The past months have seen the devastating impact of COVID-19 on societies across the globe. An economic crisis resulting from a public health emergency is uncharted territory.
Covid-19 and the actions to contain it have continued to have a dramatic and rapidly changing impact on the UK and countries around the world. Global activity fell sharply during the first half of 2020, reflecting the impact of the pandemic and the social distancing needed to contain its spread. The outlook remains unusually uncertain. Bank of England
Business leaders are under pressure
Businesses of all sizes, across geographies are struggling and even if a vaccine will emerge, it is unlikely that economic activity will be organized in the same way as before.
Businesses are experiencing a difficult operating landscape, like never before, characterized by:
• A decrease in global aggregate demand and international trade.
• Severe demand shock.
• Supply shocks which may impact supply chains at the national and global level
• Increased barriers to accessing finance, outside of government backed schemes
All businesses, regardless of their maturity will be impacted by the COVID-19 pandemic, most negatively, some positively, contingent on size, sector and location.
The reality is that COVID-19 is one adverse event of many during the life of a business. Without the right structures in place, many businesses will simply not survive.
Recovery is contingent on putting in place resilient practices, underpinned by the “right” technology, innovation and new business models, whilst embracing diversity and inclusive.