Covid-19 Has Changed The Face of Business - And How we do Business
Written by: Kelly Berger, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise
While these have been, and continue to be, trying times for our businesses and our personal lives, we are seeing a change now, and there is still more to come. We have and continue to face adversity and strive to push ourselves and our businesses to continue to operate. Unfortunately, many businesses will not survive this period, others will thrive, and new industries will be born.
I have often spoken to my clients about cashflows, budgets, crisis plans, financial buffers and so much more. My clients and many other business owners are starting to realize how important these things are to do regularly, and that is because of this major disruptive event. They now need these reports for a variety of reasons from bank loan requirements but also to see where they are in their business financially and can they survive this or do they need assistance to do so.
Crisis plans will now be put in place to deal with these events, so we have some continuity in our business.
Financial buffers to be created – we now understand the reason why we need to have savings built up in the bank instead of living sale to sale within our business. Or living paycheck to paycheck from our employment. Flexible working from home options will now be made readily available when they were not available before. Because now we have the infrastructure in place to operate like this. This could mean less of a need for physical premises for our staff.
People will begin to shop for local manufacturers as we have been somewhat cut off from the rest of the world. Some businesses will now have to rely on local suppliers to keep their products in supply. New manufacturing begins as people are now in demand for local products they cannot get from overseas. They are finding they either have to create it themselves or find someone who can – this creates new business opportunities.
Budgeting will be taken seriously by both business and personal as we have now managed to live without going out for food (mostly takeaway) or entertainment so we can see how much money we have saved. The other side is jobs have been lost, and we are now counting every penny making us aware we now need to budget and only buy what we need and not necessarily what we want.
IT-systems will be improved – as we have seen many IT-systems have not been able to cope with the change in circumstances such as working from home and having appropriate secure access to all information required to work effectively. Internet connectivity will become a top priority – governments are now spending money to increase NBN capability so that we have a stable internet platform to work securely and continuously from.
Our need for human interaction, especially with friends and family, will increase due to the isolation that we have had to endure to stop the spread of the virus. We will hopefully find more compassion, forgiveness and love out of all of this. We will find a great appreciation of our emergency services and essential workers who have put themselves at risk for the greater community. We now have a sense of community helping our neighbors, going for a walk acknowledging your neighbors.
We will celebrate our freedom. With so many rules and regulations thrust upon us in such a short time we can only hope when they are lifted that we celebrate our freedoms. Of course be it a slow progression back to a regular society but enjoy the fact we can leave our homes when we like to go see those that matter to us, to go and enjoy the outdoors and what nature has given us, to support our local businesses to get back on their feet, to work within our community more to help those most affected.
Our environment also says thank you! Using our cars less has had a significant impact on our pollution levels. The lack of factories working has also given our environment a break from toxins usually put out in the air. Our roads will last a little longer due to the lack of heavy traffic on them and so many other wonderful things.
We are stronger than we believe and can survive more then we thought. Now is the time to get our marketing done, to get business flowing again and to get back on top in our business.
Visit my website for more info!
Kelly Berger, Executive Contributor Brainz Magazine
Kelly is the Principal Director of Business Simplicity which began in 2011. Kelly is a Management Accountant and Registered BAS Agent, with over 10 years bookkeeping and business management experience. She also trains others in the use of MYOB Accountright, Essentials, Xero and Quickbooks Online. She loves working with new clients to repair accounting software files and also working with our clients on all things business management from cashflow, budgeting to software implementation to improving efficiencies. Kelly just does not stop! She loves a coffee and is passionate about helping people, in any way she can. She runs 4 businesses of her own, 2 of which with her husband Glen, a trucking business with two tandem tippers and also a car restoration business from her factory office in Epping. Her other business is called Bookkeepers Support Group, she helps other Bookkeepers across Australia, NZ and USA, running training sessions and group retreats. Her vision knows no bounds. She has 2 children that she is very proud of. She enjoys a good car trip out of town and anything health, wellness related. MYOB Bookkeeping Partner. Cert 3 and 4 and Diploma in Bookkeeping. Graduate Certificate 3 and Diploma in Business Administration.