesses in this field, responses ranged from quite positive to moderately negative to some U.S. Census Bureau questions. That being said, unemployment was a relatively low 5.8%, and many businesses reported little-to-no impact, or even positive impact, from the pandemic.

In all, 30.6% of these businesses reported having more than three months worth of cash on hand—a comfortable number.

8. Retail trade

The retail trade encompasses more than just the local gift shop or national brand clothing stores. This industry includes “store retailers” that sell office supplies, electronics, automobiles, and the like; as well as “non-store retailers” that sell through vending machines, catalogs, and other direct methods.

Retail has had an up-and-down year, but on the whole, the sector is performing well: One quarter of all stores reported seeing an uptick in sales over the past week, the top-performing industry of all the ones measured. Retail businesses also reported hiring more employees and having them work more hours than usual of late.

Where this industry falters is in the supply chain: 57.1% of retail trade businesses reported supply chain disruption in the last week. Those that have been able to overcome these difficulties are being rewarded with rising revenues.

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Once we uncover your personalized matches, our team will consult you on the process moving forward.

How we ranked these businesses

Data on how these businesses have been performing through the pandemic comes from two main sources: The U.S. Census Bureau’s Small Business Pulse Survey (SBPS) , and the U.S. Bureau of Labor Statistics’ unemployment rates for the month of August 2020.

In the SBPS, the Census Bureau sought and provided “detailed information about small business operations and finances, requests and receipt of assistance, and two subjective measures, one of overall well-being and one of expectations for recovery.”

We pulled the questions and responses from this survey that we felt spoke the most to whether a business was performing well despite the pandemic over an eight-week period, from April 26 to June 27, 2020. Industries where the largest percentage of respondents selected the top-rated response were considered to be performing better than industries where smaller percentages chose the same. We then ranked each industry by what percentage of respondents selected the top-ranking response, and averaged their rankings across each question and answer.

The questions we focused on and their top-rated responses were:

Question: How would you describe the current availability of cash on hand for this business, including any financial assistance or loans?

Top-ranked response: 3 or more months of business operations

Question: In the last month, what were the total operating revenues/sales/receipts for this business, not including any financial assistance or loans?

Top-ranked response: $500k or more

Question: In the last week, did this business experience a change in operating revenues/sales/receipts, not including any financial assistance or loans?

Top-ranked response: Yes, increased

Question: In the last week, did this business have a change in the number of paid employees?

Question: In the last week, did this business have a change in the total number of hours worked by paid employees?

Question: In the last week, did this business have disruptions in its supply chain?

Top-ranked response: No

Question: In the last week, did this business temporarily close any of its locations for at least one day?

Question: In your opinion, how much time do you think will pass before this business returns to its normal level of operations relative to one year ago?

Top-ranked response: Little or no effect on this business's normal level of operations relative to one year ago

Question: Overall, how has this business been affected by the COVID-19 pandemic?

Top-ranked response: Large positive effect, moderate positive effect, or little to no effect

In addition, we included unemployment rates for each of these industries, per the numbers reported by the BLS for the month of August. Industries with the lowest unemployment rates were assessed to be thriving as compared to industries with high unemployment rates. The ranking of best to worst was also included in final scoring.

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The full list of industries by pandemic performance

Management of companies and enterprises

(tie) Administrative and support and waste management and remediation services

(tie) Construction

Finance and insurance

Manufacturing

Professional, scientific, and technical services

Retail trade

(tie) Information

(tie) Real estate rental and leasing

Wholesale trade

Transportation and warehousing

Health care and social assistance

Arts, entertainment, and recreation

Accommodation and food services

Other services (except public administration)

Educational services

This article originally appeared on JustBusiness, a subsidiary of NerdWallet. Christina Uglietta contributed to the data collection and analysis for this report.

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22 Business Ideas Coming Out of COVID19 Pandemic

• Written by Varun Bhagat
• Published November 30, 2023

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The sudden outbreak of Covid-19 in 2020 brought a major setback on the livelihood of people all across the world. Some people lost their job on the other hand many industries like startups, enterprises , entrepreneurs faced heavy losses. There were many people who had planned to start their business in 2020 but stopped. Well, according to our research there are still magnificent business opportunities that will take a fly during this pandemic situation. Imagining how? Walkthrough to know the insight .

Within this one year of pandemic, have you noticed an instant blaze demand for delivery services, home improvement, pet products, gaming? In case not, then after reading the business ideas given below, you can precisely observe in your apartment, and you will get proof.

But before that, If you are actually willing to introduce your company during this corona phase, then get a brief idea of major concerns for a great kickstart. Such as interaction mode, purchase mode, tourism post-COVID 19 , and where work has dramatically changed over time.

Now, with consideration to the pandemic situation, we have come up with a list of business ideas that can become a boon during this pandemic and will flourish in the future. Let’s get started:

Growing Business Setup Ideas During Covid-19

1. cleaning services.

In order to keep control of that, people of industries and residents need cleaning and disinfecting services at regular intervals. And even after the coronavirus dies, people will never try to task risk in the future. Thus, a cleaning services startup can be a great option with less budget. You simply need to have a plan, suitable location, and dedication to run.

2. Delivery Service

Due to Covid-19 emergence, people have stopped visiting offline stores to keep themselves safe. However, they require food and emergency items to survive. Thus, the zero-contact delivery business ideas can work out amazingly well. The high demand for orders will help you grow your business at the top level. Start with a member of say 5-6 delivery boys delivering different items like foods, vegetables, medicines, groceries. Gradually make your service more smooth by delivering to distant colonies. This will help your service get reach.

3. Remote Fitness

After this lockdown imposition, 70-80% of the people are surfing fitness tips on the internet. Build your remote fitness service center and provide them fitness instructions and training. You will get your customers from the old generation to the young. This business will grow even after the covid-19 ends as people will find it easy to access. With such a business there is less investment and more productivity.

4. E-commerce

If you were planning to open your retail store offline in the year 2020 and then you dropped the idea due to Covid-19, we have a great alternative option for you. Half of the entire population on earth is present online. Thus, instead of opening your retail shop offline, take a move towards an online retail shop. People are driving towards online shopping and thus you can grab this golden treat. Start your online retail shop first with minimal investment and slowly increase the investment according to the sales. And, as you know, digitalization is trending, so your online retail store will also grow.

5. House-Party Clean-up Committee

In this pandemic, in-house parties are more in trend. But what generally happens, the party ends late at night and then people are not in a state to clean their place. Thus, if you open your cleaning service committee, it will be beneficial for both. You can get their service booked, reach in the morning and give their house cleaning service. Also, if you add breakfast along with service, people will frequently approach your service. This business idea is quite unique, so give it a thought!

6.  Cloud Kitchen/Healthy Meal Delivery

—————————————————————————————————————————————–

Must Read : How to Set up Cloud Kitchen Business Model

7. Freelance Copywriters

If you have a keen interest in writing, you can convert it into business. Having marketing knowledge can be the cherry on the cake. There are multiple types of writing say articles, blogs, social media content, guest post, web blog, press release, or resume writing. Almost all e-portal companies require freelance copywriters whom they pay a handful of amounts.

The demand has increased from 2020 when the WFH was implemented due to the covid situation. If you are aware of SEO knowledge, you can charge a high price for SEO-optimized content . And with time, increase the pricing. The bonus point in this business is you can work from anywhere be it your home or while traveling. You simply require internet connectivity, and you are ready to begin.

8. Translation Service

In 2020 the translation industry was affected due to the emergence of the covid situation. But with the year 2021, it’s likely to upgrade the performance globally. The internet has opened doors for translation service. Limited pieces of equipment are required: computer and internet connectivity. In case, you have proficiency in multi-lingual language and you are tired of a fishing job, you can easily work as an online translator. It’s a convenient business that will build your customers for the long run.

9. Online Teaching

Many people must not be aware that online teaching was started 3 years back. However, it took a fly in 2020 when the pandemic started. People were not allowed to move out from their residents and this made families get their teaching completed via online teaching classes.

If you are passionate about teaching, online teaching is the best criteria to choose from without any loss and expenditure. The skills include core knowledge of the subjects like Maths, Science, History, Geography, English and other additional subjects.

10. Online Reseller

If you possess these three qualities which are fashion sense, selling technique, and passion then you can make a call for an online reseller. Various companies require resellers to sell out their unwanted clothing. Although it takes some extra time and dedication. However, once you gain success, your ability will help you increase the business at a larger level. Began online reseller as your side business until you get the grip.

11. Video Editing Service

The top demand in 2021 is Video Editing which is swiftly and holding the market. Video marketing and YouTube have exponentially escalated their growth. If you’re a  creative person with great visualization then don’t miss the opportunity. But, before taking video editor as your permanent business,  you must have knowledge of adobe premiere, final cut pro. Well, it’s not tough. You can learn from the tutorials and get good practice.

There are many people looking for video editors for their business advertisements.  

12. Pet Sitting

Well, there is no doubt that the maximum rate of pet order started when the pandemic came into being, for companionship. You can start an online pet sitting service and earn a handful amount. Consumers are preferring a pet care service online to take care of their furry friend.

13. Social Media Marketing

If you are a social media lover and always have an update about the trend, for whom are you waiting? Have a nack on the tips and tricks and start your social media pages. Choose your favorite niche on which you want to work, build your social media team , and start your social media page. The digital platform is performing magnificently and is secured from all ends.

Also Check Out: 5 Must-Have Tools to Grow Your Small Business !

14. E-book Marketing

There are different types of writers which some of them feel like writing for the organization and on the other hand, some write for themselves. But, in this digital world, writing for yourself will also help in earning. You simply have to make your account online and start writing. People should be excellent in storytelling.

15. Affiliate Marketing

If you are having good followers on social media platforms like Facebook, Instagram, Twitter, etc then you can earn by promoting different brands. You need to give highlights of the product, positive reviews, and procedures to use the product. Your profit is parallel to your profile. The maximum your profile reach more will be your earning. Thus, make good followers on your social media account .

16. Online Therapy

Due to this pandemic, people all over the world are panicking and thus they require therapies. You can start your business of online therapy for controlling blood pressure,  mental pressure, and other issues. There are exercises that are included in the therapy. You can provide the service and run it in the future. However, there might be chances, after a pandemic you may get clients of a single age group.

17. Accounting/Bookkeeping

In case you are from an accounts background and have good knowledge of balance sheet, accounting and possess some technical skills, you have the best business offer to crack. A big businessman requires a smart person for bookkeeping from miles away. This option will let you brush your skills and have no-cost funding. At primary phase charge $40-$50 per hour. Working in this field will enlarge your contacts and after having a good experience approach for the multi-business holder person.

Also Read: Top 4 Account Receivables and Payables Management Tips

18. Virtual Personal Assistant

Nowadays, every day there is a pop-up on social media regarding virtual personal assistant requirements. Due to the pandemic, all the personal secretary has left their job and thus businessmen are looking for a virtual secretary who can handle their calendar, emails, travels and many other daily schedules.

If you are good at communication and have basic knowledge of excel sheets, get an approach as soon as possible. Once the covid situation gets in control they might hire you permanently as their personal assistant.

19. Medical Courier Service

People are regularly facing health issues on a daily basis and at times there is a shortage of medicines in their nearby medical stores. They also have a fear of stepping out or going to distant markets for medicines. Then why not you can start your medical courier service for your local place at the initial stage. There is a huge demand for medicines and your courier service will become a one-stop solution for medical necessities .  You can make deals with different medical stores for courier service, and then start. For starting this business you need 3-4 people for delivery.

20. App developer

In this corona phase, people have decided to work on remote access. Thus, there is a hunt for the app developer every day. Therefore, if you’re an engineering student and are aware of coding, don’t waste your energy worrying about the future, start your business as an app developer, right away.

21. Graphic Designer

Do you have experience in adobe photoshop or adobe illustrator? If yes, a great opportunity is walking your way.  Many companies are hiring freelance graphic designers for their business as online projects have increased. Thus, you can pick many projects from different companies at the same time. You can charge $40 for each project. This opportunity has amazing benefits like no restrictions, no investments, and only profits.

22. Online Video Games

In this pandemic situation, children are strictly not allowed to move out and therefore their outdoor gaming got stopped. This has made them search for online games for entertainment.  So, you can build your idea regarding your online gaming app which has cool and unique features. Get it developed by an app developer and app store. For instance, Ludo King got great popularity during this lockdown period.

Final Thoughts

Covid-19 has definitely impacted negatively on the economic bar. However, there are various things that can become a boon for one and bane for the other. However, you cannot take risks in the Business lane. Thus, before setting up your business you need to have proper research.

As we have discussed the business ideas then you must have noticed almost all business criteria fall under online platforms. Thus, keeping track of your payments and tasks is very important. How can you keep the payment details of your work? Let me tell you the safest and easiest way. You need to choose an online invoice system that will help in dissolving your burden and stress regarding the payment slots. Through online invoicing software, you will not have to create your invoicing format, again and again, your terms and policies will be displayed in each invoice. This creates a professional impact on clients. Apart from that, you will have your all data records saved at a secure level. Thus, you can verify your transactions of whichever date and year you require. In short, online invoicing software can aid you in every business sector.

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What are you looking for, the 10 best business ideas for a post-covid-19 world.

As lockdown eases, the economy is gaining some momentum but GDP fell by a record 20.4% in April 2020 and it will take us some time to recover even if our R rate keeps declining. We’re starting to see what a “new normal” might look like so what business opportunities are there that exist around this? 

Three strategies for starting a business in a recession 

With unemployment predicted to double, many may consider starting their own business, possibly starting to work on it while on furlough. 

There are certainly opportunities to come out of a recession, particularly one that has come about so unexpectedly and drastically because it opens up new problems that need solving. There are also tried-and-tested recession-proof businesses that can thrive during times of economic hardship. 

When you have your idea think about your strategy for selling it. Three options are: 

• Have a strong purpose Having a strong purpose or “ why ” is a great idea whether there is a recession or not. It can create differentiation, competitive advantage and brand loyalty. 
• Make it cheap  In general, people will have less money to spend and will be looking for cheaper alternatives to things they used to be able to afford.
• Make it long-lasting People know if they buy cheap, they buy twice so there are always some trends in recessions to spend a bit more on higher-quality items particularly if this is something you need to last for a long time and that you will be getting more use out of, for example, garden furniture, cooking equipment or home decor. 

10 business ideas for a post-Covid-19 world

Covid-19 has brought about an enormous amount of lifestyle changes from spending more time outdoors to spending more time online. These business ideas resonate with these changes, filling the gaps and solving some of the problems that have been created by the pandemic.

1. Repairs 

More specifically, bike repairs, but really any repairs as people will more often choose to mend old things (cars, clothes, electricals) instead of buying new. We’ve gone bike crazy since coronavirus came along to the point they actually sold out . Prime Minister Boris Johnson is working on getting us better cycle lanes and many people will choose to travel by bike over public transport for the longer term. 

Bike repairs and servicing will be needed for all these bikes and would be a cheap business to set up if you have the skills. You could even do mobile bike repairs (which could be your USP – pick up and drop back to their home or work) so you wouldn’t need a customer-facing workshop. 

2. Online teaching

Homeschooling has made every parent appreciate teachers a lot more and has also increased the sales of gin and tonic. Online learning was already booming and that is only set to keep growing. 

Think about how you could transfer what you already do or skills you have to be taught online. Things that work well include health and fitness, crafts, music, school tutoring, business skills, beauty tips and life coaching.

3. The great outdoors

One of the positives about lockdown has been the weather! If you’re lucky enough to have a garden you’ve probably been spending a bit more time in it than usual. And if you work outdoors, it’s likely that your work hasn’t been as affected as it might’ve been. 

People want beautiful gardens to spend their time in now more than ever and they also aren’t as anxious about letting people into work on their gardens for landscaping and outdoor maintenance as they would be inside their homes. If you don’t have green fingers, can you set up an outside version of another business like personal training? 

4. Virtual assistant 

Virtual assistants offer their remote services to companies and business people to help make their lives more efficient. If you have great communication skills, a business mind and are super organised it could be a natural fit for you. 

Services you can offer include (but are by no means limited to) customer support, calendar management, website maintenance, email marketing, blog writing, research, social media management.  

5. Digital marketing 

A company’s online presence is more important than ever with many trying to shift more of their products and services online. This will result in the online marketplace being even more crowded and websites will need an excellent mix of paid search, search engine optimisation and content marketing to drive traffic and conversions. 

If you have skills in these areas then freelancing directly for clients or on behalf of agencies would be a strong business idea. Consider specialising in one service or industry to really stand out as an expert in your field and know where to target your own marketing.

6. Cleaning services 

The staycation is back and it’s here to stay. And with it will come thousands of Airbnb rooms and holiday homes that will need cleaning. Really well. Set up a business that’s a lean, mean, cleaning machine and you could be the cat that got the cream. 

7. Drive-in movies 

We stare at them in envy on American TV shows although they never took off in the UK but now could be the chance. It would be the perfect way for a family to get out of the house and enjoy an activity together while being able to social distance. Don’t forget you’ll need roller-skating waiters to deliver the drinks, popcorn and hotdogs though!

8. Online shopping

Despite Amazon holding a pretty big stake in the e-commerce arena, there are still opportunities to be had if you don’t try and compete directly with them. Subscription models (where customers sign up for something to be sent to them at regular intervals) can generate you a recurring income while providing a convenient or sought after product for customers. This could be toilet rolls, a hair dying kit or a treat box. 

Choose a niche and don’t spend huge amounts on stock before you have tried and tested that it sells. Or reduce the risk further by becoming a drop shipper (where a manufacturer, wholesaler or another retailer dispatches the product for you but you market it) or an affiliate marketer (where you make money online by getting commission from sending customers to other people’s websites).

9. Working from home life

Working from home has become kind of a big deal around here with any imminent returns to the office either being off the cards entirely or being phased. A lot of businesses are bound to look at closing or reducing their office space to save money. And many people working from home who would normally be in an office have found themselves saving money too on commuting, flat whites, fancy lunches and after-work wines. Could you deliver them a home working win? Tasty sandwiches, their weekly coffee bean count, working from home loungewear that looks smart from the waist up or an ergonomics stand.

10. Getting healthy at home

The lockdown paradox seems to have been that people have either been rammed with work or really quiet. Similarly, people have either got super fit or done zero exercise. One thing you can guarantee is that everyone has baked banana bread. And everyone will either want to continue with their fitness streak or turn their unhealthy lifestyle around. Here’s where you could help with home workout equipment or a juice diet delivery programme. 

If you have always been keen to start a business then now is as good a time as any. Life’s landscape has shifted so dramatically that it has left many cracks and gaps that need filling and clear problems that need solving. Look for the ways you can help people with the skills you have and you’ll get closer to your lightbulb moment. 

Some of these ideas have more longevity than others and some will require you to move quickly to take advantage of the current climate. Work out how you can speedily test the market with a minimum viable product and don’t be afraid of failure. 

Think you’re ready to get started? Read our guide: How to start to a business in 20 days

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Sophie Cross  is a freelance writer and marketer specialising in business and travel. She is the editor for London Revealed magazine and her clients include  lastminute.com  Group and Merlin Entertainments

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Thankyou for sharing your ideas with us. it gives highly information of different aspects and uses of these ideas.

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5 Models for the Post-Pandemic Workplace

• Daniel Davis

Many Australians returned to the office in late 2020. Here’s how they’re working now.

Since late 2020, Australians have been going back into the office with numbers approaching pre-pandemic levels in some regions. A new survey of Australian workers identifies five workplace models being used: as it was, clubhouse, activity-based working, hub and spoke, and fully virtual. The author explores how companies might weigh this decision now that vaccines are increasingly available and restrictions are being relaxed in many countries.

In March of 2020, most companies would have seen their offices as essential to their business. But as the pandemic dragged on, leaders have been surprised to learn that people often work just as productively from home .

• Daniel Davis , Ph.D. is a senior researcher at  Hassell , an international design practice. His research focuses on the future of the workplace.

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