Lockdown and the gradual easing has changed the way people consume and run their businesses
YORK, U.K. (PRWEB) November 02, 2020
With furlough turning to job losses, companies having to radically change the way they operate and some closing their doors, the UK and world economy will be impacted by the virus for years to come.
Service industry companies such as restaurants were the obvious victims of the lockdown and shops, museums and the entertainment industry were hit immediately with the government forcing them to close.
“Lockdown and the gradual easing has changed the way people consume and run their businesses,” says David Black, owner of Coates Finance. “Many have moved to working online, some companies, exclusively. But not all businesses have the means to do that. We have seen an increase in sales for computers, home office equipment and medical equipment over the past couple of months.”
So, what does this mean for the future of business? Many companies will find their way to a digital presence where they were once only physical. “Ecommerce is set to grow exponentially out of this move,” says Black. “Others will have to service the debts accumulated from reduced income and the government loans. Either way, many experts believe the financial impact will be felt and dealt with by several future generations.”
Visits to the high street, and most notably banks, will continue to be a less viable option for people who still wish to avoid crowds. This will lead to many businesses seeking out finance online. This adjustment in strategy means that companies will begin to discover the flexibility of finance solutions away from the high street bank.
David Black is confident that they will not be disappointed, “Coates has a suite of finance packages that will suit a range of businesses and a range of needs. From equipment finance to asset refinance for the more expensive purchases, we can find a solution to your problem.”
Coates offers expert advice from a team of professionals to help businesses get running and thriving again. To find out how they can help visit http://www.coatesfinance.com.