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What have businesses learned from Covid19?

This is the question we were discussing in the office recently. What have we learned from Covid19? Apart from the realisation that a tiny virus – about 0.12 microns in size – can cause extreme distress to the population and the economy, we’ve also learned a lot about how we as a business can deal with uncertainty. From flexible working to virtual networking – this is what we’ve learned from living and working with Covid19. 

Below we outline just a few of the things that we’ve learned and how we’ve handled the many challenges – and opportunities – that have come our way. 

Flexible working

Flexible working – We can work from home but it’s not necessarily the healthiest or most productive way to work. Face-to-face interaction is so important to build relationships, keep motivation levels high and find creative solutions to challenges. We’ve learnt that a mix of home and office working is the best compromise for us as a business and for our team members.   

Virtual meetings and networking

You can network virtually – after our recent networking meeting – with a speaker and break out rooms for more intimate discussions – we know that it’s possible to hold positive networking sessions online. Don’t worry, as soon as we can, we will meet up with people face-to-face again, however, if one of our usual networkers is working away but still wants to join in, or we want to introduce a speaker who’s not local to Hertfordshire, then we have the option of a virtual meeting to save time, money and to boost our green credentials. This could open up a huge range of new business opportunities too.   

The importance of planning

Plan, plan, plan – we’ve learned firsthand the importance of what is termed as business continuity planning. We know that IF anything happens again to disrupt our standard working practices, or heaven forbid, incapacitates a key member of our team, then we have contingency plans in place. Of course, we had plans before but now they’ve been tested and we know what works and what doesn’t. And we can talk firsthand about the importance of planning, testing that planning, and reworking plans with our clients. Afterall, it’s what’s kept us going.   

Communication is queen

It’s important to talk openly – the whole experience of lockdown has been mentally tough for many of us – the worry about the virus, the abrupt change to our lives, and the inability to meet and hug family and friends. It’s so important to have regular conversations with people to check in and offer support. This takes time – and when you are running a business, homeschooling, and trying to manage your own physical and mental health, there’s not a lot of time in the day – but looking after the team and client’s mental health is very important…as is your physical health. 

Exercise is good

The unparalleled importance of exercise – This virus appears to prefer certain hosts. And with very few exceptions, it appears that the fitter you are, in terms of physical stamina and appropriate weight, the more likely you are to be able to fight off the virus. We’ve long known that being fit and healthy supports your mental health and boosts your ability to work hard and smart and the HB team regularly runs together and enters races, but now we are doing more to actively support everyone in the team who wants to improve their physical fitness and health. 

Seeking help from professionals

The invaluable support of professionals – our clients have told us again and again about how much we’ve supported them by explaining the intricacies of the Government financial help available to them and supporting them accessing it. In turn, we’ve leaned on marketing, legal, wellbeing and HR guidance to help our business. Yes, we have an entrepreneurial mindset but we’re experts in our field and by talking to professionals in other fields, we’ve worked together to support each other. 

What have you learned during Covid19?

We’d be interested in hearing about what you’ve learned over the past few months and what you may do differently in the future.

Our Covid19 hub is still available to any business that needs accounting support and our team is on hand for bespoke consultations.

HB Accountants are accountants for business. For financial and accounting guidance and support, please contact Keith or Karen. We’re still working hard to help you make the right decisions.

Visit our COVID19 Business Hub for more information

Or call 01992 444466 or email for help.  We look forward to hearing from you. 

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The information contained above is for general guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, please note that each individual has different circumstances and it is essential that you seek appropriate professional advice before you act on any of the information contained herein. HB Accountants can accept no liability for any errors or omission or for any person acting on or refraining from acting on the information provided in the above

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