How do we leverage the learnings from Covid-19?

by Jun 26, 2020COVID-19, Financial Management, Systems and Operations, Technology

Listening to this episode, I gleaned some amazing insights that I want to share with you, to summarise the conversation had in Episode 2 of BB4G.TV!

Thanks to Damien, Kerry and Robin for your very useful insights, helping us get a grip at this time of change!

The last 3 months have really tested our technology and systems.  The more comfortable we are on using technology, the more innovative we can be!

The challenges we’ve faced over the last 3 months have opened us up to more risk. 

If you or your staff have had to work from home –

*What role have you played in setting up the home office?

*Are you/they using a home computer?

*Have you checked the level of security on the computers being used?

“For working from home to work, a business must establish good reporting on productivity” 

Damien Battersby

Technology and Security, Proactive IT Solutions

What tech worked well, and essential tools for successful business in the future:

  1. Video conferencing system.  eg. Zoom
  2. Cloud collaboration tools. eg. Office365 / G-Suite / Slack / Basecamp
  3. Cloud integration to promote efficiency. eg. online scheduling system with zoom link
  4. Last pass – password managers for security
  5. Cloud Based anti-virus solutions

What’s also important when using these tools is ‘how’ you use them.

Golden Rule:   All business’ must be ‘in the cloud’ – if you’re not, you’re falling behind.

Taking it one step further and looking at how the resources are presented?

Are they;

  • Accessible
  • Organised
  • Maintained
  • Up to date

Integration of the tools into the business:

  1. Have you conducted sufficient training for efficiency and productivity?
  2. Have you developed some guidelines around appropriate use of these tools that up hold the   company values and culture?
  3. How are you monitoring staff productivity whilst working from home? 
  4. How can you move to monitoring outcomes rather than minutes?

“These are really uncertain times.  Our people are looking for certainty.  It’s a key driver of human behaviour.  As leaders, we must provide this certainty, as best we can by planning and then systemising!”

Kerry-Anne Nelson

Operations and Systems, Operation Verve

What has Covid-19 opened us up to?

More opportunity to tap into the right hire – regardless of location

Ability to expand market globally – no matter how big or small

“If your market has diminished, then your business must reflect that, otherwise when JobKeeper ends, there will be trouble.”

Robin Snelling

Financial Management Specialist, Virtual CFO Group

Business has changed.  We must pause and take stock of what business is like now compared to the past.  What worked in the past won’t necessarily work in the future.

Stop and look at our financials to assess where business is at right now.

  • Think about your industry; 

Are you mid crisis or is the crisis yet to come? 

How important is your forward order list for your business?

  • Where are your suppliers located?  How has that location been impacted by Covid?

  • Do a SWOT (Strengths, Weakness’, Opportunities and Threats) Analysis on;

– Your Suppliers

– Your Customers

– Your process from beginning to end?

Ensure you’re staff are trained in the new process’

  • Look at where your business is at Right Now to survive?
  • How do we maximise debt collection
  • What suppliers are essential
  • What costs are essential
  • What staff are essential
  • What loans do we require and how are we required to pay those loans in the future

  • What needs to happen in the future to survive?

Merge?

Seek new investment?

One thing we must ensure, is that if the market has diminished, then our business, size, expenses and staffing must reflect that, otherwise, come October when Job Keeper ends, the business will be in trouble!  It’s about planning in June/July, and making the tough decisions now.

To find more episodes of Better Business for Good TV go to BB4G.TV

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