The coronavirus pandemic has forced 91% of firms to change their business model, according to a survey by the Institute of Directors in Ireland.
Almost 80% of businesses surveyed said their organisation had a continuity plan in place ahead of the Covid-19 outbreak.
However, 17% said they did not, while over half of these businesses said they still do not have a plan in place to deal with future crisis.
The latest quarterly IoD Ireland Director Sentiment Monitor research, for the final quarter of last year, was conducted between 18 January and 4 February 2021 among its 3,000 members, comprising of CEOs and company directors.
Maura Quinn, chief executive of the Institute of Directors in Ireland, said it is encouraging to see that eight in ten firms had a business continuity plan in place before the pandemic to help plan for such an eventuality.
"Having a business continuity plan in place is not just a formulaic process, it's absolutely essential, and even more so today, to allow a business to anticipate and effectively adapt and pivot during a crisis," she said.
"Furthermore, developing a rolling strategy and adapting business models are essential considerations to ensure a business can deal with a constantly changing environment," she added.
The research also found that almost 60% of business leaders said the quality of their board meetings has deteriorated since moving online.
Just 18% said the quality of the meetings has improved, while nearly a quarter said there has been no change.