New dataset: Introducing the COVID-19 impact tags
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Originally written: 21st April 2020
Updated on: 10th November 2020
Back in April, our diligent data team worked hard to determine the impact of COVID-19 on the 30k companies tracked on the Beauhurst platform. Each of these companies has been assigned up to 16 “COVID-19 impact tags”, which are determined by:
- A combination of published information on their company websites and social media
- An in-house analysis of the likely impact of the lockdown rules, regulations and current economic situation.
In April, we launched our preliminary report which measured and mapped the business impact of COVID-19. All of the data behind that report is available to evaluate and search across on the Beauhurst platform. Since then, we’ve brought you our “COVID-19 Business Impact — 6 months on” report too.
Our COVID-19 data impact tags are updated monthly, at a minimum. And when new restrictions come in (including local firebreak and tier restrictions), we target affected areas and review every company impacted by them, based on their sectors and where they are located.
Now, in light of a second English lockdown in November 2020, our data team has tagged over 4k high-growth, private English companies in just over 36 hours.
The team started as soon as the restrictions were announced, working tirelessly to manually review the COVID-19 impact tags of companies affected by the second lockdown. This ensures that the platform has the most up-to-date COVID-19 impact information.
The recently-updated dataset is now live on the Beauhurst platform. If you’re a subscriber, then this information is already available to you right now on the platform—go and see for yourself! If you’re not a subscriber, then be sure to book a demo of the platform.
Keep reading to discover how our COVID-19 tags work, how they can help you make strategic decisions with confidence, and help you prioritise your outreach efforts.
How you can use this data
Identify new opportunities in positively impacted businesses
- Save time by focussing your business development efforts on leads that are performing well and are in need of your products and services, whether that’s a stream of new candidates, legal and professional services, or new funding to continue their growth.
- Identify whole new sectors to approach by seeing which are showing the most activity and have a high proportion of positively impacted businesses.
Identify new opportunities in negatively impacted businesses
- Save time finding the companies that need your support and services, by quickly identifying those that are at risk and may be pivoting their business or seeking liquidation assistance.
- Identify opportunities that others have missed, from top talent exiting distressed companies, to more affordable avenues for investment and acquisitions in a diminished market.
Understand your exposure to risk
- Monitor your client portfolio, region or sectors of interest to understand where your strengths and risks lie.
- Receive notifications when any companies in your selection see a change in impact status, so you can act quickly and effectively.
Help those in need
- Determine which companies are struggling in your region or local authority, and reach out to them with immediate business support.
- Use the most up-to-date data to inform and shape policy decision-making, and measure the resultant impact
How you can access this data
If you’re already a subscriber to the Beauhurst platform and would like to access this new dataset, just get in touch with your Account Manager.
If you’re interested in seeing the platform and exploring the dataset for yourself then book a demo and one of our friendly Associates will be in touch.
Methodology
A company can be assigned as many, or few, of the following tags as are applicable:
- Temporary cessation of operations
- Closing most or all physical premises
- Limiting physical services provided
- Prevented from providing product/service
- Surge in demand
- Creating job opportunities
- Offering product for free/reduced cost
- Reduced Operating Hours
- Offering online services only
- Take-away only
- Explicit staffing cuts
- Increased lead times
- Loss of key customer group
- Struggling to cope with demand
- Fundamental business model change
- Permanent closure of the business
Based on these tags, an algorithm then determines a company’s “COVID-19 status” from the following selection:
- Potentially positive impact – a company that can potentially grow its operations as a result of these circumstances.
- Low impact – a company that will be able to largely continue normal operations, albeit possibly with safety measures such as working from home in place.
- Moderate impact – a company that has suffered disruption beyond mere inconvenience but is mostly able to continue operations.
- Severe impact – a company that has suffered serious disruption to its ability to operate.
- Critical impact – a company that is facing an existential threat to its ability to continue in operation.
- Permanent closure – a company that has definitively ceased trading as a result of COVID-19.
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