The coronavirus started in China and spread to Europe and America in the first quarter of 2020 with a “battle axe” on businesses. The leadership of the most affected countries have become Santa Claus with their supports to the households and businesses. Many industries have experienced the offensive side of the coronavirus battle axe while other industries benefited from the defensive opportunities it created.
Industries such as Aviation, Road haulage, Ferries, Steel, Horticulture have all taken the pain of the offensive side of the battle axe. For instance, many of the affected developed countries economies are shut down and consumers are under stay at home policy. These have serious negative impacts on these industries revenue and sustainability investments. To complicate the pain emergency loans support from financial institutions have dried up thus, there are fewer chances of survival without taxpayers interventions. Some commentators are of the view that greener pastures are not guaranteed for the industries that will survive the pain as the new world of doing business will emerge.
The likes of the e-commerce marketplace (Amazon); pharmaceutical companies (AstraZeneca and Pfizer); video conferencing (Zoom, Teams and Skype) and entertainment streaming (Netflix) industries benefit from the defence of this deadly axe. The longer the stay at home policy takes more people and businesses start thinking of a different way to sustain their livelihood and businesses from home. Another innovative business opportunity created is the products that many governments make mandatory to be worn everywhere. Although some of these products are reusable, few concerns have been raised about the materials used in the production and the ability to recycle these materials.
This pandemic has brought difficult business operating environment. Many business leaders are worried about how to sustain productivity to increase growth by adapting to the new business environment that the pandemic created. Businesses should protect the workforce with physical and emotional support, empathetic communication, training and retraining of employees in readiness for recovery. They should review their supply chains and possibly arrange alternative sources of raw materials or services. Also, businesses should frequently review the impact of the worst-case situation on the business cash flow and the governments’ tax relief provisions and other supports. Finally, business leaders should consider their business digital transformations by increasing IT infrastructure and digital upskilling.
The Small Business Leadership Programme is provided by Staffordshire Business School and is fully funded (free). Participants will develop strategic leadership skills and the confidence to boost business performance.
The course lasts ten weeks and the next two cohort start dates are
West Midlands 12th January 3.00 – 4.30 pm
North West 13th January 3.00 – 4.30 pm
Register here https://smallbusinesscharter.org/sblp-registration
For more details see the website
Mayowa Akinbote FCCA
Lecturer in Accounting and Finance
Staffordshire Business School
Staff Page: https://www.staffs.ac.uk/people/mayowa-akinbote