Welcome to our latest Directors view, every quarter Cheryl, Matt and I take this opportunity to reflect on the current climate and offer our professional insight.
In the last of our Directors’ view, Cheryl shared her thoughts on how business owners should be seeing this pandemic in terms of React, Recover and New Reality.
Writing this amid lockdown #3, our advice to our clients more than ever is to, without doubt, look at recalibrating your longer-term business strategy.
Will this pandemic determine your future, or is there an opportunity to re-position for recovery and long term growth?
Disruption of this scale, with luck, will only come once in our lifetimes.
If businesses position themselves well, they will weather the storm and eventually, with hope, return to and exceed pre-pandemic levels.
But why not look at it through an entrepreneurial lens. What if we see this as a time of opportunity for change, for growth, diversification, and improvement, rather than just ‘getting through it’?
By adopting that entrepreneurial lens, can you use this time to recalibrate your business strategy and shape your organisation for its long term future?
We know success is firstly dependent on resilience. Implementing and upgrading processes, systems, talent, and culture will help weather the storm now as we return to ‘normal’ and beyond.
So, how ready is your strategy for the changes ahead?
We are currently in a world where people are entirely reimagining how they live, learn, work and consume. There is no doubt things will change going forward on every level, how organisations run internally, how we trade with one another. How agile and resilient we have become in terms of our investments and our business structures.
By taking a step back now and seeing your entire organisation from a third party perspective may well be the competitive advantage you need to prosper in the future.
Competitors, clients, employees and consumers will be watching to see how we emerge from this pandemic.
While to some extent, we are living in a ‘we are all in this together’ moment in time. There is no doubt once we emerge, every organisation will be viewed on how well it survived, how stable it now is and what competitive advantage it can now offer.
There will be some permanent cultural changes that will follow, with the use of technology (digital communication, remote meetings, cloud hosting) and the knock-on effect of home working being ‘proven’ in some sectors.
Those companies who transform during this pandemic will prevail.
That transformation may come internally, structurally or through opening up new opportunities, or ideally all three! Whichever it is, having it planned and strategically placed in your strategy will be your key to success.
Our advice is to use a third-party to help you see the wood from the trees!
We are often called in to assist our clients in taking the step backwards they need. It can be hard when you are at the coal face to see the overall picture! Having a trusted advisor involved can help you see the opportunities from another perspective.
Whilst our strength is to review from a strategic financial perspective, we have a vast amount of business and commercial experience, which you can tap into and help you to undertake that ‘step back’ strategic review of your business.
As we come out of this Covid-19 affected period, it is an opportunity to review what you, as a business owner, want to achieve. Sooner rather than later, hammer out the details, implement the changes, unlock your businesses’ potential, and achieve your goals.