Innovation is the “key” to business recovery after the pandemic
The pandemic period has affected the activities of most companies, but it seems that there is significant room for recovery in 2021 and 2022, according to the answers recorded in the survey conducted by EO Greece, the Greek chapter of the global business network EO, with the participation of its member entrepreneurs.
In particular, more than half of the participants (52.7%) stated that their companies have experienced a decline in their operations due to the effects of COVID-19. In this environment, however, there are those who found and took advantage of opportunities, with the result that 23% answer that their company grew in 2020.
Despite the challenges posed by the health crisis, the leaders of the companies that recorded losses, remain optimistic that they will be able to recover relatively soon. Typically, the majority (73.4%) of the members of EO Greece expect this development by the end of 2021. In addition, 18.4% of the participants expect that the recovery of their activities will take place in 2022.
As for the factors that will “unlock” the recovery, the EO member entrepreneurs focused on three key areas. Investments in promoting innovation and introducing new products/services are the answer given by 60% of respondents. In addition, 49.1% see the adjustment of their strategic and business plan as a way out. Respectively, strengthening their company with the right executives is the key point for 49.1% of the participants.
Overall, the responses of the entrepreneurs who participated in the survey show a tendency for extroversion and dynamism, rather than for folding and conservative moves, such as reducing jobs or reducing the operating costs of companies.