The Three COVID-19 Driven Efficiencies to Improve Your Business Profitability

COVID-19 is shifting the global landscape in many ways. It has catalyzed new, efficient, and profitable ways of doing many things. It is important to understand these threats and opportunities created by COVID-19 to avoid falling behind the competition. There are many valuable articles/researches available online relating to the sectors boosted by the pandemic. We have summarized the sectors positively impacting business into three categories; emerging virtual business & virtual workforce, virtual reality & virtual tech and electronic transfers. Your business might not be directly in these sectors; however all business must understand and adopt the right technology to avoid being outcompeted by the competition.

Have you seriously investigated how to utilize the opportunity created by these booming sectors to grow your business? This is how SandS can assist you in getting there.

We recently assisted our client in signage industry to convert their recruitment and selecting process to virtual reality. We published this in social media and it attracted a good pool of candidates to select from. Further, we assisted them in converting 80% of the purchasing process to an online platform, which saved 30% in expenditure.

1. Emerging Virtual Business & Virtual Workforce

Many industries have moved towards online/virtual service platforms. Support workforce (Finance, HR, Recruitment) have started working remotely, and this a highly efficient and very cost-effective trend that provides business an immediate competitive edge as well as profitability increase over their competition.

What you should do?

– Revisit your administrative cost and reduce them by effectively converting required portions of your workforce to remote working and virtual assistants.

– Improve online communication with your stakeholders. Promote your brand as a beacon in virtual business. This is the key in retaining and attracting customers.

SandS resultants can support you in converting your business to an e-platform, to deliver immediate results.

2. Virtual Reality (VR) & Virtual Tech

Applying Artificial Intelligence and Robotic Process Automation to create contactless monitoring mechanism are the key areas software engineers are working on to create the new normal. Early stages can already be observed in industries such as robots in healthcare, virtual technology in mining and construction supervision.

What you should do?

-Plan your investment in value adding technology. This is a long-term sustainable strategy.

-Start building a tech-savvy workforce. Include tech-based training sessions in your business’s training and development programs.

SandS resultants can advise you on how to make proper investment plans in technology to boost your bottom line without impacting your routine business. We can also train your staff on the latest the developments in technology starting from basic training sessions to advanced training and mentoring.

3. Electronic Transfers

There is a significant demand for cashless and paperless transactions. There is an international trend towards electronic transfers. Thus, it is important for you to prepare your business for the change to sustain and thrive in the industry.

What you should do?

– Stay abreast of changes in fund transfer methods in the banking system

– Identify the impact on electronic transfers for your business and align your process accordingly

SandS can assist you in interpreting changes in rules and regulations imposed by government / other authorities. We can also assist you as a trusted advisor to navigate and leverage change to grow your business.

Written by Nara, ACMA, CGMA (CIMA-UK), MBA. Nara is a Commercial Accountant at SandS Australia. She has 15 years of experience in business, finance and accounting in senior managerial roles helping analyse, identify, and drive business growth

Edited by Sam Mansoor. Chartered Management Accountant, CPA, Chartered Global Management Accountant, Dip. Equity Trading. He has over 30 years’ experience helping businesses achieve immediate and long-term success.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *