6 Key Financial Changes Your Business Should Have Made Post Pandemic

How the Pandemic affected our professional lives

The pandemic has been transformative in many ways. It has changed how we view our health, how we communicate and, of course, how we run our businesses. And whilst we certainly wouldn’t want to do it again, it has taught us a lot of valuable lessons.

In light of the lesson we’ve learnt, we thought we’d share 6 key changes we believe all businesses should’ve made since the pandemic:

1. Hybrid working

Before the pandemic, hybrid working seemed like a rare luxury. However, this is no longer the case. Recent studies have shown that 76% of companies have adopted a hybrid working model since the pandemic. Why? Because it’s proven to be incredibly effective!

Employees are more productive, more engaged and generally happier when provided the opportunity to choose their work environment. So don’t be a stick in the mud – adopt a flexible working model. Your employees (and profit margins) will thank you for it!

Companies have also built a solid foundation for remote working. Forward thinking accountancy businesses have invested in secure, scalable virtual private networks (VPNs), and cloud services (more on that later) ensuring efficient and seamless access to company resources. 

Also, communication apps like Slack and Microsoft Teams make it far easier to communicate quickly to work colleagues, know their availability through statuses and also enable quick conferencing. 

2. Internal communications

Learning to navigate a business in social isolation has really highlighted the importance of effective communication. Not only between team members but between firm owners and partners too.

Without these open streams of communication, we would not have been able to adapt our businesses, engage our teams or maintain operations during the Covid-19 crisis.

Therefore, you must continue to prioritise and invest in your internal communications. After all, if the pandemic has taught us anything, it’s that effective communication is a valuable commodity.

How we embraced automation and virtual working

3. Digital processes

Working from home forced us to adapt in more ways than one. However, the most notable difference has been the global shift towards virtual working and digital processes.

Adopting cloud-based software has innumerable advantages, but perhaps the most noteworthy is its ability to increase efficiency. In a recent survey, 48% of respondents agreed that cloud computing increased their efficiency thanks to cloud automation and broad network access.

Cloud services offer a notable edge with their scalability. Companies swiftly adjust their computational resources to meet fluctuating demand, an aspect that traditional IT infrastructure often struggles to match. This agile response to changing needs is a linchpin for modern businesses, more so when cost-efficiency becomes imperative in a recovering economy. By paying only for the resources used, businesses optimise their operational costs.

Data security on the cloud has been subjected to rigorous analysis; the conclusion drawn underscores a sophisticated, multilayered approach that safeguards assets. Service providers invest heavily in security measures, outpacing what individual enterprises can typically afford or implement.

• Transitioning to the cloud allows companies to leverage advanced encryption and threat detection strategies.
• Continuous updates and patches reduce vulnerability to new threats.
• Meanwhile, compliance with regulatory standards assures stakeholders of a company’s dedication to protecting sensitive information.

Businesses must evaluate the robustness of their cloud security posture regularly and ensure compliance with the latest industry standards and best practices.

Examples of Automation Improving Business Efficiency

Automation in customer service through AI chatbots has enabled uninterrupted customer engagement. Additionally, automating supply chain management has optimised inventory control, minimising waste and reducing costs. These instances manifest the efficiency gains achievable through thoughtful automation.

Data-driven Insights into Automation ROI

Studies illustrate a direct correlation between investment in automation and return on investment (ROI). Increased operational efficiency, lower error rates, and enhanced customer satisfaction metrics are quantifiable benefits that underpin the financial rationale for automation.

So, if you haven’t already, do yourself a favour and start streamlining your processes.

4. Advisory services and thinking outside the box to other possibilities. 

If guiding our clients through the pandemic has shown us anything, it’s that our advice is both valuable and scalable. So, make sure you’re developing advisory services.

Offering tailored advice can be a simple way to utilise your expertise, enhance client relations and increase revenue. So don’t limit yourself to debits and credits – expand your services by offering relevant business advice!

As physical interactions decreased during the pandemic, demand for online services soared. Businesses across various sectors recognised the need to augment their service offerings to include virtual consultations, online classes, and digital customer support. Service providers adapted by embedding sophisticated booking systems and live chat support into their websites to cater to the new consumer preferences.

Taking a bold step to outsource services

5. Outsourcing

In a time when we had to adapt (and adapt quickly), many businesses had to outsource labour and resources to operate. And that continues to be the case. Labour shortages have forced us to seriously evaluate what we can deliver in-house and what we cannot.

Yet, despite the great resignation and the global pandemic, we’ve come to find there are actually many benefits to outsourcing.

Outsourcing can improve revenue, increase efficiency and reduce operational costs. What’s more, it enables you to delegate tasks outside of your expertise, allowing you to channel your energy into what you do best. So don’t be afraid to ask for help – you’ll need it if you want to scale your business.

6. Refined client basis

They say that every cloud has a silver lining. So, whilst the pandemic did present us with many hardships, it also allowed us to take a good look at our client base. (After all, there’s only so much you can do with limited staff during a global pandemic.)

If you’re yet to do so, we highly recommend reviewing your client basis. Who are your high-value clients? And which clients drain your resources? The aim is to identify which clients you can afford to let go in order to save yourself both time and money.

Although culling clients is never easy, refining your client profile can be extremely beneficial (if done respectfully). So think about it – you never know which clients you could be making space for.

Future-proof your business

Unfortunately, Covid-19 won’t be the last challenge we face. There will always be another bump in the road or another fire to put out. However, by implementing these suggestions, you have the ability to streamline your business, optimise your performance and keep up with your competitors. 

If you want to find out more about outsourcing, why not get in touch?

You can email us at support@profitsplus.co.uk or call us on 01634 940710

Or book a chat with Naveed Mughal, founder and Director of Profits-Plus Outsourcing by clicking this link. https://calendly.com/profitsplus-outsourcing