The Coronavirus pandemic happened so quickly that businesses couldn’t and wouldn’t think to plan for it. It changed the face of the world within a matter of weeks and meant that businesses could no longer operate from office and shops, bar and restaurant couldn’t even open due to lockdowns around the world. This lead to a scramble on how to pivot and manage to operate as normally as possible.

The ‘Work From Home’ Revolution

This is something that had been talked about for many years but nobody (other than a few companies in silicon valley) had ever taken the plunge and actually allowed it across the board due to fears of a drop in productivity, handling sensitive data at home and whether employees would even like to do it. Having been forced in to it businesses have now more than warmed to it, in fact they are encouraging it or offering a more hybrid solution known as ‘hot desking’. This means that you work from home for 3 or 4 days a week and then spend 1 or 2 days in the office but you don’t have your own desk, you will share that desk with people who are in on other days. The benefit of this to a business is that you don’t need anywhere near as much office space, you could theoretically reduce it by up to 80% which is a huge saving in costs.

Insurance Policies

One thing that was really outlined during the COVID-19 pandemic was the wording in insurance policies leaving companies around the world furious as they found out that they weren’t entitled to their business interruption insurance policy due to specific wording to do with pandemics. For this reason now businesses are reading all policies in detail and ensuring they are covered in the future. There are also other areas of insurance that perhaps businesses didn’t consider beforehand like business life insurance. Having relevant life insurance for key people in your business is essential.

Cash Reserves & Planning

The pandemic will be in the back of business owners minds for decades to come and may perhaps influence how businesses operate going forward. There are signs that businesses are becoming more frugal, not investing as much of their profit as they previously would have done in case the COVID-19 pandemic rears its head again. Many companies also needed to defer tax, take out bounce back loans and much more in order to get through the pandemic so they will be having to pay all of that money back for years to come. The worst affected sectors were hospitality and travel. We’ve seen in recent weeks many airlines and travel companies reducing the number of routes they operate, closing down bases in other countries and focusing more of their attention in a smaller area which is as a direct result of the pandemic. In the hospitality sector they got a brief boom after everywhere opened up again but this dropped off as a result of rising inflation and prices across the UK.