The Covid-19 pandemic has been hard on everyone and will have long-reaching consequences for society. People and governments have struggled to adjust and survive, and companies have faced similar challenges.
Online retailers in general have thrived during the pandemic but other industries, such as the entertainment and restaurant sectors, have had a particularly difficult time.
The situation in Denmark, however, is better than in many other countries. The population’s willingness to follow Covid restrictions and the successful vaccine rollout have meant that Covid restrictions have largely been lifted within the country.
While other governments could learn from the strategies employed by the Danish government to encourage vaccination, there are also lessons for other businesses on how to survive and even thrive in these times.
A. P. Møller-Maersk
One of the biggest economic problems that we have faced during the pandemic is one of shipping and logistics.
The pandemic affected all of the links in the supply chain, from the manufacturing and production facilities to the shipping companies and domestic delivery services.
In order to cope with the stagnation of business in the first months of 2020, Maersk reacted quickly, laying off 2,000 employees and massively restructuring the company. This sort of decisive action, albeit harsh, helped the company to rebound quickly.
A. P. Møller-Maersk’s stock value has risen dramatically after a slump during the early days of the pandemic. The rapid rebound and rise beyond pre-pandemic levels shows just how effective their response to the crisis has been and is a measure of the strength of consumers’ faith in the company.
If you are interested in learning more about shares and how the market works, consider looking at an investing guide like this one. It is a complicated world but knowledge of the stock market will help you to understand the overall global economy.
Even people who aren’t beer drinkers recognize the Carlsberg name and logo.
They might not know, however, how many other beer brands the group owns – the Carlsberg Group has a portfolio of 155 beer brands, sold around the world.
- and Grimbergen
This diversity has partially contributed to Carlsberg’s ability to weather the pandemic with little issue.
Part of Carlsberg’s recent success – they have seen sales higher than pre-pandemic levels in the last quarter – is their diverse market. High sales in China and Russian were followed by the same in Western Europe as Covid restrictions eased.
Even as lockdowns tightened in other countries, Carlsberg had a consistent flow of business around the world. Share prices have reflected this success and risen slightly over the last six months.
Lego is perhaps the most recognizable toy company in the world. The building blocks company has expanded and diversified over the years from simple sets for children to recreations of famous movie sets and complex architectural models.
They have diversified even further in recent years and have opened a number of Legoland theme parks around the world.
They have also created a media empire that includes several animated films and television series, some based around specific playset series, such as Ninjago and Bionicle.
Lego is no stranger to overcoming difficult financial situations. The opening of three Legoland parks at the start of the 2000s had stretched the company and the company ran at a deficit for several years.
The company rebounded through careful management, budget cuts, layoffs and the creation of new properties. While there have been further occasional downturns, Lego has managed to become the largest toy manufacturer in the world through this combination of sensible management and constant innovation.
Throughout all of this, Lego has maintained its dedication to helping children. Since Lego has experience with facing and overcoming economic struggles, the challenges posed by the pandemic could be met with effective strategies already in place.
This careful management left Lego in a position of such financial strength that they were able to donate $70m to UNICEF. This contribution towards vaccination programs allows the company to put their caring spirit for children into practice.
The biggest Danish companies have managed to survive and even grow during the pandemic.
The strategies they have taken to cope with the uncertain times that we are in have been diverse. Some of the decisions they have had to make with regards to personnel have been very difficult but ultimately, in some cases, the sacrifice of some employees has saved the company as a whole.
Businesses in other parts of the world should look to Danish companies for ideas and inspiration on how to adapt to the new normal.