Business Recovery Post COVID-19 

Business Recovery Post Covid-19. Author John A Waller. Reviewed: June 21st, 2024.

In 2020. The UK economy had two significant events affect its economy:

Both have heavily impacted the UK economy.

However, events since February 2022 in Ukraine may further depress the market in the UK and throughout Europe.

So, this web page deals with the economic recovery from the pandemic, leaving the politics of BREXIT aside.

So moving on:

  • As the Coronavirus COVID-19 pandemic continues, it is affecting individuals and economies. How will we recover from the constant threat of new virus strains? Will 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 company remains 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.

The UK economy will hopefully recover once the pandemic settles and the vaccines are protected effectively. 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 Post COVID-19 and Uncertainty

The UK 2022 is far different to 2019.

There’s still uncertainty about the pandemic and how long it will 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 UK businesses and individuals recover, get back up and running, and become stronger and more resilient in the future.

Reopen, reboot – Business Recovery Post COVID-19.

Restarting a business post-COVID-19.

  • Rethink and change

The world is adjusting to the impact of COVID-19. It is gradually waking 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. 

Due to the pandemic, UK consumers seem more likely to shop for groceries online.

  • Address customer anxiety

The COVID-19 pandemic has afflicted the UK business workplace. 

During the pandemic crisis, many consumers are more likely to grocery shop online. Therefore, retailers wishing to survive must quickly change their business models.

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.

Businesses face employee issues and cancelled contracts as the UK moves out of lockdown. 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 are essential for businesses to survive any pending litigation. 

  • Learn lessons from trailblazers.

When reopening, it is worth benchmarking how those who have come out of the lockdown, like China, have experienced it. Therefore, an opportunity exists to observe how they experienced it. Reopening and dealing with issues, including new virus strains, like India, and commencing supply chains internally within its home markets and the rest of the world is vital. 

  • Capital and Strategy

Ways UK companies need to:

    • Think, 
    • Plan, and 
    • Respond in the wake of the pandemic.
  • Changing the workplace

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 been required to prioritise

    • Accountability;
    • Cooperation;
    • Communication and 

While supplementing their business with the latest technologies and working processes, including:

    • Risk apps and
    • Crowdsourcing;
    • Collaboration platforms. 
  • Maximise your people’s potential.

Taking care of your team post-pandemic is not simply about statutory duty matters. Your team represents a valued inner core of the business. Commencing rebuilding your squad out of furlough requires managers to interact with the team again and comprehend the team’s environment and well-being expectations. Importantly, your business must also consider those expectations in relation to the company’s financial viability.

Therefore, how can your team help recover and secure their and the business’ 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 that faced pressure even before COVID-19 are now required to act more responsibly, as 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 and 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 with Business Recovery from COVID-19

The Coronavirus pandemic has negatively affected customer demand, supply chains, and historical forecasts. Unfortunately, companies worldwide often lack the processes and tools to make rapid decisions to address these changes.

  • Forecast more effectively

Making wise financial decisions post-COVID-19 is critical. Companies with competent forecasting and scenario planning strategies may do so confidently. Unfortunately, many remain uncertain and lack faith.

So what are business building blocks required for a UK business to provide precise, robust:

    • Forecasting and 
    • Planning facilities. 
  • Adapt to shifting expectations.

UK’s consumer eUK’stations 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 that were proactive in reviewing and strategically decoupling their portfolios outperformed others. Perhaps this may be the case during 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’ bankers.

  • The risks of an uncertain economy across the UK; 
  • Secure access to capital is required to maintain long-term recovery and growth of their business. 

Re-introduction of Winding-Up petitions

Winding Petitions may be issued with the court on September 30th, 2021, though only for debts exceeding £10,000 and once the company has been given 21 days’ notice.

Business recovery Post COVID-19 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 provides free insolvency advice to my company.

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