They need sales. The website forms part of the Physics World portfolio, a collection of online, digital and print information services for the global scientific community. But how can pubs survive if drinkers have to stay socially distanced? Christy Johnson of Artemis Connection, a consultancy that is itself remote and advises clients on remote work, says firms vary in their ability to adapt. It’s a room with a bar, with someone on one side selling alcohol and someone on the other wanting to buy it. And it is a good rule of thumb that the more digitised a market, the more likely it is to become concentrated. Companies have to challenge their assumptions about what customers want and focus on being competitive. Even if a wave of small-firm failures follows the end of government support, the businesses most at risk are restaurants, hotels and other service providers not known for market power. Expand. Unfortunately, all the usual seasonal variations and trends can no longer be relied on; COVID-19 has changed everything. This might seem too simplistic for us physicists, but it’s commercial reality. INTROSPECTIVE - Tony F. Katigbak ... You would think that we have made significant headway in the battle against the coronavirus disease 2019 or COVID-19. The pandemic will leave a legacy of even lower interest rates—and even higher asset prices. Cloudflare Ray ID: 5e762f4489d36341 See next article: The pandemic will leave a legacy of even lower interest rates—and even higher asset prices, This article appeared in the Special report section of the print edition under the headline "Survival of the fittest", Sign up to our free daily newsletter, The Economist today, Published since September 1843 to take part in “a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress.”. All rights reserved. Survival of the fittest? Please enter the e-mail address you used to register to reset your password, Thank you for registering with Physics World Nine million people were furloughed in June and the UK’s 2020 budget deficit is expected to be £270bn – a figure that will only halve next year as the economy struggles to recover from lost output. What can be automated or done online? Now, though, with many carers unable to visit patients, the question is how fast it can be done. THE GROWTH of remote working is the latest iteration of a decades-long technology shock. The businesses that survive will be those that adapt, innovate or reinvent themselves. This has not just been a good year for big technology firms. Jaguar Land Rover’s closure of its car-assembly lines during lockdown, for example, has cost it about £1bn a month, while its new-car sales plummeted by more than 30% in the three months to the end of March. This article appeared in the Special report section of the print edition under the headline "Survival of the fittest" Reuse this content The Trust Project. The IMF also notes that the UK government’s response to the crisis has been one of the strongest. Of course, some companies happen to be in the right place at the right time. Another way to prevent getting this page in the future is to use Privacy Pass. Before lockdown, everyone liked the idea and there were plenty of trials, which showed you could save a lot of money. “Once the pandemic is under control, broad-based fiscal stimulus to support the recovery could focus on public investment, including on physical and digital infrastructure, healthcare systems, and the transition to a low-carbon economy,” it said. One slice of good news is that those same forecasts say that although UK GDP will fall 10.2% this year, it will grow by 6.3% in 2021, providing a stronger recovery than in eurozone nations. And they need to generate a profit to survive. It introduced a widely applauded stimulus package, including a “furlough” scheme whereby companies can apply to receive a large part of their salary bill to avoid having to lay off staff. With so little certainty, the one short-term thing that company directors can do to make a profit is cut costs. Vikings' Kirk Cousins says he sees Covid-19 as 'survival of the fittest' This article is more than 1 month old Quarterback’s philosophy on virus is: ‘If I die, I die’ A working paper by Alexander Bartik of the University of Illinois and five co-authors finds that getting such a loan raised a firm’s chances of survival to April 25th by 14-30 percentage points. In a podcast posted by The Ringer on Wednesday, the NFL player suggested that masks were useless, shrugged off the danger of the coronavirus by saying “If I die, I die,” and proclaimed he was taking a “survival of the fittest” approach in the pandemic. John Van Reenen of MIT says that he expects the rising importance of technology to boost winner-takes-all effects in the economy, and to increase the value of large technology investments that small firms find harder to make. You may need to download version 2.0 now from the Chrome Web Store. Bigger firms on average invest a higher share of their sales in IT. The Zoom video-conferencing business, for example, grew its UK user base from 660,000 at the start of the year to over 13 million by April. Performance & security by Cloudflare, Please complete the security check to access. Greater dependence on technology is not the only mechanism at play. Scottish textile manufacturer Don & Low, for example, has switched production to make up to 1.5 million personal-protective equipment gowns per month. A working paper by Ufuk Akcigit of the University of Chicago and Sina Ates of the Federal Reserve argues that it is getting more difficult for firms to ape the practices of those at the frontier of their industries, and that the result is falling business dynamism and less competitive pressure on the winners. Copyright © The Economist Newspaper Limited 2020. It began in the 1990s when personal computers took over offices, continued with the development of the smartphone and social media in the 2000s, and in the 2010s led to cloud computing and artificial intelligence. The pub has been the same forever. It is large companies that have suffered from a surge in bankruptcies, possibly because of their indebtedness. According to forecasts from the International Monetary Fund (IMF), the world’s overall gross domestic product (GDP) will be 6.5% smaller by the end of next year than it predicted in January 2020. Physics World represents a key part of IOP Publishing's mission to communicate world-class research and innovation to the widest possible audience. Survival of the fittest: why businesses must innovate during COVID-19 19 Aug 2020 James McKenzie Taken from the August 2020 issue of Physics World , where it appeared under the headline "Survival of the fittest". Well, you could just restrict customer numbers, but how about an app where you book a table and order your food and drinks, which someone then brings to you. The impact of accelerated technological change is a bigger worry. Doing nothing will only leave you with bigger debts and problems to manage. In fact, Britain will suffer the fifth biggest downturn of all G7 nations, with only France and Italy doing worse. It has contributed to two features of the world economy: the dominance of “superstar firms” that have amassed valuable know-how, data and intellectual property which is hard to replicate; and an associated decline in the share of GDP accruing to workers in wages (a trend that is most evident in America). If you'd like to change your details at any time, please visit My account, COVID-19 has clobbered the global economy, which is why – argues James McKenzie – innovation is so vital for business success. In fact, the ways in which businesses have fought the problems from COVID-19 can and should be part of all corporate thinking. The data do not yet bear out the bankruptcy concern. Act, and act fast. This is no time for survival of the fittest rhetoric Katie Byrne. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. Take the classic British pub, which my friends and I were discussing on a recent Zoom drinks evening. Businesses are essentially simple. It’s horrible for all concerned: UK unemployment figures have already doubled to 3 million during the lockdown, with some surveys indicating that a quarter of all those on furlough losing their jobs by the end of the year. Doing nothing will only leave you with bigger debts and problems to manage. Completing the CAPTCHA proves you are a human and gives you temporary access to the web property. They have costs. Chemical giant Ineos plans to build new factories to produce a million bottles of hand sanitizer a month, while Scottish independent brewer BrewDog used its distillery in Aberdeen to make hand sanitizer. But inertia and habit meant there was no urgency in actually installing such systems. But now that lockdowns are easing, every business leader, owner or manager will be working through sales data, cash-flow forecasts and profit-and-loss projections with one question on their mind: “How can we make this business work?”. • The impact of the coronavirus lockdown on the economy has already been profound. It has been a good year for technology giants, whose shares fuelled a bull run in America’s stockmarkets. Modern Life. Providing valuable careers advice and a comprehensive employer directory. • IQVIA Consumer Health sets out in a new report seven priorities for post-lockdown business strategy to help consumer health firms emerge out of the coronavirus pandemic stronger than ever. Survival Of The Fittest: IQVIA’s Seven Rules For Post-COVID Success :: HBW Insight Will covid-19 accelerate these trends? So if you want your business to survive, innovation is the answer. This year America has distributed 5.2m “paycheck protection programme” loans, worth an average of $101,000 each (for comparison, there are 6m firms with fewer than 500 employees in the whole country). As one of our Zoom group quickly pointed out, British pub giant Wetherspoons developed just such an app in 2017 and several other pub chains followed suit. Could the pandemic leave markets more concentrated? 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