Look back and learn to succeed - former Chamber president

Businesses must look back and learn from the past year, in order to grow and succeed in a post-pandemic world.

That's the view of Kevin Johns, managing director of leading Midlands accountancy firm Prime Accountants Group and former president of Solihull Chamber, who is urging firms to plan for when the economic recovery from the pandemic starts.

“With the current state of a depressed economy, many business owners feel as though there is no need to plan ahead. Some have the idea to just endure these uncertain times as best as possible, hoping for a brighter future, ” said Kevin.

“On the contrary, planning is a must. When the economic recovery inevitably starts, long-term growth will be a by-product of effective planning. Doing nothing or making haphazard business decisions may result in survival but won 't necessarily guarantee growth and succession.

“The last year may have instigated or even forced a change in business purpose for many. It is important to look back and learn from it, review and re-evaluate your businesses current position and implement a plan that will help you grow and succeed in the post-pandemic world. ”

Commenting on what business leaders need to be looking at, Kevin added: “Now more than ever, it is imperative that business leaders look at efficiency improvement strategies.

“Cost-cutting, while needed in the last year, can sometimes be a short cut towards closing down. Instead, businesses now need to look at how can they embrace technology and the internet better and use these platforms to drive business growth.

“It took the pandemic for many of us to understand the benefits of platforms like Zoom and Microsoft Teams. Take this learning and research, dig deep and understand what else is out there that could help you and your business grow and move into other markets effectively.

“Effectively managing your business 's financial performance is another key factor to consider today. Plan what you think is going to happen and then allocate your cashflow accordingly. It seems simple and may come as a surprise but that 's where most businesses fall short today.

“Cashflow is essential and while it is fantastic to have a budget at the start of the year, it needs to be used wisely and reviewed regularly to ensure that concerns are addressed and you are making all the right moves to secure higher profits.

“Accounting today is easier than ever before with the advent of technology and its supporting software applications. The likes of Sage, Xero and Quick Books has meant that you can interact with your bank statements on the move, empowering you to take control of your finances.

“Ask any great entrepreneur what the most important success factor in selling a branded product is and most often the answer will be - the brand itself. But look deeper and what 's possibly more important is keeping a watchful eye of your margins, and it isn 't rocket science as to why!

“Ultimately, companies that maintain and improve profit margins have more scope to grow teams, increase marketing, improving technology - the list goes on. ”

The economic downturn resulting from coronavirus has also led to several businesses closing down their head offices. However, Kevin believes that leaders need to instead look at implementing agile and flexible working where possible, which can further innovation and drive success.

“There is no doubt that the way forward is agile working and the need for businesses to be more flexible hasn 't never been more real. However, people by nature are social beings and thrive when working together face-to-face.

“I strongly believe that a lack of close contact can stifle innovation and so I urge business leaders everywhere to revaluate their decision to close down offices and instead implement a flexible working culture that strikes a balance between working from home and in the office.

“As important as planning, is also the need to focus on our employees today. Empowering our workforce with the right knowledge and equipment they need cannot just help grow a business but will ensure sustained growth and business succession as we step into the future. ”

For more information about Prime Accountants Group, visit www.primeaccountants.co.uk or search for Prime Accountants Group on LinkedIn.