by Nigel Hilton
According to a recent survey, concerns are growing about a possible economic downturn due to the coronavirus pandemic, with companies believing that market growth will slow down. Many companies are seeking measures for financial support from the state as well as drastic measures to limit the spread of the virus, with the aim of their immediate recovery. The emergence and spread of the new COVID-19 virus is a threat not only to global health, but also to the global economy with unpredictable consequences so far. Important sectors of the economy have already been hit hard, and concerns about a possible recession are high. How can businesses survive and will there be anybody bailing them out? Conspiracy theorists have recently been speaking about a New World Order and shaking up the way in which we do business and the way in which we use our finances. For further reading, there are 13 families that rule the world names a New World Order. But what does this really mean for businesses?
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As mentioned, most companies are worried about their financial future and anticipate a reduction in their revenues with the exception of those operating in the food, beverage, technology and supply chain sector. They consider it too early to show any impact on their revenue. The majority of respondents (56%) believe that there will be a reduction in their income, but without knowing the exact loss in their income.
Technology is going to change
Every business evolves, the construction industry is now introducing more solar energy. With the launch of 5G technology, we are likely to see some changes in the ways that business operate. Going from theory to practice, it is worth mentioning that in several European countries, large car manufacturers, such as BMW, have already started manufacturing and launching driverless cars using the 5G network. With this new connectivity, vehicles are able to anticipate and prevent potential collisions, providing both individuals and corporate fleets with a safer future. This sounds like a good thing for the businesses that can afford it but for SMEs, they may not be able to finance such new technology.
Another interesting piece of news is relating to the Vodafone project, which turned Milan into a 5G capital. Certain cities are paving the way for a different future. It also means that businesses will not only have to fund better technology but also fund better security. With new technology comes new threats. If one of the 5G devices is compromised, the cyber attacker could affect all of these features and cause havoc for the business, including breach of security and loss of files/information. It could even install malware (eg ransomware) and shut down the business. In 2017, WannaCry ransomware was used for such attacks worldwide. This also means that companies should frequently update their IoT devices, check for potential threats, and protect them with firewalls and antivirus software. Every business must assess their finances and marketing plan to ensure that they can keep up with the new changes as we move into a new era. Business can resume as normal, but the ‘new normal’ will prevail.