COVID 19 Business Recovery

COVID-19 Business recovery

The “new normal” has made all businesses reinvent themselves and plan for building new operation systems, and pivot to new ways of providing services.

As many analysts have predicted, this recovery phase will take time to come back to an economic sustainability. Some businesses might never reopen and some may take up to five years to recover, according to the McKinsey Global Institute and Oxford Economics.

Businesses have been challenged in many ways since March to survive, such as implementing new health safety measures for customers and employees, recreating business operations, adapting to new technologies, and most importantly managing salaries for employees.

New business models and new technologies will be what will save small businesses from this crisis. Retailers, manufacturers, and restaurants have been the most affected during this time and will continue to rely on additional funding to remain in business.

This is a critical time for everyone, and it is a big challenge for business owners to take the lead and make decisions on how to save their businesses. It may take a while for businesses to recover, but this also has been a time for pivoting and transitioning into a more digital era.

To read the full article on what industries have suffered the most during this time, and get to know more how these businesses have been adapting click on the link below.

US small-business recovery after the COVID-19 crisis [McKinsey & Company]