The Covid sparked the onset of restrictions and lockdowns to reduce movement and spread the virus. This move from the government adversely affected business; thus, companies were forced to adapt or perish. Enterprises have taken the challenge and adapted to the new regulations to protect employees, customers, and society. Many companies have been resilient in adopting strategies that cohere with the challenges and opportunities of the pandemic. The pandemic broke most of the companies’ strategic resilience models, necessitating adaptation. Most new adaptive business models have focused on critical areas like new digital experience, new partnerships, faster product development, supply chain, and sales model changes. This paper will elucidate the initiatives taken by five companies to stay sustainable during the tumultuous period and the financial strategy that helped the companies remain profitable. The five companies under consideration are Amazon, Tesla, Zoom, PayPal, and Netflix.
Amazon has seen growth during the Covid-19 pandemic. The distinct growth is due to strategies undertaken by management to care for its employees, customers, and the society at large. Amazon needed to keep the loyal customer base and make the employees happy to risk their health and work and sustain the conglomerate throughout the pandemic. Firstly, the company took care of its employees by giving about a half a billion-dollar one-time paycheck to appreciate those at the front line working for Amazon. The company also opened up new positions and jobs to match the logistics of increased demand for online purchases and deliveries. The company also invested more than 4 billion dollars in the fight for Covid to ensure the safety of customers and employees. Also, employees infected with Covid got higher sick pay and quarantine. The company also maintained the comprehensive health covers those employees get after employment. Furthermore, an Amazon relief fund was set up to aid the seasonal employees and drivers. It also participated in corporate social responsibility, offering financial help to Covid relief charities (Aguinis et al., 2020). Similarly, it made a new partnership with Magic Breakfast to deliver more than a million healthy breakfasts to families. Another strategic move that Amazon undertook was temporarily shutting down its warehouses on non-essential products. When governments ordered cessation of movement, people did not have the time and access to some essential products. The lockdown caused panic as people tried to stock up on the essentials if they stayed indoors for a long time. Therefore, for Amazon to satisfy the increased demand for essential products, it temporarily limited non-essential stuff delivery. This adaptability made the company remain profitable during the challenging pandemic. Amazon was successful before the pandemic due to its adaptability and utility, and it will continue to operate post-pandemic.
Netflix is another company that has been hugely successful during the pandemic. People were stuck indoors and thus turned to the platform for entertainment. Its enormous growth to serve almost 200 countries in two decades is due to its adaptability when faced with challenging times. Its stock went bullish despite a drop in the other players in the entertainment industry. In the first quarter of 2020, Netflix boasted an additional 15 million subscribers, about double the expected number (Chowdhury, 2020). The surge in the number of subscribers was the main driver for the bullish trend of its stock. By the second quarter of 2020, the earning per share was double the previous year, thus attracting more investors when other stocks plummeted. Netflix’s use of big data gave it a considerable advantage as it learned consumer preferences and maximized them. During weekends and holidays, Netflix realized that people watch continuously with minimal breaks, finishing a series of movies in a short period. Therefore, the company offered all the series episodes instead of the traditional method of one episode at a time. This strategy gave it a competitive advantage in the market. Moreover, Netflix shot its projects in succession and was done with most of the shooting at the beginning of the years before the pandemic took a toll. Therefore, while other film companies had to down tools, Netflix did not stop any production. Thus, the platform offered new content continuously and at regular intervals. Therefore, the platform has been able to keep entertaining its subscribers and maintain high subscriptions. Netflix has been making much content and boasts the most extensive archive of movies and series and thus has an advantage of newer platforms. Also, Netflix has offered its platforms in different languages for the appropriate consumer base (Brennan, 2018). Its behavior to continually update its platform based on changes has given it the upper hand during the pandemic.
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