Whilst Freedom Day on 19th July 2021 had the potential to un-shackle the UK economy and society as it starts to emerge from the financially damaging COVID-19 pandemic and the government’s response to protect the healthcare system, how can businesses of all sizes maximise their chances of success?
Pandemic, success and caution
Elon Musk, CEO of Tesla, has raised his net worth to a dizzying $168 billion, Bloomberg reports, $140 billion of which was amassed during the COVID-19 pandemic. Success was delivered through his 20% shareholding in Tesla, which enjoyed a record-breaking sales year and delivered its 5th consecutive profitable quarter, as well as SpaceX’s recent successes working in partnership with NASA on the Artemis program.
Charlie Munger of Berkshire Hathaway noted a sector-wide boom for the car industry arising out of the pandemic, thought his famed colleague Warren Buffet sounded a more cautious note. The legendary investor observed that COVID-19 had an imbalanced effect on the economy, with smaller businesses left carrying the can.
Signs of recovery
Whilst there is increasing evidence that the number of new cases is sustainably decreasing, for the first time without a lockdown, we are still facing a potentially crippling ‘Pingdemic’ with a week on week growth in the number of alerts being sent through the NHS app which has further been revised to attempt to limit the amount of people ‘pinged’ as a result.
Government statistics show a recovery in retail footfall to 74% of pre-COVID-19 levels in 2019. In addition to the partial recovery in the real economy, there is significant growth for existing online businesses or those that have successfully embraced online sales and IT policies and work practices. This has been fuelled by a 10% increase in company incorporations when compared to the same period in 2019, according to the same statistical analysis report from ONS. However, Deloitte’s forecasting for 2021/22 allows for a range of macroeconomic outcomes, indicating real uncertainty in the future.
Ten tips for growth
Follow these tencritical tips for business growth in the new post-COVID-19 world:
- ‘Big Four’ Accountancy and professional services network, KPMG, have recommended Digital Adoption and transformation in order to operate competitively in the post-COVID-19 world.
- Murat Soysal, co-founder of Segmentify, an e-commerce personalisation platform that supports online retailers, has stated that businesses need to “create a social media strategy that aligns with the post-Covid world.”
- Warren Buffett of Berkshire Hathaway has founded his investment approach on intrinsic value. To do this yourself and for your business, you must be financially fluent. Keep a tight grip on the financial position of your business. Take this opportunity to review your revenue streams and look to minimise expenditure without detriment to your market offering.
- Mustansar Iqbal of Autocoincars, an online platform that allows consumers to purchase cars using cryptocurrency, observes: “Value your customers. They’ve had a tough year too”. Make sure you are still delivering what they need in the way they need it.
- Casey Solomon of bOnline, a full-service online/ VoIP phone system provider for small businesses advises businesses to be informed about the latest trends. Horizon-scan for new opportunities and identify your business pipeline. It may be necessary to pivot your business.
- Charli Garner of Growbe, an outsourced back-office function solution provider, recommends having a crisis management plan – in case incidents like this happen again. Practice agility – the past two years have taught how important it is to adapt fast.
- Make use of available Government support, including grants and advice.
- CEO of Youtube Susan Wojcicki has recommended a focus on balancing work and personal life. Ensure an appropriate work-life balance and promote good mental health for you and your staff.
- Wolf of Wall Street Jordan Belfort has recommended the role of ongoing training to improve sales and business growth. Find a mentor who can support your decision-making and act as a critical friend.
Dr Tedros Adhanom Ghebreyesus, Director-General of the WHO, said at the start of the pandemic, “Be safe, be smart, be kind” Relax, be optimistic and be open-minded as to what the future may hold.