Will the effects of Coronavirus change your business forever?
Marks and Spencer’s have announced that they will be making significant changes in their business over the next few months as a result of the Coronavirus pandemic. They have agreed a deal with the online retailer Ocado as they seek to transition to an online delivery model for the food business.
“When the lockdown measures are eased, we will all have to transition to a new way of working for a further period, some of these changes may lead to permanent new ways of working or trading for a lot business. ”
Measures are being taken by the retailer to accelerate the online transformation of the business over the next few months, adding that the crisis has ‘created a very different way of working and rapid learning for the business at all levels’
Marks and Spencer’s will be scrapping a dividend payment of £210m to shareholders and will be seeking assistance through a government finance support scheme.
With such a radical overhaul of the business over the coming months Marks and Spencer’s will be looking to ensure that is stays relevant in future once the lockdown is eased and we prepare for the new trading environment that we will see once the economy opens for business again.
When the lockdown measures are eased, we will all have to transition to a new way of working for a further period, some of these changes may lead to permanent new ways of working or trading for a lot business. Out businesses will have to adapt to the new ways of working or we risk being obsolete and replaced by businesses that are willing to evolve.
We need to start to plan for the lockdown being eased now and look at how are business will trade once things return to a new kind of normal. The Government backed ‘bounce-back’ loan will enable companies to get access to funds now to begin the investment and transformation of their businesses so that they can continue to be successful and relevant after the Coronavirus pandemic has receded.
If a British Institution such as Marks and Spencer’s have started to make this change, we all need to follow in their footsteps and look at how we can transform our business to ensure its future survival.