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  • MAP Asia Pacific Ltd

Redefining the business of business

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.


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