Redefining the "New Normal"

Sequoia has termed the current crisis as BLACK SWAN of 2020. When everything seems so unforeseen and unpredictable, businesses have to get back to ground zero and rethink their plan of action about their future goals, which might seem pretty far-fetched amidst the whole crisis. Policies, procedures, and budgets that were prepared earlier are proving to be futile. The whole pandemic is questioning the fundamental existence of a business entity. Question marks are hovering over the minds of almost all the entrepreneurs about getting through and successfully sustaining throughout this grueling pandemic.

Experts have suggested that entrepreneurs and traders shall question every assumption they might incorporate for running their business. This is an uphill task for proprietors after spending years relying on fundamental assumptions. However, it is incumbent for companies worldwide to follow this radical approach, which is going to substantially vary from the cardinal rules of business. Still, CHANGE IS CONSTANT and is undoubtedly here to stay.

Talking about changes, our working spaces have evolved over the years, with co-working spaces being the new block up. For many co-working and serviced office providers, occupancy of their spaces will pose a huge challenge once the COVID-19 threat is over. However, incentivizing the customers of co-working spaces can be a solution to this problem. Vendors can associate with a platform like HIGHSPACE, which connects them with customers and yields a win-win situation. Vendors will earn monetary benefits from customers by providing them the desired workspace at a significantly economical cost than the current prices prevailing in the market. Amidst the pandemic, offices are distributing their workforce into smaller and smaller groups in various branches. This creates a need for improved flexible spaces.

Companies like HIGHSPACE can assist firms and employees in providing the spaces desired by them according to their will and wish. This way, there can be a predominant decrease in costs of the company and, at the same time, can offer a massive benefit to the employee. The essential element for co-working spaces lies in the optimal utilization of the previously under-utilized spaces. However, the owners of such spaces must play a crucial role in supporting their spaces in this testing time, as this is an industry that will see a V-shape recovery after the threat of Covid-19.

About the Author...

Samhita Chandrasekaran is a CA Final student of The Institute of Chartered Accountants of India. She is also pursuing her III Year of B.Com (HONOURS) in Chennai. She is highly articulate and analytical. She is a precisionist with excellent interpersonal skills and works well in a team. She is an ardent follower of the stock markets too!

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