How Businesses Thrive in the New Normal? | Article – HSBC VisionGo
Written by Rex Leung, Partner of CityLinkers Group
COVID-19 pandemic has forced companies to transform their business models in response to the "staff away days" when the social distancing measures have been imposed. Companies strive to maintain their normal operation and productivity with the implementation of work-from-home arrangement. Companies now have realized that there are different ways to operate. Remote office is the New Normal and can be continued after the pandemic, the Next Normal.
"New Normal" and "Next Normal" are popular terms since COIVD-19. Yet how to survive and thrive in these "new" and "next" normal are great challenges for most businesses.
Acting fast, being bold and decisive in making change and prioritizing go-cloud strategies are the key elements to enable businesses to thrive in the Next Normal sooner. The five questions below may help business owners to review, rethink and reset their business model so as to survive beyond the New Normal and thrive in the Next Normal.
1) Are your remote workforce ready and your staff can maintain the normal operation anywhere outside office? If yes, go to next question. If no, hurry to get your remote office set up ready.
2) Some companies can only maintain 70% to 90% productivity though remote office set up ready as their key backend functions have not yet migrated to the cloud. Have you considered to migrate some of your key backend functions to the cloud so as to achieve 100% productivity or even add value to your business? If yes, you are early cloud movers and forward-looking firms that are very likely to thrive and win in the Next Normal. If not yet, go to next question immediately and seriously look into it.
3) Have you reviewed seriously which back-end function is essential to your business nature and the earliest it get digitalized, the greater benefits you can obtain? If yes, you should have already contacted relevant cloud service provider and embark on the cloud transformation journey. If not yet reviewed, please do review immediately to identify which function to go cloud first and talk to relevant cloud service provider designing your digital journey roadmap.
4) Have you started to plan for your FY2021 budget? Despite there will be some pains at the beginning of next year, it's time for companies to review their FY2021 budget and spend wisely on items that can create value to your business. No one would argue that "cloud" & digital" transformation are essential items that cannot be missed out in your business agenda in the post COVID-19 era.
5) What's next after function and budget fixed? Select the right and trustworthy technology partner that can help you settle into the new reality and create value for your business, faster than your competitors. Have you identified your cloud technology partner yet? Cloud partner is one of the key components in the winning formula in the Next Normal and be prudent in your pick.
An interesting and encouraging case to share here to demonstrate how cloud partner is the key component in the winning formula. A restaurant chain opened its first shop in Hong Kong by end 2019 which had answered and addressed the above 5 questions seriously. As a result, an excellent business performance has been achieved.
This restaurant chain keeps expanding with the 4th branches opened in September 2020 amid the pandemic and economic downturn. The owner is forward-looking, bold and decisive in cloud adoption. It migrates two essential backend functions, accounting and HR, to the cloud and appoints a professional and reliable accounting firm and an HR consultancy company to help set up the systems and provide them professional local support.
The cloud accounting and HR solutions provide the restaurant owner with the visibility of their companies’ financial and HR activities anytime, from any internet-connected device. It enables the owner and financial controller to access the same online database that updates in real-time.
A wide range of advantages are gained by running its business accounts online including:
- the visibility of current financial position at any time, from anywhere allowing multi-user access
- there is no need to invest in hardware, servers, or external memory to maintain, all data are uploaded onto the secure and reliable cloud platform
- No upfront cost and on a monthly subscription basis allowing the flexibility to scale up the level of service as needed
- Compatible to a variety of F&B related local apps at the restaurant's choice creating more value to facilitate business growth
Digital transformation plays an important role in shaping the success of this restaurant chain. It quickly adapts to the "new normal" and has adopted cloud solutions for two key backend functions and integrates the best-fit apps to digitalize its inventory tracking, table management, central kitchen, POS and self ordering systems offering unparalleled in-store and online experience to its customers. Moreover, outsourcing accounting, bookkeeping, payroll, tax and other compliance services to professional CPA firm with cloud know-how can turn financial numbers into insights and thrive beyond the "next normal".
Guess which restaurant chain it is? Contact us at firstname.lastname@example.org and we will take you there for a dinner to learn more about their secrets to success.
P.S. To access, update and review your business key data such as daily finances and HR data anywhere anytime are far more important in the post COVID-19 era. As the pioneer and advocate of cloud accounting adoption, special offers including a 30-minutes FREE consultation service, a 3-month FREE trial of Xero platform plus an one-off FREE tax review service are offered to forward-looking companies who look into the above questions seriously. Offers valid until 31 March 2021 with limited quota on a first-come-first-served basis.