We’ve noticed many businesses adapting to the “new normal” and wondered whether there were lessons that other businesses could learn for positive change in an uncertain economic climate. We therefore hosted a Virtual Roundtable event on Friday, 31st July 2020 . For those of you that didn’t manage to catch the event, we have made a recording available here.
The event included specialists in different professional services to share some insights into how their clients are adapting to present events caused by the Covid 19 pandemic and to give some tips for how businesses might turn adversity into opportunity.
Our experts reported that 37% of us have increased spending with local businesses over the past few months. Whilst this is good news, some SME’s have been hit. The government has thrown in over £300 billion to shore up the economy but there are worries that this cant last. The companies that have survived are the ones that have diversified and adapted to different markets
Tech and innovation companies have done well and been the fastest to reapply their expertise to turn adversity into profit. Other business that have done well are the ones that have joined forces with others. It is not going to be a single journey so now is the time to communicate with others. Its also time to take stock and think about plans for the future. What does your brand stand for and what is your strategy/purpose for the next six months?. Often businesses don’t get a chance for this so Covid 19 has presented a unique opportunity in that respect. Its not a time for burying your head in the sand, but Covid 19 does seem to be a platform for change.
At the end of the day businesses do not fail through lack of profit they fail through lack of cash, so the five main tips our experts provided were 1) keep an eye on the cash situation, 2) plan where you want to be over the next 6 months, and 3) communicate and collaborate with others, 4) engage with your professional services experts, and 5) plan again.
If anyone would like to discuss in more depth any of the matters discussed in the session then we would be happy to do so. Please give us a call on 01522 801111.