How has Covid-19 affected business?

The Coronavirus pandemic has caused a rippling effect across businesses globally. Companies have faced a financial struggle in breaking even or even staying afloat. Organisations that have managed to make it through these dry profit periods have adjusted their working methods to a more remote style. In a recent Gartner CFO survey, results show that over two-thirds (74%) plan to shift employees to remote work after the crisis ends permanently. Although some industries are still struggling, others are thriving entirely – camping equipment sales have risen by almost 100%*, technology companies like Nvidia up by 108%. So, how else has Covid-19 affected business?

Retail and travel get knocked down.

Whilst food delivery retail skyrocketed with everyone being locked inside, other areas of retail, mainly storefronts, took a toll for the worst. No company was safe; well known high-end retail storefronts were forced to close even with government backing. Companies include Arcadia, Victoria’s Secret, Jaeger, and Bon Marche, to name a few. Online shopping has always been a massive threat to physical storefront retail; however, people were forced to turn to the web for purchases with the pandemic in full flow. In 2020, total retail sales volumes fell by 1.9% compared with 2019, this being the most significant annual decrease on record.

International travel took a huge blow as well; the July 19th freedoms of travel, unfortunately, won’t do so much good for the industry. With the US and other parts of the world remaining closed to UK nationals. Huge companies such as British Airways and Virgin Atlantic continue to hold a gigantic portion of staff on furlough. They continued to furlough staff in June as mass travel was not expected to resume anytime soon. Flights to, from and within the UK before the pandemic were numbered at about 5,000 to 6,500 per day. Unfortunately, now, they are sitting closer to 1,000 per day.

Remote working is the new normal.

Depending on what industry your company lie within, the pandemic has forced many companies to modernise. Old school ways of working, unfortunately, may not work for your business anymore, the digital world is evolving once again. Some companies refuse to adapt to new working methods, relying on things returning to normal before the pandemic. Other companies realise that this digital remote way of working, just maybe the new normal. But what do new working methods consist of?

Progressive thinking companies are now utilising remote working solutions such as Instant communication applications and connectivity for collaboration. Application software such as Microsoft Teams, Unified Communication Clients, amongst other resources, are now available for all sized companies.

These packages allow you to continue teamwork outside the office, taking calls, video conferencing, HD screen sharing, collaboration tools and an overall more satisfied team. Some companies accumulate worry about efficiency levels when their employees are working from home. Need not worry as the applications available for companies offer analytics on workers productivity and active time, as well as how long and who they collaborate with.

To summarise, 2021 should be the year we normalise processes we’ve only just started to utilise. Employers hold the decision whether they want to proceed back to older styles of working or continue this remote working approach. FLR Spectron can evolve your business to the next level, incorporating these new working styles and implementing profit-building innovative solutions. If you need support, don’t hesitate to contact us at info@flrs.co.uk or call us at 0345 899 9900. Or to find out more about our remote solutions go to https://www.flrs.co.uk//telecoms/1-voice2teams/

Sources

https://www.ons.gov.uk/economy/economicoutputandproductivity/output/articles/theimpactofthecoronavirussofartheindustriesthatstruggledorrecovered/2020-12-09

https://finance.yahoo.com/news/companies-set-most-money-during-204000291.html? guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAHuOOma6-6HlLw0N6mZCdybrZSxyy0h13GNVFGpBoMtNSWLMTEPsIpLlTItAakcssYHkPrrJ_bdLZFIDZWvCEqlnPfGHkxyyPedqKA-PGu2dcKl6Y0TLf8wS-1QC9a5SLFlS18IQCb09t9CAtSmlWOwEVKs779PPhhr6c7ruKOVb

https://www.forbes.com/sites/enriquedans/2021/12/30/could-2021-be-the-year-remote-working-becomes-the-newnormal/

https://theconversation.com/how-covid-has-affected-uk-businesses-and-what-happens-after-july-19-164569

https://www.bankofengland.co.uk/agents-summary/2020/2020-q4/impact-of-covid-19-on-uk-businesses-evidence-from-the-decision-maker-panel-in-2020-q4