It’s impossible not to think about the day COVID-19 pandemic restrictions are lifted, and the UK economy returns to ‘normal’. However, clearly this will be a ‘new’ normal, as the enforced closure of non-essential businesses and massive shift in lifestyles and work patterns will leave an indelible mark.
Businesses of all types and sizes will need to revisit business plans and create financial maps for this unfamiliar territory. Maps which for many are post-pandemic survival guides, including revenue building and debt management.
Uneven business recovery
The Government has created what it hopes is an equitable COVID-19 business support package. Even so, the path to recovery will be much harder for some sectors. Not least as social distancing and contamination control are likely to be priorities for many months, as well as being ingrained in the public psyche.
Businesses engaged in large public gatherings – events, theatres, sports stadiums and so on – are likely to face a mandatory delay in re-starting or a slow restoration of public confidence. The same applies to large leisure operators and tourist attractions.
Pubs and restaurants are likely to be immune from this, as the prediction is that dining and drinking out will be embraced with renewed enthusiasm after weeks stuck indoors!
The travel industry could see a massive surge in custom when the British public emerges from lockdown to make the most of the summer months. However, will foreign travel be possible straight away, or particularly popular as caution lingers? Airlines and Cruise companies face a deeply uncertain future.
One of the biggest concerns facing the ‘non-essential’ high street retailers post-pandemic is that consumers have been forced to rely even more on eCommerce. Some big-name announcements prove that some will not survive losing so much ground.
Sectors that grew in the crisis
Some sectors of industry and commerce have risen to the challenge of the Coronavirus crisis and provided accelerated services. Such as the now hugely appreciated cleaning and social care firms! As well as the entire UK food supply chain, from growers to supermarkets, and logistics and warehousing companies.
Similarly, engineering, chemical, pharmaceutical and life science organisations have all been drafted to the virus battle lines, and any company supplying to the NHS has seen a period of rapid growth.
Another sector that grew in significance is technology, especially devices and systems for remote working. Businesses and the public have gained a new appreciation for technology’s value and possibilities.
Managing pains and gains
Every organisation needs new financial management plans for the post-pandemic business landscape. The complexities of payroll, accounting for grants and payment holidays, debt collection and other money matters will add to their massive list of priorities.
Debt collection may be one of the thorniest items on your ‘to-do’ list. You may be in dire need of the revenue, but are your debtors in a position to pay?
Making Nightfox debt recovery services a wise option, as you navigate through to the ‘new normal’.