Assessing the Impact of Business Models and Strategies on The Performance of Businesses During COVID-19 Pandemic

Abstract

COVID-19 pandemic offered several lessons. The outbreak affected personal lives of so many people, social life, professional/business endeavours, and lifestyles. The pandemic really unsettled so many people in different ways, engendering sudden responses and changes as it became pertinent to make changes, including rejigging business plans to secure business stability and sustenance. Invariably, with a surge in the infection level, many individuals, households, communities, businesses, institutions, and state actors faced a series of challenges and disruptions in hitherto routine activities and normal ways of both business and personal lives. The purpose of this research flows from the need to assess how business plans are impacting on the performance of businesses during the COVID-19 pandemic. Quantitative research method was employed, and data was collected from the 223 respondents who worked in United Kingdom based businesses. Findings from the research revealed that most companies either changed or modified their business strategy or business model to aid in responding to the impacts of the COVID-19 pandemic which resulted to rise in profit margins. It is therefore recommended that companies should always align their business models and strategies to current business needs and situation for enhanced business performance and sustainability.