This column is written for The Stray Ferret by Jacqui Hall, non-executive director for CNG, a commercial based gas supplier in Harrogate, and regional chair of the CBI Yorkshire and Humber district:

Coronavirus and its impact has crept into every part of our lives. The world of business looks a very different place to what it did just a few months ago, and as it starts to reopen and begin its road to recovery, it will not look how we knew it.

The economy was hit hard by the necessary shutdown at the end of March, and recent data suggests the full impact of that difficult decision is still yet to come. Temporary closures and reduced operations have led to financial concerns with many business having faced or facing reduced income.

As businesses start to reopen, the Government has released some guidance on how to do so. The CBI has worked closely with the TUC and the Government to deliver a plan that works for employers and employees. All this builds on the good proactive plans many firms have developed during lockdown. Excellent employee engagement, fast workplace innovation and transparency have helped many companies support livelihoods. The financial support has been a lifeline for businesses and as the economy restarts and situations continue to change this is ever adapting to become more individual sector specific.

But even with all this support – the battle is not necessarily over yet. Businesses still face months of change and challenge as they navigate through the recovery phase, operational costs are higher, overheads are increasing and most businesses are having to operate at a reduced capacity in order to adhere to government guidelines.

Most businesses look extremely different to what they did prior to lockdown, with many of their operating models changing completely. We’ve seen B2B businesses move to B2C, restaurants become takeaways and innovators stimulating new technology adaption or bringing technologies already in place to the forefront of their businesses. As we move toward the ‘new normal’ these business are now faced with a new challenge - do they revert back to old ways or continue with the new model they’ve adopted? Customer habits and needs are changing and it is hard to predict where the next six months will go.

It’s not all doom and gloom though, it is an opportunity for businesses to adapt and change – there is an appetite for them to learn from others, adopt new strategies and build back better.

At CBI we are committed to this effort to ensure Yorkshire and every region across the UK is positioned to bounce back from this crisis as quickly as possible whilst making investments in skills, infrastructure and technology needed to sustain inclusive growth.

It’s not going to be easy, but it is just as important now than ever that we pull together – this is a long road, but one we aren’t on alone.

 

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