I thought our previous issue would be the last dealing with covid-19, but this has proven far bigger than anything else we've faced in my lifetime. NZ has been fortunate our mistakes have been quickly recognised and rectified, at least on the health front. There is now considerable uncertainty in every direction, which makes planning even more challenging.
One thing I do know is "this too will pass". Those were the words I heard at the end of a story after laughing for the first time in six months after my first business failed. It didn't change anything, but I could finally see light ahead. Every bad thing I have experienced has (with the passage of time) led to significant new insights and growth. They haven't changed the negative to positive, but have resulted in growth I wouldn't want to have missed out on. Obviously there have been other sources of growth, but for me, these major steps wouldn't have happened without the trauma.
Major disruptors (e.g. world wars) have always been followed by innovation. To quote Vaughan Davis of The Goat Farm, "Technology and society advance far more rapidly in times of global crisis than they do in peacetime. When it's do or die, we choose do." The good news is none of us can expect business to return to the old normal. We might not like change, but continuing as we were will lead to too many businesses dying, often after a prolonged period of life support.
An obvious example is the way we work. Suddenly working from home has blossomed. It's likely to retrench to some extent, but is expected to settle as a more normal activity - with influences down the chain - travel, communication, etc.
If ever we needed it, today is the time for every business to use advisors to ensure no risk - and no opportunity - is missed. This is especially so if you are the only one in your business. Team members, family members and business advisors (accountants, lawyers marketers, etc) can all see things from a different perspective. Doing things as you've always done is not a path to growth or even survival.
If you haven't done anything about it yet, we refer you to the recent article asking what type of businesses will survive covid-19. How does your business stack up?
Rod Oram also presents some lockdown lessons all Kiwi business can learn from.
As well as our last two newsletters, we have a separate article on covid-19 tax changes. Things change fast and have implications on existing rules, so please be careful before assuming all is great. Talk with your accountant to ensure you don't get caught with unexpected implications.
We often talk about our business being like a rocketship. We're currently travelling through an abnormal amount of space debris. Maybe we really do need to set a new course, and perhaps beef up our defences. Just keeping on as we are no longer gives us a great chance of surviving or thriving.