Tim Cross, Managing Partner at Langleys Solicitors, discusses with Insider Media the challenges that 2020 has brought to us all, especially those with businesses. With Brexit and the Coronavirus pandemic impacting the economy, Tim sheds light research from our Back to Business? report, and what this means for companies and leaders in a post-pandemic world.
This story first appeared in the Insider Media on 5th March 2021.
While Yorkshire-based business owners and directors admit that the negative effects of Covid will long outlive the end of lockdown restrictions, many are taking a bullish, growth-centric approach to put the events of 2020 behind them.
Our recent research, published in our Back to Business? report, which looked into the future of the region’s companies, shows 71% of businesses expect the hangover of Covid to last at least six months, while 42% expect it to last a year. A quarter of business owners and directors expect it to last at least two years.
However, the key to reducing the impact of Covid is positive planning. Our research also found that many firms in the region already have ideas of how to overcome the effects of the past 12 months. Forty-eight percent of companies are planning to keep the greater shift to online they have adopted over the course of the pandemic, while 30% plan product and service innovation and development, to create additional revenue streams and broaden the scope of their business.
The agility from businesses that was witnessed in immediate response to the pandemic has been fantastic to see and shows the resilience of business owners and directors. Encouragingly, the data also shows more than two-thirds (68%) of businesses are “generally” or “very” positive about the next 12 months.
Although reporting and headlines about the level of employment can be damning, most companies who altered their business model during lockdown made changes they were planning to make anyway, although in some cases planned changes were made earlier or at a larger scale than anticipated.
Click here to read the story in the Insider Media
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