Based on the sentiment of C-Suite Executives in the United Kingdom
There have been few moments in modern history that have tested the strength and resolve of business like this year. Following years of trade disputes such as Brexit, USA vs China, and the global shutdown triggered by coronavirus – companies have been shaken to the core. This includes those with solid foundations.
A recent study conducted by ERA, in partnership with Business Leader, has unearthed the measures that business leaders are taking at this time, as companies prepare themselves for what could be an increasingly challenging period.
Unsurprisingly, over 80% of respondents stated that they had been negatively impacted by COVID-19; 12.5% said that they hadn’t. With uncertain demand, many companies have initiated protectionist strategies to pull them through this period. Over one-third of respondents said that their business had implemented cost reduction procedures as a result of the pandemic, while a further 8% stated that they plan to do so.
Demand is only one part of the issue, however. An arguably more pressing matter at this time for businesses has been cash flow, with expenses largely outstripping revenues and additional funding.
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"Whilst lockdown has presented significant cash burn pressures for most businesses, the re-start phase presents perhaps even more challenge."
The coronavirus crisis has presented the world of business with challenges it has never faced before. The ability to adapt to survive has never been more important for business leaders than it is right now. One of the main ways to try and steer clear of any additional serious implications caused by the COVID-19 pandemic, has been to cut back on spending.
Whether it is reducing advertising budgets, making do with current equipment, or letting staff go from their roles – the majority of those surveyed have had to make drastic financial changes in order to survive.
When the pandemic initially struck, there was a whirlwind of panic and uncertainty. As a result, the majority of companies immediately cut back on spending to adapt to the new world. However, as the dust started to settle business leaders across all sectors looked at ways to drive their company through these uncertain times.
For many, the way to achieve this was to kickstart their marketing. Now, with many planning and hoping for a more positive year ahead, they are looking to get their brand back out in the public domain through new marketing strategies.