In Focus Risk
From pandemic to profit
Consideration on strategies for SMEs in planning for recovery
Richard Pepler Chief executive, Optimum Finance
I am not pretending that any of this is easy. The situation we have found ourselves in personally and professionally is like nothing else. The one vital thing to remember is that
the economy will recover, the question is more ‘when’ than ‘if’. This is the crux of the matter – we, as
business people, do not like uncertainty. It gives us the jitters. Lack of confidence is not our friend. But we cannot change the wider economic response on a macro level so we must focus on the micro – your own business. Things have moved so quickly in the last
few weeks. February was still relatively ‘normal’ for most of us. March 2020 changed everything. We are now in a new type of normal and if you have got this far, congratulations. Now is the time to invest in recovery planning.
We are likely to be days away from
starting to hear what the government’s exit strategy is. SMEs that I have been speaking to are
Isolation breeds uncertainty. Do you know how your team members are feeling? While you might not be feeling entirely confident for the future, it is vital that you maintain an air of positivity. Employee engagement should be a strong focus area for you
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simultaneously hoping for a relaxation of the rules and dreading the next challenge this will present. Here is my take on key areas of business
focus to give you the best chance of long- term survival and profitability.
People and culture You might think my first area would be finance. Wrong. I am advising companies we work with to make their people the primary focus.
www.CCRMagazine.com The reason for this is that almost no
matter what sector you are in your people really matter. Preserve your talent at all costs. They will
be the secret to your future success. Isolation breeds uncertainty. Do you know
how your team members are feeling? While you might not be feeling entirely
confident for the future, it is vital that you maintain an air of positivity. Employee engagement should be a strong focus area for you. Give this some thought think about how
you can instil enthusiasm, a team spirit of pulling together, and, crucially, a strong and clear internal communications strategy.
June 2020
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