Survey: Covid-19 Impact on Business Strategy
Covid-19 has had a significant impact on businesses all around the world, and so we recently conducted a survey to understand how it has affected businesses in Zimbabwe.
We asked the question, “In light of Covid-19, are you still operating in line with your original strategy?”
20% responded that they have not been operating in-line with the original strategy and 80% responded that changes have been made.
Summary of comments/ insights from respondents
- The pandemic has posed a lot of challenges that has led to businesses having to make changes like working from home due to increasing numbers of employees getting Covid -19.
- It is hard to continue working as though under normal circumstances especially since sales have gone down due to a number of factors including the lockdown regulations imposed. Therefore, businesses have not been making profits to cater for salaries hence cutting down of employees.
- The downsizing has forced businesses to rethink their strategy and incorporate other ways of having to meet goals and make profit such as delivering goods to customers and closing stores so they do not get walk-ins from customers.
- Companies are now digitalising as some are offering their services online and some are also working at home and connecting with their customers and colleagues virtually.
- Other respondents commented that they have been operating in line with their original strategy but significant changes have been made to suit the operating environment.
- On the other hand the respondents also noted that Covid-19 has also created some opportunities for their businesses and they had to change their strategy in light of the new market that they were targeting.
Overall findings conclude that businesses have made changes to their original strategies due to Covid-19. There has been both challenges and opportunities that have arisen from the pandemic and companies have made changes to adapt to the new normal.