2020 has been largely dominated by one ongoing and still evolving situation – the COVID-19 crisis. This has had a huge economic impact on a global scale and many people are beginning to wonder what the future holds. Sending shockwaves through the global business community, the Coronavirus pandemic has had significant implications for business in the UK, many of whom are struggling to keep their doors open, and many more who have already closed as a result of the crisis.
As we begin to think more about the future, many companies in a range of industries and sectors will need to reevaluate their business processes and targets. Adapting to the ‘new norm’ whatever that will be, is going to take some careful planning in a world where restrictions, rules and regulations are changing week-on-week. The next ten years will be challenging for many business owners, as the impacts of 2020 will continue to play a role in how we do business in the future.
Let’s take a closer look at how the events of 2020 have shaped the decade ahead.
Revaluating Business Targets
The COVID-19 pandemic has had a huge impact on supply chains, manufacturing, employee productivity, business growth and virtually every other element of doing business in the UK. Looking to the future, business owners must take note of where they are at and how they can adapt to the uncertain times ahead. By analysing financial reports using modern accounting software, UK businesses can gain a clear image of their current financial situation and plan accordingly for the future, making whatever changes might be required to reach your new targets.
With more and more employees working remotely as a result of the COVID-19 crisis, there is a greater demand than ever for faster connection speeds and better communications. In the coming months and years, we can expect better 5G coverage as more businesses operate remotely and become increasingly reliant on fast, dependable connection speeds. In fact, online searches for 5G saw an increase of 240% between February and April when the pandemic was first announced by the WHO in March. In the next decade, we can expect 5G coverage around the UK to increase significantly to help employees to work from home with ease.
More Focus On Digital Media
As most of the country’s population spends more time at home using their laptops, tablets and mobiles, there will be an increased focus on digital media going forward. With newsagents, cinemas, theatres, concert venues, sports grounds operating in a more restricted capacity now, and potentially into the future, more people will turn to the internet for their news, entertainment and sports. This offers savvy marketers new opportunities to connect with their target demographic. Finding new, creative ways to utilise digital media in marketing and customer communications will be critical for businesses to succeed over the next ten years.
Looking Forward To Business Beyond 2020
While the impacts of the Coronavirus pandemic have had serious implications for some businesses, others have thrived. With an uncertain decade ahead, now is the time to reevaluate your business plan and to start making changes that will have a positive impact on the future of your business. Companies who are proactive in making changes to adapt to the new rules and regulations being introduced across the UK will improve their chances of not only surviving the COVID-19 pandemic, but also moving beyond these uncertain times and into the next ten years with a positive outlook and nothing but possibilities ahead.
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