For the majority worldwide, the state of business in 2020 is no better than it was back in December 2019. The COVID-19 pandemic has forced many businesses to shut down while others are barely getting by. Statistics indicate that 62% of UK companies continued to trade despite the economic downturn and lower turnovers. Out of the number of businesses that halted or closed temporarily, 16% have indicated expectations of resuming in the coming weeks. Another 12% expect their workforce to return from remote working.
Under these conditions, what is the fate of your business? Each business is unique with its threats and rewards; therefore, directly copying another’s strategies may be unrealistic, therefore, it’s always advisable to find out what works best for your own business. Here are some general strategies to consider adopting to help you come out of the deep water. (more…)