Leadership and strategic focus
Business owners understand that business success is dependent on not just having the right product/service offering, but also on the people working in the business, leadership, continued innovation, and a focus on business strategy writes Kapil Davda, director, Haines Watts.
Disruption:
Since the advent on the digital age, the coronavirus pandemic is probably one of the biggest disruptors of our time and has forced business leaders to re-focus their minds on these key business fundamentals.
Strategy
Most business owners know the importance of ‘working on your business’ to help it survive and grow, now more than ever.
The mantra ‘cash is king’ has again gained prominence in all business sectors.
Business owners also appreciate that running a business is a risk with the potential for high return or losses. As is the case with disruptive events, very sadly a number of businesses may not be able to weather the storm.
To cope with the ‘new norm’ agile businesses which in the light of the pandemic have in a timely manner considered their strengths and weaknesses, identified opportunities in their new environment and threats to their success, adapted business strategy for example by focusing on online sales and marketing, allowing remote working etc, will be more resilient.
Leadership:
Strong leadership not afraid to take bold and difficult decisions, backed by healthy and up-to-date financials/cashflow forecasting and bolstered by the various government support and relief schemes such as furlough, research and development tax credits, will invariably enable certain businesses to survive the crisis and come out stronger at the other end.
People, innovation and technology:
Businesses with a pro-technology attitude and tech savvy teams will find it easier to be agile. Certain sectors naturally lend themselves to taking advantage of AI and big data technologies, though having said that, a number of traditional businesses that have previously resisted technology driven automation of mundane tasks and processes will be forced to upskill their teams to adapt, become leaner and more efficient.
Haines Watts have a wide range of services to support and strengthen your business and help you to accomplish your goals in this brave new world.
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