Business decisions and decisive action for the post COVID-19 Insolvency era
One key lesson from history is the companies that move early and decisively in a crisis do best.
“Looking at the previous economic downturn in 2007- 2009, recent KPMG research shows that an exclusive short-term orientation to the crisis by companies might lead to suboptimal outcomes for them. Companies that kept focusing on their long-term performance and competitiveness during the Global Financial Crisis showed better financial performance, both during and beyond the economic downturn.”
How Can LIT companies prepare for and adapt to a post COVID-19 world while remaining focused on safeguarding the day-to-day business?
Finding the balance between strengthening short term finances and market declines while effectively responding to pandemic longer-term perspective and competitiveness is critical.
In preparation for a post COVID-19 insolvency world LIT companies should consider the following factors and steps:
Secure a flexible and safe environment
Keeping all staff protected from chronic stress and poor mental health during and post the COVID-19 back to office program means that they will have a better capacity to fulfil their roles and excel at managing increasing estate volumes.
Get a grip on financial pictures across multiple strategic horizons
LIT companies should ask themselves direct questions across multiple time horizons: e.g. next quarter, next year, next two years and beyond. This Q & A session will help provide insights and better decision making by the company.
- Which societal developments might affect the business of insolvency?
- What will the drivers of success be in the post-COVID era?
- Which investments does the company need to make now and, in the future, to adapt quickly to potential new market conditions?
Relentlessly focus on what matters
A key way to do this is to align all company actions in response to COVID-19 to meet the purpose and values of the business and its direct stakeholders
Build strong customer relationships and experiences
Your clients will also be managing in a post Covid-19 world, different challenges and unique situations will add to their stress, a stress that will be amplified by ballooning financial burdens. Thoughtful preparation of your team will include presenting them with more training and support tools. Through added knowledge and new software tools, they will be better equipped to more effectively handle their roles, being cognitive on the psychosocial aspect created by Covid-19.
Review process and prepare to scale up
Now is the time to evaluate every process and operation for utilization and efficiency. implement a strategy of doing more within your company and finding solutions to increase capacity of human resources through practice management and technological innovation. Ideally, a scaling-up strategy is based on an innovation that has been tested and found to be successful in the type of setting where it is to be expanded.
Review supply chains
Altering processes and structural transformations will pave the way for new collaborations and partnerships. It is the perfect environment to find ways to lock in best solutions and a more agile operating model that will increase the metabolic rate of business.
Fast track automation
The focus on automation and digitization should be prioritized as businesses that are semi automated are more likely to scale quickly and less likely to be impacted by renewed outbreaks. Automation (AI) can enhance customer experiences, eliminate repetitive & mundane tasks, prioritize human workflow, maximize productivity and reduce costs.
Aryza Canada is your partner through these unprecedented times. Helping you adapt your business and implement the steps needed to prepare for a post COVID-19 world.
Our focus is assisting those in the LIT world that recognize the importance of future competitiveness. We are proud of the work we have been able to do with our clients and recognize that we need to be constantly thinking about what the future holds for our industry and how to best assist our clients as they find new and different ways to approach the COVID 2nd wave and post COVID-19 surge of consumer and business insolvency filings.
We will use this experience to reshape our future through:
- new software products
- automated processing through Version 8
- insolvency user training
- software user training
- practice management training
- scalable back office processing
- competitively priced systems