How UK business is bouncing back from the COVID-19 pandemic

Copy of Copy 3 of Untitled design 1 | How UK business is bouncing back from the COVID-19 pandemic
By Toby Lester | 4th September 2020 | 2 min read

Despite being faced with unprecedented difficulties, our research shows UK business is bouncing back from the COVID-19 pandemic.

We asked over 1,100 organisations about their financial confidence. Overall, UK business is largely confident that it will bounce back to pre-pandemic levels of trading within six to 12 months.

The difficulties we all face

There’s not much that can be done about cancelled or delayed contracts - and, unfortunately, over half (56%) of respondents have said this is their number one challenge.

However, not all of the difficulties businesses are facing are insurmountable. Nearly a third (32%) of businesses are faced with late invoice payments and 31% are working through a deluge of customer queries and questions.

Savvy businesses are tackling these challenges head-on by employing a simple strategy with effective results.

Controlling the controllables

The secret to returning to pre-pandemic trading levels lies in controlling the controllables. We can’t control everything that will happen over the coming months, but by tackling the things that you do have control over, it’s possible to steer your business towards greater success.

“Our research shows the impact of the five biggest challenges faced by organisations during the crisis can be controlled. Businesses, regardless of size, need to harness technology to put themselves in the best position to control these controllables and move forward with confidence.”
Elona Mortimer-Zhika, CEO of IRIS Software Group

The most confident organisations we spoke to are taking the opportunity to modernise and adopt new technologies, including:

  • Digital payments
  • Customer and staff engagement
  • Flexible working platforms
  • Intelligent reporting

In fact, nearly a third (29%) of businesses that moved to cashless systems are predicting a return to pre-pandemic levels by the end of 2020. This optimism is shared by organisations that are investing in customer engagement (27%) and moving their mission-critical data to cloud-hosted system (26%). A significant proportion of business accountants (16%) also see cashflow as a huge challenge, proving the value of powerful business reporting.

Our research has also found that, amongst the organisations that predict a return to normal trading within 12 months, over a quarter (28%) are focusing on employee engagement and automated technologies. This proves the importance of your staff during these difficult times – and, should staffing levels fall, the value of having an automated system to fall back on.

“As businesses begin to settle into this new normal, they cannot rest on their laurels. Uncertainty is around the corner, and businesses must be ready for the next normal.”
Elona Mortimer-Zhika, CEO of IRIS Software Group

By adopting these systems now, businesses have protected themselves throughout the pandemic –and will continue to reap the rewards well into the future.

To view the full results of our survey and for an in-depth breakdown of what they could mean for UK businesses, you can download the full insight guide for free. Interested in adopting new tools for the next normal? Have a look at our full product range and speak to one of our specialists.