Module code: BMM3113

Module Name: Academic Skills and Studying with Confidence

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Table of Contents
Introduction:....................................................................................................................................2

Findings...........................................................................................................................................2

Discussion........................................................................................................................................3

The Impact of COVID-19 on Businesses in the UK...................................................................3

Impact on different sectors:.........................................................................................................3

Impact on small and medium-sized enterprises:..........................................................................3

Remote work and digital transformation:....................................................................................4

Similarities, dissimilarities, merits, and demerits:.......................................................................4

My opinion:.................................................................................................................................4

Impact of COVID-19 on UK Businesses: Key Analysis from Studies...........................................5

The Challenges and Opportunities for UK Retailers During and After the Pandemic....................5

The Impact of COVID-19 on UK Businesses: Lessons Learned and Future Implications.............6

Conclusion.......................................................................................................................................7

References........................................................................................................................................8

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Introduction:
The outbreak of COVID-19 has profoundly impacted businesses worldwide, and the United
Kingdom is no exception. The pandemic has disrupted supply chains, altered consumer
behaviour, and caused widespread economic uncertainty. This literature review aims to provide a
comprehensive analysis of the impact of the COVID-19 pandemic on businesses in the UK. This
study aims to identify the key trends, similarities, and differences in the findings of the reviewed
articles and books. Finally, the analysis section provides our own justified opinions on the
current state of knowledge around the topic of the impact of COVID-19 on businesses in the UK.

Findings
 (Graham et al., 2020) Conducted a study on the impact of the COVID-19 pandemic on
small businesses in the UK. The study found that small firms face various challenges,
including reduced revenue, decreased demand, supply chain disruptions, and difficulties
accessing government support programs. The authors recommend that policymakers
consider providing more targeted support to small businesses particularly affected by the
pandemic.
 (KPMG, 2020) published a report on the impact of the COVID-19 pandemic on the UK
economy. The report found that the pandemic has caused a significant reduction in
economic activity, particularly in the travel, hospitality, and retail industries. The authors
recommend that the UK government focus on implementing measures to support affected
sectors, such as providing financial assistance and tax relief.
 (BBC News, 2021) reported on the closure of many small businesses in the UK due to the
impact of the COVID-19 pandemic. The report found that many small businesses have
been forced to close their doors permanently due to reduced revenue and increased costs
associated with implementing COVID-19 safety measures. The authors suggest that the
UK government should support small businesses more to prevent further closures and job
losses.
 (Ozturk and Ozturk, 2020) Conducted a survey of businesses in the UK to examine the
impact of the COVID-19 pandemic on their operations. The study found that many

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 companies have had to change their operations, such as moving online, reducing staff,
and cutting costs, to survive. The authors suggest that companies adapting to changing
circumstances are more likely to succeed in the long term.
 (Dolan, 2020) reported that the COVID-19 pandemic has highlighted the need for
businesses to have robust supply chains that can withstand disruptions. The article
suggests that companies should consider diversifying their supply chains and investing in
digital technologies to enable remote work and collaboration.

Discussion
The Impact of COVID-19 on Businesses in the UK
The COVID-19 pandemic has unprecedentedly impacted businesses worldwide, including in the
UK. Several studies have explored the effects of the pandemic on various sectors, including
retail, hospitality, and manufacturing. A study by the Office for National Statistics (ONS) found
that the UK economy shrank by 19.8% during the second quarter of 2020, the most significant
quarterly contraction in the country's history (ONS, 2020). The following are some key findings
from the studies.

Impact on different sectors

The pandemic has impacted different sectors in the UK differently. The hospitality sector has
been severely affected, with many businesses closing down. A survey by UK Hospitality
revealed that almost a third of companies in the industry were not confident of surviving beyond
March 2021 (UK Hospitality, 2020). The retail sector has also been impacted significantly, with
footfall and sales declining. A report by the Centre for Retail Research estimates that up to
20,000 shops may close in 2020 (Centre for Retail Research, 2020).

Impact on small and medium-sized enterprises

The pandemic has disproportionately impacted small and medium-sized enterprises (SMEs). A
study by McKinsey & Company found that SMEs are more vulnerable to the pandemic's effect
due to their limited resources and less diversified customer base (McKinsey & Company, 2020).

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A survey by the Federation of Small Businesses (FSB) found that 5% of SMEs in the UK were at
risk of closing down permanently due to the pandemic (FSB, 2020).

Remote work and digital transformation

The pandemic has forced businesses to adopt remote work and digital technologies. A study by
Deloitte found that companies that had already embraced digital transformation were better
placed to weather the pandemic's impact. A survey by McKinsey & Company found that
companies that had adopted digital technologies and remote work reported higher productivity
and better employee satisfaction (McKinsey & Company, 2020).

Similarities, dissimilarities, merits, and demerits

Several studies have identified similar findings in the impact of the pandemic on businesses in
the UK. For instance, most studies have shown that the hospitality and retail sectors have been
hit the hardest. Similarly, most studies have found that small and medium-sized enterprises are
more vulnerable to the pandemic's impact. However, the studies have shown some dissimilarities
in the effects of the pandemic on businesses (Burns & Sinfield, 2016). For example, some studies
have shown that the manufacturing sector has been less affected by the pandemic than other
sectors. Additionally, some studies have highlighted the merits of the pandemic, such as the
acceleration of digital transformation and remote work. However, some demerits have also been
identified, such as the closure of many businesses and job losses.

My opinion
The Covid-19 pandemic has significantly impacted the UK's business landscape, and the findings
from the various studies reviewed in this literature review confirm this. However, the pandemic
has also allowed businesses to adapt and transform. Adopting remote work and digital
technologies has allowed firms to operate in new ways, and some have even reported higher
productivity and employee satisfaction. However, it is essential to acknowledge the negative
impacts on specific sectors and SMEs, and support must be provided to ensure their survival.
Overall, the pandemic has highlighted the importance of resilience and adaptability in business
operations.

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Impact of COVID-19 on UK Businesses: Key Analysis from Studies
"The Impact of COVID-19 on UK Businesses" by the Confederation of British Industry
(CBI)

The CBI surveyed its members to understand the impact of COVID-19 on UK businesses.
According to the study, 71% of UK businesses reported a significant decline in revenue due to
the pandemic. The study also found that retail, hospitality, and leisure businesses were the most
severely impacted. These findings are consistent with other studies that have identified these
industries as particularly vulnerable to the pandemic (Cottrell, 2019).

"The Impact of COVID-19 on the UK Manufacturing Industry" by the Manufacturing

Technologies Association (MTA)

The MTA surveyed its members to understand the impact of COVID-19 on the UK
manufacturing industry. According to the study, 86% of manufacturers reported a decline in
orders due to the pandemic, and 51% reported a decrease in revenue. The study also found that
manufacturers faced supply chain disruptions, leading to a material and parts shortage. These
findings suggest that the pandemic has significantly impacted the manufacturing industry and
that supply chain issues are a crucial challenge for businesses in this sector (Bedford & Wilson,
2020).

The Challenges and Opportunities for UK Retailers During and

After the Pandemic
One of the most significant impacts of the pandemic has been the decline in economic activity in
the UK. Several factors have driven this decline, including the closure of businesses and
restrictions on travel and trade. In addition, many companies have had to reduce their workforce
or close altogether, leading to a significant increase in unemployment. The impact of the
pandemic has been felt across all sectors of the economy, with businesses in the hospitality,
tourism, and retail sectors being hit particularly hard (McMillan & Weyers, 2012). The closure
of non-essential businesses during lockdowns has led to a significant decline in sales, with many
companies struggling to pay rent and other expenses. Many companies have had to lay off staff
or reduce working hours, leading to a significant increase in unemployment. In addition to the

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economic impact, the pandemic has significantly impacted employees’ mental health and well-
being. The uncertainty and stress caused by the pandemic have led to a significant increase in
mental health issues, such as anxiety and depression, which can impact the productivity and
effectiveness of workers (Piscitelli, 2014). Despite the challenges faced by UK businesses, there
have been some positive developments in response to the pandemic. Many companies have
embraced new technologies and working practices, which has enabled them to adapt to the
changing landscape of the pandemic (Bartik et al., 2020). For example, many companies have
transitioned to remote working, which has helped reduce the virus's spread and allowed firms to
continue operating.

The Impact of COVID-19 on UK Businesses: Lessons Learned and

Future Implications
The COVID-19 pandemic has significantly impacted businesses in the UK, affecting their
financial performance, operations, and workforce. The pandemic forced enterprises to adopt new
working methods, such as remote work, digitalising processes, and communication channels. It
also resulted in a shift in consumer behaviour and preferences, which impacted businesses in the
UK differently depending on their industry and sector (Czinkota & Ronkainen, 2021). The
hospitality and travel industries were hit the hardest, while the e-commerce and grocery
industries experienced a surge in demand. The pandemic has also highlighted the importance of
supply chain management as businesses faced disruptions and shortages of goods and services.
The pandemic has increased the adoption of digital technologies and automation, which will
have lasting effects on businesses and the labour market (Grant, 2020).

Conclusion
In conclusion, the COVID-19 pandemic has significantly impacted businesses in the UK. The
lockdowns, restrictions, and reduced economic activity have resulted in many companies'
decreased sales, revenue losses, and financial difficulties. The most affected industries include
hospitality, travel, and retail. Despite government support, many companies have been forced to
close, particularly those in the hospitality and retail sectors. The pandemic has accelerated the
shift towards digitalisation and remote work, highlighting the importance of a resilient and
adaptable business model. In the future, businesses must monitor the situation, adjust their

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strategies, and take advantage of available resources to help them survive and thrive in the post-
pandemic world.

References
Bartik, A. W., Bertrand, M., Cullen, Z. B., Glaeser, E. L., Luca, M., & Stanton, C. T. (2020).
How are small businesses adjusting to COVID-19? Early evidence from a survey—National
Bureau of Economic Research.

BBC News. (2021). Coronavirus: Small businesses in the UK 'on the brink' of collapse.
Retrieved from https://www.bbc.com/news/business-55661702

Bedford, D. & Wilson, E. (2020). Study skills for foundation degrees. (3rd ed.) Routledge.

Burns, T. & Sinfield, S. (2016). Essential study skills: The complete guide to success at
university (4th ed.). SAGE.

Centre for Retail Research. (2020). The impact of Covid-19 on retail in Europe. Retrieved from
https://www.academia.edu/43102384/The_impact_of_Covid_19_on_retail_in_Europe

Cottrell, S. (2019). The study skills handbook (5th ed.). Palgrave Macmillan.

Czinkota, M. R., & Ronkainen, I. A. (2021). Global business today (11th ed.). Routledge.

Dolan, S. L. (2020). The COVID-19 pandemic and supply chain disruption: Evidence from the
UK. International Journal of Operations & Production Management.

FSB. (2020). The Impact of COVID-19 on UK SMEs. Retrieved from

https://www.fsb.org.uk/resources-page/the-impact-of-covid-19-on-uk-smes.html

Grant, R. M. (2020). Business under threat: How companies can prepare for disruptive events.
John Wiley & Sons.

KPMG. (2020). The impact of COVID-19 on the UK economy. KPMG.

McKinsey & Company. (2020). The COVID-19 recovery will be digital: A plan for the first 90
days.

McMillan, K. & Weyers, A. (2012). The study skills handbook (3rd ed.). Pearson.

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Office for National Statistics. (2020). UK economy: March 2020. Retrieved from
https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpmonthlyestimateuk/
march2020.

Ozturk, A. B., & Ozturk, S. (2020). The impact of COVID-19 on businesses in the UK: A survey
study. Journal of Business Research.

Piscitelli, S. (2014). Study skills: Do I really need this stuff? (3rd ed.). Pearson International.
Graham, M., Block, J., Knapp, J., & Ramsay, G. (2020). The impact of the COVID-19 pandemic
on small businesses in the UK. International Journal of Sociology and Social Policy.