Hi,
When I look back on this year, the whole Coronavirus crisis still seems surreal.
As late as 28 February, I published a piece expressing surprise that a business contact had started stockpiling food.
Apparently there was this thing called “Coronavirus”, and she’d seen worrying videos coming out of China!
I’m relieved to say I wasn’t completely dismissive, though.
“Even if Coronavirus remains relatively contained in the UK, there is a high chance that the epidemic will play havoc with our economy,” I predicted. Maybe businesses should do a little forward planning…
Little did I know!
Anyway, it’s been quite a year. And while for many businesses it’s been disastrous, it’s also forced most of us to rethink, evolve and improve our businesses at a greater speed than ever before.
When we look back, I think we’ll marvel at our ability to adapt during 2020.
And there are so many valuable lessons we’ve learned along the way!
Here a few of my favourite blogs from 2020…
Denial. Many businesses have been in distress this year – including thousands that sailed through the first months of Coronavirus relatively easily.
Unfortunately, many businesses owners can find it difficult to face that truth.
Overcoming that instinct to deflect is the first step in saving a business that is in trouble.
(Then follow up by reading about the number one sign a business is distressed… Why it’s unlikely you can turn things around yourself… And whether your business is worth saving.)
Soaring during Coronavirus. Many companies haven’t suffered at all during Coronavirus. They’ve never been busier!
If that’s the case for your business, you need to manage that carefully – because fast growth is actually a dangerous moment when many successful businesses fail.
(PLUS: Why you need to plan for a reversal of fortunes – even if you’re flying high right now. Don’t be over-confident!)
How to get through the NEXT disaster. No one really believes that the worst can happen to them – both in life and in business.
But disasters are a lot more common than we think. This year we’ve had Coronavirus. Over the past 20 years, there’s also been 9/11, the 2008 financial meltdown, and many other industry- or company-specific events.
Are you ready for the next one?
Companies that are able to survive unexpected challenges easily all have one thing in common.
Why your accountant isn’t proactive enough. It’s one of the most common complaints of every business owner: “We want our accountant to come to us with suggestions… Be more proactive… So why doesn’t that happen!?”
There’s a good reason. It’s not that they’re lazy or shirking their duty – it’s just not their job.
And since I know that many people place us here at Insights Associates into the generic “accountants” bucket, here’s why Finance Directors are different… And why you absolutely can expect us to be proactive. (In fact, that’s the essence of our job).
Enjoy!
And as always, please do let me know if you have any topics about financial management which you’d like me to write about.
Thanks for being part of our “Insight family” this year…
…and here’s to a less stressful, more prosperous and above all healthier year ahead!
Garry
