YES THEY DO!
There are some changes from Covid that are now entrenched and that businesses need to respond to. We see some of the major ones as:
increasing consumption in and delivery to the home (shopping, eating, drinking, media, socialising)
increasing expenditure on the home and garden, including pets
hybrid home/office working (and the need for the space, equipment and technology to effect this)
importance of and emphasis on health and well-being, including mental health
declining use of cash
increasing automation and with it, increasing personalisation
increasing demand for provenance, traceability and quality
Whilst there’s no vaccine for these impacts, understanding and embracing the need for change is critical. Delfinity have been doing a lot of work with clients in the areas of:
Changing business models
- Finding new markets and new ways to deliver products and services, swiftly and profitably
Adapting working practices
- Understanding the impact of home working on employee morale, well-being and productivity to inform future working models and employee engagement initiatives
Redesigning roles
- Identifying the skills and capabilities needed to deliver revised customer and corporate expectations
Restructuring finance
- Refinancing, eliminating costs and streamlining administration
We also see many clients with decreased reserves, reduced staffing, and leadership burnout issues as a result of Covid, increasing challenges in this changing world.
Recognising and managing these issues proactively and quickly is essential if your business is going to survive and thrive in this new world. This can be challenging when change is significant and unpredictable. Experienced, independent advice really helps in these situations, to pinpoint the priority actions and develop a clear plan that can actually be effective in resolving the issues.
If your organisation hasn't adapted to, and started to respond to these socio-economic shifts, we'd recommend you get a move on.
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