Contemporary Business Environment: Impact of COVID-19 on UK's Economy and Policies Developed by Government

Contemporary
Business Environment

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY (PROJECT 1)...........................................................................................................3
PROJECT 2......................................................................................................................................8
INTRODUCTION...........................................................................................................................8
A brief analysis of external environment of the business entity...............................................10
Globalisation and its aspects.....................................................................................................11
Impact of globalisation on decision-making of British Broadcasting Company......................11
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
In this development of an organization over contemporary business environment which
plays important role through marking out important factors which is present within business
surroundings. Contemporary business environment leads over developing business through an
approach which plays important role by highlighting all those factors impacting business more
effectively. Through contemporary business environment business entity has been able to deal
with both internal and external factors(Hamilton, and Webster, 2018). All business organizations
has to focus over making contemporary business environment for developing precise strategy
making growth of business possible. Also the business environment helps in creating stability
within growth of organization which makes business develop profit and revenue out of its
activities. Scope of contemporary business environment hold wider capacity as it makes business
develop in more effective way. Nature holds dynamism as it makes business attain more
effectiveness within various process helping bin making goals and objectives achieved with
perfection. The project is an essay related to COVID-19 pandemic has affected UK's economy in
many different ways. The essay also includes the policies and plans developed by government of
UK to deal with issues and challenges created by COVID-19. In this essay various aspects over
given statement discussed.
MAIN BODY (PROJECT 1)
The development of organization mainly dependent over various kinds of aspects in
relation to threat that creates obstacles and challenges over organization. Since these challenges
has tendency to effective business and hinder its growth in both national and international
market. Also these organizations faces problems in relation to planning and developing strategies
which benefits organization. Through threats issues are raised in relation to product circulation
making reduction done in profit and revenue generation. During past years it has been observed
that COVID-19 pandemic has become one of the major threats which has raised effect upon
economy of United Kingdom. Also it made business functions and process effected drastically
which created issues within market of United Kingdom. It has brought economy of UK down by
putting question mark over it. This effected major areas of social development and commercial
activities part of business. Also bigger organizations like TESCO and Sainsbury has faced
problems regarding low profit ratios and decrease in sales of these organizations. Further, lock

down has been imposed by government of UK which made many star ups closed due to lack of
funds and capital investment. Many small business organization faced problems in performing
operations and decrease within income. In relation to citizens pandemic brought obstacles and
hurdles which stopped them from gathering publicly or at public places. Social development of
economy diminished with the increase of cases related to COVID-19 pandemic. It has also led to
create changing in government's plans and policies in order to deal with situation created by
pandemic. The government has also created social media advertising in order to create mass
awareness in whole public. The global pandemic has also led to create a loophole in the economy
which is impacting on major functions of the country. Various economic factors like Gross
domestic product of the country has declined due to the devastating effect of COVID-19. The
national income of the country decreased by a large amount. COVID-19 has lead over causing
various issues within economy that resulted in unemployment and caused job loss of existing
employees working in an organization(Halbert, and Ingulli, 2020). Due to pandemic youth with
skills and talent lose job opportunities resulting in causing lack of perfection within work quality
of various organizations. Thus unemployment turned out to be major issue for an country like
UK and government requires to pay attention over seeking solutions for solving the issue raised
out of pandemic. It resulted in causing decline within per capital income with the rise of COVID
19. In corporate sector business entities should provide product and services with best outcomes.
As per the impact of COVID delivery issue was faced by various organization due to restrictions
implemented during the time of COVID by government of UK. This made organizations change
business strategies in order to cover the effect of COVID upon their business. It is also necessary
for the organizations to be focused upon long term development of goals and objectives through
planning which makes strong framework created. During the years 2020 and 2021 economy of
UK shifted their operations from traditional methods to digital means. Many companies
provided through digital approach brought virtual working environment to employees by shifting
to work from and conduction online meetings over organizations future strategies. The
companies should understand, major plans and policies of government in order to lead the
marketplace. In order to deal with issues of unemployment government should form strategies
with the help of ministry of economic affairs. Another challenge rose for UK government is
based over vaccination which is basic necessity and requires to be delivered to citizen of UK. In
UK government made it compulsory for business entities for getting employees vaccinated. In