Source: McCarthy Durie Lawyers - Jon McCarthy
As this financial year draws to a close it is time to consider the things that we can capitalise on going into 2020/2021.
The 'new normal' demands that we focus our efforts to produce leaner more efficient businesses able to capitalise on opportunities that an economy in recovery presents.
Everything must be 'on the table' service offering, staffing, premises, IT, working hours and locations everything!
In normal times businesses become a little lazy, they pick and choose their work or jobs, they do things that 'interest' them even if they are not profitable - they avoid difficult work which is profitable because it's, well difficult!
Businesses become focused on what's convenient and easy for them and their staff rather than what their customers or clients want - they become inward looking and ignore what is going on around them.
The strong will survive and become stronger after Covid-19 they will:
1. retain the best most flexible staff
2. maximise technology to make the most of their staff and their premises
3. reduce and control all non-essential operating costs
4. improve their relationship with their bank and professional advisers (accountants and lawyers)
5. evaluate their BD networks and focus on high quality win-win relationships
6. deliver high value and quality goods and services
7. back up their offering with quality after sales service
In short, they will do all the things that successful businesses always do! They will become leaner more effective machines - because if they don't...
Optimism tempered with a dose of reality will give us all the best chance of maximising this rare opportunity. It's up to each of us to make that work.
