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In July and August, Biz Latin Hub polled business leaders operating in Latin America to find out what ‘business as usual’ would look like after the pandemic. Over 40% of those who responded said they had actually grown in the wake of the crisis.
Respondents included CEOs, founders, partners and managing directors. They also represented a broad range sectors such as finance, IT, logistics and tourism.
Respondents were based in 16 Latin American countries. This was the largest group of respondents. doing business in ColombiaWhile responses came from people located in Australia, Canada, England, and the United States,
Below are some key findings from the survey.
Latin America business as usual: When will it recover?
Among 30 respondents, perhaps the most notable thing to come out of the survey was the fact that more than 12 of them said their business had actually grown during the pandemic — a surprising result considering the economic turmoil that has been experienced as countries have been forced to shut down economies in order to stem the spread of COVID-19.
“The new world of business will be characterized by a significant increase in distance selling and, consequently, innovation and digitization will be most relevant in the commercial management of the future”
– Óscar Roa, CoopeuchRegional manager
This could be due to the fact leaders of companies that did well during a pandemic were more likely than others to respond. It is noteworthy that the second-most frequent response was that recovery could not be expected until after 2021.
Among those business leaders who anticipated recovery during the course of this year, Q3 was reported to be the period in which it would occur — suggesting that the majority of companies represented by respondents either grew or are very much on the road to recovery, as we enter the final month of the quarter.
What will ‘business as usual’ mean after the pandemic?
When asked how the pandemic would affect operations once it had subsided, the most common responses were: Remote working would continue on a scale never seen before, while digitization efforts would continue.
“I believe we will move into a more hybrid work environment where we combine both remote and office work & each company will be trying to figure out what the mix looks like for them and their business.”
— Anonymous
Many companies have responded to the pandemic by implementing or accelerating digitization programs. 63% of respondents indicated that this trend would continue.
Notably, a similar number said that their company would be seeking to enter new markets in the wake of the pandemic — suggesting that many new opportunities have arisen, while others have had to pivot in order to ride out the effects of the crisis.
Another interesting pattern is that almost half of businesses said they would reduce office space. Only 13% of respondents suggested that they would resume office-based work.
What did respondents have to say?
Many Latin American respondents were asked to comment on the future of Latin America’s business after the pandemic. They stressed the fact that, despite the difficulties, there are also opportunities to adapt a new mode of commercial life.
Below are some quotes that we share:
“The new world of business will be characterized by a significant increase in distance selling and, consequently, innovation and digitization will be most relevant in the commercial management of the future”
— Óscar Roa, Coopeuch regional manager
“Business as usual will mean International travel will return to normal”
— Anonymous
“I believe we will move into a more hybrid work environment where we combine both remote and office work & each company will be trying to figure out what the mix looks like for them and their business.
— Anonymous
“It is time to take advantage of the digital era”
— Anonymous
“The biggest challenge during the pandemic has (obviously) been in person meetings with all of our staff together, as well as any new product launches, as innovation has been stifled. Everyone seems to be on the same page. Our core business is up for the first half of 2021, but business seems to be very uncertain moving forward.”
— Anonymous
Biz Latin Hub is a great resource for helping you do business in Latin America
Biz Latin Hub has multilingual teams made up of corporate support specialists who are based in 18 Latin American and Caribbean markets. They can provide integrated back-office services to help you take advantage of the opportunities available in the region.
Whether you are just launching into a new market or need assistance with ongoing operations, our comprehensive portfolio of services — including company formation, accounting & taxation, legal , recruiting, and due diligence — allows us to offer a tailored package suited to your needs.
Contact us today To discuss how we can assist you in achieving your business goals, please contact us.
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