Businesses starting to feel squeeze of pandemic

Businesses in the UK and internationally are now starting to feel the true financial ramifications of the coronavirus pandemic. Some brands including Chiquitos have been forced to close their doors completely, unable to cope with the drop in demand that they encountered during the lockdown. Others, such as British Airways and DC comics are siphoning off staff and a recent report has revealed that a ⅓ of companies in the UK will be hit with some form of redundancies according to . Now is the time for businesses to start exploring how they can save their business, adapt, and thrive once more. 

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There are certainly numerous choices worth considering here and some companies are already making changes. As mentioned, businesses are starting to consider drastic measures to stay afloat. Despite being controversial due to claiming support from the UK government BA maintains they have no choice but to cut staff numbers and this isn’t surprising. Quarantine requirements and drops in demand have caused the travel sector to become one of the worst impacted industries of the coronavirus pandemic. 

However, experts stress that it is important for businesses to reduce staff numbers the right way. If redundancies lead to a drop in the quality of service or the solution offered by the business, then it could ultimately cause more harm than good. 

This is why it is expected that there will be a higher demand for freelancers and outsourcing agents in the near future. Outsourcing does provide businesses with a way to keep up the same quality of service while also continuing to explore ways to reduce costs. Of course, the trend of favoring freelancers isn’t a new concept. The gig economy has seen tremendous levels of growth over the last few years and has shown no signs of slowing down. It is highly likely that the pandemic will simply provide a boost for this surge. With freelancers, businesses can get the staff they need and cut the costs of taking on full-time team members. 

Analysts suggest that businesses must also start exploring ways to reduce the level of waste in their respective models. There are numerous steps that can be explored here. For instance, companies that focus on logistics need to think about the cost of individual deliveries. Sites such as www.arlynscales.com/ are seeing higher levels of demand as companies explore ways to reduce the cost of deliveries. This is often one of the more expensive areas of a business model. 

Finally businesses are also going to need to handle and come to terms with the costs of new social distance measurements and requirements. A lot of companies have managed to adapt their business without blowing up expenses. However, with no vaccination on the horizon right now, the requirements may need to stay in place for the long term. This does mean that there could be more adjustments needed rather than the current temporary solutions that likely will not stand the test of time. Social distancing measures has also meant that companies can not take on the same number of clients or customers as before.