As hope grows for the pandemic to become an endemic, James Pinchbeck, partner at Streets Chartered Accountants, encourages businesses to start taking a more considered look at their longer-term prospects.
Nearly two years since the end of the first lockdown many, perhaps naively, might have thought we would have seen a return to normal by now. As the months passed and further restrictions were put in place, the world of business seems to have changed for many and perhaps forever.
The challenges of the pandemic have needed in the main for focus on the operational, as opposed to the strategic, with often labour shortages, supply chain issues and restrictions on the way businesses operate. Firefighting and surviving being at the expense of thrive and prosper.
Whilst more typically a challenging business period might be followed by a slight lull and/or chance to recharge the batteries with a good break, this seems not to have been the case for many business owners and leaders. Whilst hybrid working and working from home for a long period of time may have allowed for a better work life balance, it has given rise to increased isolation and remoteness from the hubbub of business and interaction with staff, suppliers and customers.
With hopefully the first half of 2022 seeing a transition from a COVID pandemic to it being an endemic, more of us can start to take a more considered look at the longer-term prospects and future for our businesses and organisations. This is likely to involve a look at and consideration to what has changed, what is different and what needs to be done differently. In contrast to addressing short term issues, such focus needs to perhaps be a re-energising blue skies approach. Something that will inspire, inform and motivate you, colleagues and the workforce alike – perhaps even seeks to re-ignite your position in your marketplace.
If you are looking for a steer as to what you might focus on, there are a number of areas worthy of consideration as follows:
Customer service, even delighting or exceeding customer expectations
It has been widely reported that as a result of the pandemic customers have felt the service they receive has in many cases deteriorated and they feel less cherished. Whether it is to safeguard existing business or to secure new business, it undoubtedly would be good to review and appraise your customer satisfaction and service.
Workforce, retention, recruitment and skills
Certainly, there are a significant number of businesses across many sectors experiencing labour and skills shortages. It must therefore be a good time to take a strategic look at future workforce requirements, addressing the skills agenda and how you manage recruitment, retention, development and rewards.
Digitisation – more than an online meeting
Whilst many of us have embraced new digital ways of working, much of which existed pre-pandemic, the vast majority of businesses still don’t have a strategy for longer term digitalisation or use of technology. Taking time to focus on this could enhance your business productivity and performance, perhaps even help to address workforce shortages.
Net zero – it is not just buying an electric vehicle
A switch from a fossil fuelled powered car to an electric vehicle or consideration to an alternative energy supply may be seen by many businesses as major step towards net zero. However, there is much needed to be done, with the vast majority of businesses having little or no comprehension of their carbon footprint or impact let alone a strategy to move to net zero and a sustainable business model.
The world has just seemingly got smaller…
Seemingly, given digital connectivity, the ability to do business and seek suppliers and staff post pandemic is without the limitation of geographical boundaries. Whilst this could be a boost for your business, a failure to recognise it could also be a shot in the arm for your competitors.
The right people on the bus, in the right seats
There are bound to be many other areas of focus, the challenge will be deciding on what you need to focus on and what steps you need to take. In part such a decision and action may also give rise to the need to reflect on the skills, experience and roles of those, especially your Board, charged with strategic direction and driving the business forward. There might be a risk that the Board is prone to group think, resistant to change and lacking in vision or ideas. It may then be time to consider the effectiveness of the Board and its diversity.
Finally the world of business does feel, and is, very different to what it was pre-pandemic. Whilst not advocating radical change, most if not all of us do need to take time out, uninterrupted, to consider the relevance, sustainability and viability of what we do – now must be the time for this.
