John A Waller
May 31st 2021
Business recovery coming out of the COVID-19 pandemic
In 2020. The UK economy had two significant events affect its economy:
- Brexit and leaving the EEC;
- The Coronavirus COVID-19 pandemic.
Both have heavily impacted the UK economy.
However, on this web page, we deal with the economic recovery from the pandemic, leaving the politics of BREXIT aside.
So moving on:
- As the Coronavirus COVID-19 pandemic continues, impacting individuals and economies. How will we recover from the constant threat of new strains of the virus? Is moving forward resemble a snake and ladder board with slow progress to recovery? No one knows.
- Even if a long-term vision seems complicated amid uncertainty, UK businesses need to ensure the culture of the business reflects the need to be flexible, ensuring the resilience of their business.
- Although short-term pressures exist when reopening your business. There is also a historic opportunity to rethink business models in the long run.
Once the pandemic settles and the vaccines protect effectively, the UK economy hopefully will recover. To what point, nobody knows. However, UK businesses will rebuild, though COVID-19 has dramatically affected business models within the UK. From new ways of:
- Attending to work;
- Long-term changes in customer psychology, behaviour and
- A radical transformation of operational networks and business portfolios.
Business recovery coming out of the COVID-19 pandemic and uncertainty
The UK 2021 is far different to 2019.
There’s still uncertainty about the pandemic and how long it will continue, therefore, to impact the UK economy. Will it be like seasonal flu and require seasonal vaccines?
How long will it affect international travel? And importantly, is the vaccine rollout consistent throughout the world?
HBG Advisory helps recovery of UK businesses and individuals who need to take to get back up and running, and become stronger and more resilient in the future process.
Restarting a business post-COVID-19.
The world is adjusting to the impact of COVID-19. The world gradually wakes up from the nightmare of COVID-19. Though getting back up and running requires more than just business as usual.
It’s a two-oriented process, a balancing act between safely transitioning into the new working world and taking steps to transform working conditions and practices unleashed by COVID-19.
UK’s consumers seem more likely to do grocery shopping online due to the pandemic.
The COVID-19 pandemic has afflicted the UK business workplace.
Many consumers are more likely to grocery shop online through the pandemic crisis. Therefore, retailers wishing to survive must quickly change their business model.
Will footfall return to shops? The answer is still up in the air.
As the UK economy recovers potentially, interim measures remain throughout the UK, ready to lockdown again if the virus mutates into a new strain not currently covered by existing vaccines.
So as the UK move out of lockdown has been extended to July 19th 2021, UK businesses face employee issues and cancelled contracts. In addition, the COVID-19 pandemic likely will leave various legal issues waiting for action! Therefore, shaping outcomes and risks potentially ready to hit UK companies and capturing data is essential for businesses to survive any pending litigation.
Learn lessons from trailblazers.
When reopening, it is worth bench marking how those who have come out of the lockdown, like China. Therefore, an opportunity exists to observe how they experienced it. Reopening and dealing with issues, including new virus strains, like India, also commencing supply chains internally within its home markets and the rest of the world, is vital.
Ways UK companies need to:
- Plan, and
- Respond in the wake of the pandemic.
Some businesses have continued to operate remote working, negating to furlough team members. However, others now need a return to work to remain financially viable. Many UK companies have required to prioritise
- Communication and
While supplementing their business with the latest technologies and working processes, including:
- Risk apps and
- Crowd sourcing,
- Collaboration platforms.
Maximise your people’s potential
Taking care of your team posy pandemic is not simply about statutory duty matters. Your team constitutes a valued inner core of the business. Commencing rebuilding your squad out of furlough requires managers to interact with the team again and comprehend expectations of the team’s environment and wellbeing. Importantly, your business also needs to consider those expectations with the financial viability of the company.
Therefore, how can your team help recover, secure theirs and the businesses long-term future?
- Designate a crisis response team, design a plan aligned to your strategy, goals and purpose, and build an integrated resilience program.
- To build organisational strength, establish high-level resilience administration, rethink your crisis management structure and response strategy, and promote a culture of resilience.
- Break down the silos between teams and integrate them to organise the tactics, tools and technologies needed for efficient crisis response.
Adaptation of operations increased flexibility.
Those UK businesses who faced pressure even before COVID-19ing are now required to act more responsibly, enhanced by the pandemic. However, the future remains uncertain. Therefore, it is vital for change. The pandemic opens up an opportunity for a smooth transition from a growth economy to a value-based economy, prioritising long-term value and resilience, as well as the needs of several stakeholders, over short-term growth. Adaptability has always been a business advantage, but it will now be critical to survival.
Versatility has provided many businesses with a competitive advantage. However, is it now essential for all UK businesses to survive in the future? However, that may shape out?
How may HBG Advisory help UK businesses?
The Coronavirus pandemic has negatively affected customer demand and supply chains, as well as historical forecasts. Unfortunately, companies worldwide often lack the processes and tools to make rapid decisions to address these changes.
Forecast more effectively
Carrying out shrewd financial decisions post-COVID-19 is critical moving forward. However, companies only with competent forecasting and scenario planning strategies may do so confidently. Unfortunately, many remain uncertain and lack faith.
So what are businesses building blocks required for a UK business to provide clear robust:
- Forecasting and
- Planning facilities.
Adapt to shifting expectations
UK’s consumer expectations of companies are changing. Customers now appear to have:
- A renewed focus on affordability
- Healthcare concerns. (Source EY report)
However, as we move forward, UK businesses need to prepare to adapt to changing customer opinions and desires:
- Reorganisation of their portfolios for new business realities:
- Generating unique and perceptive digital customer journeys;
- Selecting the proper steps to ensure transparency.
Identify the correct divestments.
After the 2008 financial crisis, companies proactive in reviewing and strategically decoupling their portfolio outperformed others. Perhaps, this may be the case post this pandemic.
Encourage inward investment in your region.
- Stabilise the UK economy
- Encourage while supporting clients and customers.
British banks, though, may play a significant role in the longer-term stabilisation of the UK economy.
Finding ways to:
- Recapitalise key companies,
- Engage with asset protection schemes, and
- Deal with the impact of potential UK government-established asset management companies.
Businesses in the UK need to rebuild relationships with their companies’ banks to manage:
- The risks of an uncertain economy across the UK;
- Secure access to capital required to maintain long-term recovery and growth of their business.
Business recovery coming out of the COVID-19 pandemic, and when all else fails
Unfortunately, not every company in the UK will survive the pandemic. However, HBG Advisory provided robust support to many companies requiring support to rescue their company, like:
For further detailed information on business recovery, please read ‘what does business recovery mean‘.
However, many companies remain beyond rescue, as they are no longer viable. You may then consider a:
Concerns over Back Loans are however covered in the following web pages:
HBG Advisory provide Free insolvency advice for my company.