What businesses need to consider as the country returns to some form of normality, according to Michael Bohan, managing director of Franchise Resales
Now the UK has begun to ease lockdown restrictions and the return to normality is in sight, what impact this will have on companies and the economy as a whole is of crucial importance.
Below is a brief overview of some of the key points and how they will relate to businesses across the UK. It may influence your planning and decision making from now and into the future.
The date on which all restrictions and their associated legal rules will be lifted is estimated to be 19 July. But what does that mean for businesses?
Is remote working here to stay?
Remote working is currently a hot topic of conversation.
It seems that it’s become something of an expected norm, a convenience we’ve all relied on and a means to offer alternatives to your workforce.
From meetings on Zoom to onboarding new recruits online, remote working has proved to be convenient and accessible. In fact, 74 per cent of polled CEOs have stated they expect COVID-19 to influence lasting changes in daily employee workflow.
The stock market will experience a boom
The stock market is heavily impacted by consumer investing and confidence. For that reason, an effective road map out of lockdown, as well as putting measures in place to prevent another one, will lead to many companies encountering a stock value boom for a time until markets stabilise.
Supply lines will be reconsidered and further protected
It’s not hard to see how many businesses have suffered because of the lockdown, despite how necessary it was, and how supply lines have been affected by changing norms.
Semiconductor shortages were near eviscerating many technology companies’ willingness to sell products at the manufacturer’s suggested retail price, for example.
So it’s anticipated that many industries will invest more in trying to protect themselves from such vulnerable exposure again.
Consumer confidence is growing
As the government implements its plans for the further easing of lockdown restrictions, consumer confidence is starting to rise.
Alongside the renewed support for workers and the vaccine roll-out, hopes of a spending rebound are high. Research conducted by ISA provider Scottish Friendly and the Centre for Economics and Business Research revealed that households intend to take more holidays both at home and abroad, travel and eat out in cafes and restaurants.
You may need to control your capacity
Some businesses may see an increase in the number of customers hoping to attend their premises, such as shopping in person instead of online or visiting a restaurant instead of ordering food remotely.
This means that carefully controlling capacity, stock and order levels will help you avoid disappointing anyone and alienating clients. It’s important to take this into consideration when planning your day-to-day business.
No matter what happens in 2021, one thing’s for sure: we’ll all appreciate getting back to some form of normality.
Michael Bohan is the managing director of Franchise Resales.