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What are the potential lasting changes after the Coronavirus?

The Coronavirus has set the world on edge. Companies were forced to take a critical look at their business operations and personnel policy, while consumers reviewed their income and expenditures. The needs of the consumers have changed radically and had a significant impact on business. The world currently looks very different, but over time we will resume our old customs and habits. However not everything will go back to normal, and the expectations are that several changes could be permanent and may have an effect on your company.

Working more efficiently

In one swoop, office buildings became vacant, meetings got held digitally, and we were no longer all stuck in traffic jams on our way to our workplace. It took some getting used to, but many employees like it now. No useless meetings where you wonder why you are there. Not a busy shared office space where it is difficult to get the work done. No waste of working time due to travel time.

It also got Twitter thinking. They were the first company to announce to their employees that they can work from home "forever". An internal letter in the hands of CNBC shows that employees will be welcome again on location from September, but that the choice lies with the employee. Twitter had been planning to make employees work more from home since 2019, but the Coronavirus has accelerated that.

More companies are expected to take this step. Working from home becomes more routine and offers many new opportunities.

Focus on local

With an absolute decrease in travel and international trade, consumers are increasingly opting for local options. Where consumers thought and consumed on a global scale before the outbreak of the virus, the focus shifted to the use of local goods and services. In a study into the short- and long-term effect of the corona crisis, Euromonitor reports that consumers will continue to eat more at home even after restaurants are reopened and that the focus will be on healthy options when cooking at home. Local consumption will continue to be important in 2021 and the following years, with food safety and the availability of non-local products being relevant subjects.

Increase in online sales and services

Euromonitor's research also shows that online sales have increased significantly since the virus broke out. Decreasing dependence on physical stores and an increase in e-commerce seems to be an inevitable part of "the new normal". Not only online sales rose, but online services also gained ground. A consultation via Zoom, taking a sports lesson online and participating in a course digitally: both companies and consumers quickly adapted to the new economy.

How do you view these developments and predictions? Are they opportunities or threats?

Don’t let your expansion plans wait any longer, Q Business support is ready to help you through this project. We know that locating your business abroad creates many challenges. We are specialised in supporting and advising companies during the whole process.

From language and cultural differences to laws and regulations: Q-Business Support can assist and advise you in setting up your operations in The Netherlands. It’s highly specialized team delivers tailored solutions in corporate services, accounting, financial reporting and compliance. The multilingual and highly skilled professionals from Q-Business Support will support you through all the stages of the implementation of your business in this country.

Contact us and arrange an online meeting, let’s talk about your plans.

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