As said by Winston Churchill

“never waste a good crisis”

Has Covid been an opportunity for your business? What do you want 2023 to look like for you?

Covid has been hugely disruptive. However, as we are now in a stage of increasing stability, and remaining issues such as disruption when staff test positive, supply chain problems and most of all skill shortages are working themselves out. Some but not all businesses have grown. This is a good time to reflect on what has happened and plan for the future getting ahead of the game.

Six ways our clients have embraced disruption lessons from Covid:

1. Digital business is mainstream

Whether its NZ Post or a cheese maker in Oamaru all sorts of products and services can be purchased and delivered online, even perishables. Kiwi companies selling directly to consumers in Sydney are taking an order on Sunday and seeing it delivered 48 hours later in Sydney on Tuesday. This has become the new norm. Customer expectations have changed – is your business leading, responding, or missing out on this change?

2. It has provided an impetus for innovation

Clients are telling us that they have made more progress on innovation, especially in the digital space through Covid; one said more than in the past decade. Covid has provided a sense of urgency to get things done, finding new and different ways to service clients and create new products. How has your business changed? What is your new next product? Have you celebrated and recognised what you have achieved?

3. The need for new people skills and capability

We have seen that people within businesses have just gone on and got things done. In a new environment with increasing levels of digital business, changing the way things get done have your staff; and more importantly the owners, kept their skills and capability up to date.

Do you have a development plan for the key people in your organisation? How are you keeping up with change?

4. Productivity is up

I was speaking with a CEO of a business doing most of his business offshore. They booked the same sales, but he travelled 65 fewer days than before Covid. There are some real trade-offs here with a desire to have staff back in the office but also the realisation that the way in which businesses operate can be changed. From digitally delivering invoices and signing documents to recruiting staff was done virtually for many companies, pretty much unheard of but now very accepted. The pool of candidates has increased as taking time off to go an interview is not so problematic. What is important for your business to grow and develop? How can you capture increased productivity?

5. Costs are down in some areas

A mixed blessing as costa are up in places, obvious ones such as travel is being questioned but also moving functions offsite, once the luxury of large corporates, has become doable. It is possible to contract in a variety of services as sea-change/tree-changers are now in all parts of the country and beyond. What costs can be permanently reduced? Can you lower the break-even point of your business?

6. There is a renewed sense of community

We all seem to have got to know our neighbours better. Customers have been extraordinarily pleased to have dealt with supportive businesses and everyone has been a bit kinder. As we dust ourselves off from Covid what are the good things we can take forward?

How can Covisory help?

While many of you know us through our tax work for your business and family, I have a small team of colleagues who are skilled and experienced in strategy and business planning. We undertake strategic reviews, business valuations and assist clients to grow their businesses from cost benchmarking to identifying acquisitions. If this resonates with you, please call me if you would like a confidential discussion.