covid impact to business

Covid’s impact on business and how to recover from it

21 / 08 / 20

The Covid-19 crisis has been affecting the way we all live since it first made its appearance; the virus has caused a global threat to human health, travel, leisure and most notably, the economy.

While some businesses have excelled under the new normal, for most, the virus combined with quarantine has meant a major disruption to operation for companies across all sectors and it’s likely to stay that way for a while to come.

But it’s not all grave news. Businesses that choose the right financial actions during the recovery period are much likely to survive this challenging phase.

Firms that balance both survivals and running a business as best as they can, will have a greater chance of thriving in a post-pandemic world.

To support your business effectively, Velocity Bridging would recommend the following steps:

  • Protecting employees and retainer customers is paramount. These are the assets that will most likely help a company on its road to recovery – taking advantage of Government grants and furlough schemes are also great tools at your disposal.
  • Use digital and online tools to enhance the scale of your business to expand audience reach and communication with customers.
  • Focus on your cash flow to ensure you’re staying afloat – taking out a loan can help you make investments that will pay off at a later date, they can also help pay off any urgent expenses.
  • Develop an operational and financial schedule so you can effectively plan ahead and prepare for the future and acquire new opportunities.
  • Utilise lockdown as a learning curve, introduce some of the ‘working from home’ tactics into your future plan – for example, add remote working for employees and online meetings to your operation to save on unnecessary travel expenses.

By following these steps, companies can retool their operation with a clear-eyed perspective and garner a greater chance of survival.

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