Recently, companies that a few years ago worked for rapid growth, without paying due attention to cost control, accuracy and efficiency of operations, have radically changed their approaches. With the spread of coronavirus around the world, the situation has changed dramatically and has not yet stabilized. At present, business requires radical transformation and change of the usual approaches to conducting business and communicating with customers.

Usual approaches have undergone fundamental changes

In the years since the coronavirus has become a reality in every country and has had an irreversible impact on the world economy in general and individual countries in particular, companies have developed a certain algorithm to maintain market position or at least not go bankrupt and retain customers.

Flexibility has been the key to mitigating the effects of the protracted crisis on business. Most companies have rethought their strategies and action plans and made them more relevant.

Teams of risk management specialists could not cope with the onslaught of problems caused by the pandemic. The speed of assessment of the situation by the owners and management of the companies played a crucial role. Further progress in tackling the crisis depended on how quickly the teams could develop appropriate measures based on simple principles. Coordinated work of the whole team led by top management gave high results. Such companies were able to retain their customers.

Companies that were able to remotely coordinate staff work and adapt to new working conditions responded immediately to failures (such as disruption of communication inside and outside the organization) and loss of physical and human resources due to illness of staff or close relatives of employees, they were sometimes the first to be able to gain stability. The algorithm for achieving success, which showed the result, is: threat detection, coordination, response and re-detection. If problems need to be solved by joint efforts, quickly, creatively, but at the same time disciplined, then they become just work tasks and do not cause special problems.

The crisis has proved that customer relations are the most important thing for companies. Experience has shown that it is not enough to simply know information about your customers to understand what they want and offer it to them in time. This is not enough to make the customer loyal. Namely, loyalty during the crisis determines the success of the audit business.

Every audit firm that has become a truly trusted source of information has gained a competitive advantage. After all, during the crisis, lack of information became one of the key problems.

Effective rules for business exit from the crisis

The main rule for overcoming the crisis is to increase the efficiency of work in all available ways. That is, now for the company will be appropriate only those actions that lead to the result. Start by analyzing the situation. Find new options that you can offer to the market. Work even better, improve the quality of services. Be a role model in your segment.

Focus teams’ attention on the most important, most critical business tasks. Be more flexible about non-priority tasks.

Relevant multifunctional teams became a lifeline for business during quarantine. They managed to coordinate the actions of various departments, track and provide the necessary information to management for further communication with employees, customers, partners.

Without management decisions, business will not be able to exist. Think about how you can ensure the management of the company in different scenarios, if the crisis recurs.