The COVID-19 Factor [Part 3]: Revenue Rollercoaster
By: Marion Poerio
Tags: Business Development, Business Intelligence, Covid 19, Procurement, Business Strategy

The coronavirus pandemic hasn’t only had public health consequences, its unprecedented restrictions have hit businesses hard too. Faced with a wave of closures and shifting consumer behaviour, companies have had to adapt to ever-changing circumstances which has sent revenues spinning on a helter-skelter rollercoaster that looks likely to continue twisting and turning into another year.

For a small minority of businesses, the pandemic has presented an unexpected opportunity for prosperity — tech giants, big-name pharmaceuticals, and online retailers offering lockdown essentials were among the few companies that saw their revenues skyrocket.

But for most businesses, the impact of both an increase in remote working and a major disruption of supply chains combined with huge economic uncertainty has caused business activity to slow, stall or (in worst case scenarios) stop. Businesses sales, incomes, and cash flow have taken a horrifying nosedive.

According to a Bank of England survey, businesses reported that the spread of COVID-19 and the measures to contain it led to a fall in sales of around 30% in the second quarter of 2020.

And the Office of National Statistics states that nearly a quarter of businesses are reporting having less than three months of cash reserves.

A new era of penny-pinching

In the midst of a sharp economic decline that the IMF has described as “the worst since the Great Depression of the 1930s”, a worldwide tightening of purse strings is inevitable, with the global economy predicted to shrink by 3% in 2020.

And although sales are expected to recover gradually, businesses are by no means out of the woods. So long as uncertainty continues to abound — and abound it will — managing expenditure will play a key part in companies ability to survive and thrive.

So what steps can businesses take to reduce costs without increasing risk or resorting to more drastic measures? And how can small suppliers keep cash flow flowing?

The economical power of tech

The migration to technology mid-pandemic has been lightning-fast with businesses leaping forward 5 years in the space of 8 weeks in terms of digital adoption. That pace is likely to continue.

“COVID-19 recovery will be digital” says McKinsey. And for good reason, too. Scaling efficiencies through technology is a solid strategy for reducing costs.

Our software minimises the costs associated with time-consuming internal processes by maximising efficiency, digitally. We also guarantee cost saving for suppliers and faster payments for suppliers, which supports critical cash flow.

Procurement automation that saves on costs

Paid is a software platform, for both buyers and suppliers, that transforms the purchasing process. It’s easier and faster for everyone. We also deliver cost savings for buyers and faster payments for suppliers.

Suppliers can self-onboard remotely, securely and quickly

Legally-binding contracts, compliance and other documentation are all dealt with digitally

compliance and other documentation are all dealt with Attract and access innovative suppliers with the promise of instant payments

Supplier management without the hefty price tag

In a world where working from home has become normalised and budgets are tight, the challenge of efficiently managing suppliers has become even more pressing.

Our software platform makes supplier collaboration seamless and cost-friendly. We automatically take care of time-consuming administrative tasks enabling our users to focus on their work and their relationships.

Automated emails keep everyone in the loop on everything from contracts to payments no matter where they are in the world

keep everyone in the loop on everything from no matter where they are in the world Get complete visibility on multiple projects and suppliers with our dashboard, and r eview project progress, authorise changes, and sign-off on project completion quickly and easily

with our dashboard, and r and quickly and easily Automated invoices save suppliers and buyers time and money

Money-saving payment processes

Our smart payment software reduces money-draining admin costs, and cuts down payment cycles.

Suppliers can receive Instant Payment for completed projects which protects cash flow for all parties

which for all parties Pay multiple suppliers in one go and save on costs (and time)

and save on costs (and time) Automated invoice matching reduces unnecessary admin and associated costs

To learn more or book a demo, check us out at paid.co.uk

Check out our other COVID-19 articles on the impact of the pandemic on businesses with The COVID-19 Factor [Part 1]: Office Exodus and [Part 2]: Supply Chain Shake-Up