Millions of lives lost, thousands of people infected, unemployment on the rise, depression and anxiety taking over, and the fear of falling prey to the deadly virus. That is the reality of our world amidst the pandemic.
The global economy suffered severely as the hub of the corporate sectors began to fall across the world’s most powerful countries. With businesses being shut down in China, the United States, the United Kingdom, the world went into a state of shock and horror. Brands and companies such as ALDO Group, Debenhams, Virgin Australia, among others, reduced their operational scale, filed for bankruptcy, and shut down many of their stores. In Britain alone, BrightHouse, Byron, Casual Dining Group, Flybe, and Specialist Leisure Group filed for bankruptcy.
COVID-19 is a challenging phase for businesses all across the globe.
The year 2019 ended badly for many, and the trend continued even in 2020. People were struggling to survive, and they didn’t attach much hope to the new year. Surprisingly, 2021 began with a piece of news about the formulation of the COVID-19 vaccine. It started with rigorous testing of vaccines, but it instilled hope in the hearts of many.
Oracle NetSuite Report Gives Away Surprising Facts
For the corporate sector, the start of 2020 was, indeed, troublesome. But companies could not just sit back and see their models and the entire economy collapse. There had to be a way out where the world could resume its normal functioning amidst the virus. Even though the global economy observed a significant decline, some countries are now regaining their economic stability.
With that said, we would like to shed some light on the fact that some companies could not only meet but also exceed their business goals. Given the uncertain situation and unstable conditions of the industry, it comes as a surprise. Initially, the pandemic pushed many businesses to their downfall and forced them to file for bankruptcy. While others not only survived but were able to touch record high performances.
This is not just us saying that. Studies have proved that most of the businesses across the country thrived during a stage where the world was falling into complete chaos as COVID-19 wreaked havoc. A poll was initiated by Oracle NetSuite, which included responses from over 2000 employees in the UK. According to the results, more than 83% of the businesses in the country made considerable profits in 2020. It is a shocker for everyone as the outbreak of this deadly virus has proved to be life-altering for most of the world’s population.
The same poll led to the conclusion that most of the businesses in the country are not expecting their businesses to undergo strain due to COVID-19. They are hoping that things would be no different from that last year. More than 65% of companies believe they are looking to a growth in their business, while 15% are confident their performance, if not improve, will not fall and may remain flat.
After we dove deep into the stats, we came across some surprising facts.
Most of the businesses in the United Kingdom did not even look at the pandemic as a threat to their company’s profitability. Of course, at the initial stage, even business owner lost their calm, but the corporate entities in this country worked their way around it.
The same study, carried out by Oracle NetSuite, proved it. When asked about whether this pandemic was a threat or an obstacle, only one-third of the businesses in the country referred to this pandemic as one of the greatest external threats for them.
The report indicated that the businesses in the United King could absorb the stress and use it to develop strategies that could help their company stay afloat even during a world crisis. In this case, one innovative solution was to mould the business model to integrate remote working and work from home concepts. Building a more hybrid-like working environment was the key, and this is what the businesses did.
A Revolutionized Working Model
After adopting these business models, companies could list down the countless benefits it could bring to them. The companies benefit from the revolutionized working model, but a majority of the employees are more than happy with it. Flexibility in the working hours and methodologies away from workplace stress is something that employees greatly appreciate.
While the pandemic did put many companies at risk of failing, UK businesses successfully stayed afloat and made huge profits. One of the most significant reasons for this was the active implementation of software systems like ERP that offered the companies customized solutions to their businesses needs and could be integrated with their existing systems seamlessly.
In the end, it all comes to the company’s capability to adjust to the changing dynamics of the industry. The more flexible a company’s business model is, the higher is the chances of survival amidst uncertain conditions. Service providers like Folio3 have served as backbones for businesses during these difficult times. When businesses struggled to stay afloat, intelligent software solutions from software houses like Folio3 provided the companies just what they needed to survive.
