Adapting to change: The COVID-19 pandemic’s influence on business and economic landscapes

Abstract

This paper critically examines the impact of the COVID-19 pandemic on business performance and the adoption of remote working practices, focusing on 267 Czech companies across various sectors and sizes. The research, conducted in 2021, utilized descriptive statistical analysis to assess changes in profitability, turnover, receivable collection, and home-office adoption. Findings reveal that large, service-oriented companies experienced the most significant revenue declines (up to 55%), while micro and medium enterprises displayed greater resilience. The study highlights a major shift toward remote work, particularly in medium and large organizations, suggesting lasting changes in work culture and the need for technological readiness. By comparing results with existing studies, this research emphasizes the differential impacts of the pandemic across industries, contributing new insights into organizational adaptability, financial resilience, and strategic management during crises. It also underscores the importance of agile management, cash flow stability, and digital transformation in mitigating disruptions. The findings have practical implications for policymakers and business leaders, offering guidance for targeted support policies and enhanced crisis preparedness. Despite its valuable contributions, the study is limited by its regional scope and sample size, highlighting the need for cross-country and longitudinal studies. These directions could further explore the long-term effects of the pandemic and inform strategies for fostering resilience in a rapidly changing global business environment.