How 2020 changed business
Lockdowns, distributed workforces, and business continuity — the global pandemic created some big challenges for small & medium-sized businesses. Despite signs of recovery, many managers and leaders are looking to the future with uncertainty. Has the pandemic changed business forever?
To better understand the current climate, Dropbox teamed up with VasonBourne to conduct an independent survey of business and IT decision-makers in the UK and US across a range of revenue sizes and industries. Read on for how companies are navigating the road to recovery and learning how to rebound from crisis stronger.
Different industries. Different impact.
While hospitality and leisure were especially hard hit by COVID-19 restrictions, tech industries saw more positive numbers. In June, 51% reported an increase in business activity. By August,that figure was up to 57%. This rapid increase seems to point to the growing significance that technology has in our daily lives, especially as more organizations adopt video conferencing, email, and IT tools.
A brighter outlook
Our second wave of the survey in August revealed some better news. More organizations reported increasing levels of business activity and signs of possible recovery.
How did businesses manage to keep doors open, employees busy, and customers happy? While the easing of restrictions certainly played a part, many businesses resorted to smarter ways of working. They were forced to innovate.
Is flexibility the road to recovery?
- Despite all the challenges and setbacks, profitability and growth remain top business priorities.
- Because the path to recovery is still unclear, businesses must be flexible so they can quickly scale their organization to changes in market demand, new ways of working, and shifts in customer behavior.
- By investing in IT/collaboration tools, businesses can focus on increasing productivity during the downturn.
- When the outlook changes and opportunity knocks, they’ll be more than ready to strike. According to our survey, 87% of small & medium-sized businesses agree that collaboration tools are key to supporting business growth.