UK snapshot: Future-proofing your business for a strong recovery post-Covid
In the early stages of the UK’s coronavirus lockdown, leading economists predicted a ‘V-shaped’ recovery representing a short, sharp contraction followed by a swift upwards recovery.
Since lockdown restrictions have been lifted, the UK has seen a bounce back set for record-breaking growth in the third quarter. The FT has noted that following a severe contraction which resulted in the fastest fall in GDP of any G7 nation, many Britons are spending once more with GDP expected to rise 14.3% in the third quarter – representing a 55% reversal of the previous drop.
Despite this good news, many economists share concerns that this trajectory will not continue and the recovery will be much slower and more arduous. A key factor is rising concern of an impending second wave which will continue to impact the hospitality sector and overall confidence. Other factors to consider are social distancing measures, localised lockdowns / government restrictions, and consumer spending habits in light of rising unemployment.
At the start of the national lockdown in March, many businesses entered survival mode focusing on giving employees access to the tools and data required to work remotely through modern cloud based enterprise systems to ensure that staff receive a consistent experience whether working from home or in the office. Additionally for many, traditional revenue streams dried up almost overnight and senior leaders needed to cut costs and refocus strategies to find new ways to operate.
Many businesses that have coped well or even thrived despite the challenging circumstances share a common trait: they are technology-led, investing in agile systems and teams that could respond quickly to changing circumstances. Forward-thinking business leaders will need to do more than cut costs to move forward from this crisis; they will need to examine their systems in place to ensure they have the tools to respond rapidly to the evolving situation.
Digital transformation has become a buzzword in the UK with many businesses failing to implement change due to a lack of internal knowledge/expertise, cultural resistance to change and fear of making costly mistakes. Despite this, Covid-19 has shown that these investments are essential to guarantee the longevity and success of organisations in the face of unprecedented, uncontrollable events. By investing in flexible and agile custom technology solutions, businesses can improve operational efficiencies to drive productivity and growth; improve the customer experience through responding to changing consumer behaviour/expectations; enable scalability and reduce costs by dismantling legacy IT systems.
The businesses which harness technology to respond to customer needs will be those who stay ahead of their competition and thrive despite challenging economic times. For an informal chat about how Haulmont’s Custom Solutions team could help your business, contact us via firstname.lastname@example.org.