As economies move to mitigate the unprecedented effects of the global Covid19 pandemic, empathy, adaptability and infrastructure are essential to drive recovery and repositioning most companies and businesses owners.
This sentiment was shared by Ifeanyi Nwigwe, Assurance Lead, Shelze Consulting.
According to Ifeanyi, firms must integrate technology now more than ever as person to person meets must reduce significantly.
Sharing his approach he says, ” Companies really need to take investment in I.T Infrastructure really seriously, that is what has actually helped us in this period. – “For Companies to get out of this they need to be more innovative, so for-instance before the pandemic my company made major investments in I.T Infrastructure” – It was as if we knew that a time like this would come when we need to work remotely right? and we had already tried to build over ARP and invest heavily in I.T. When the time came, it was easy for us to work remotely because we had made that investment in I.T Infrastructure”.
Also company processes must change to accommodate social distancing. The fact is that everybody needs to stay safe and do business as well.
“What we have tried to do is reaching out to those our clients that prefer us to come to our offices for audits and let them know that it is no longer business as usual we have had to to adopt digital file transfer options like dropbox for documents so we can access them from any place as required.”
Companies and businesses that do not necessarily have an online presence will have to shift from the normal physical interaction or interfacing with clients to doing it online & remotely
Many Companies didn’t see Covid 19 coming, so generally it is a situation where companies just need to be very innovative and have more innovative solutions for them to remain in business..
According to him, Companies will also have to put a human face and be empathetic with regards to billings at this time as income has reduced significantly for firms therefore affecting the spending power of clients.
For example for us, we’ve had to consider our clients position at this time.
A client of ours whose revenue is generated primarily through events, outdoor activities and entertainment has been hit hard by the current situation, as social distancing has obviously affected live events. What this means is, we have to prioritize relationship over revenue in the short term and keep the faith in our clients as they work towards recovery and profit once again.
This situation is not limited to one of our partners as we have come to realize a number of them have been affected by the current situation and require our services none the less, therefore we reviewed our rates accordingly for those hit the hardest some as much as by 70%. However these partners are also aware that we as an entity are revenue driven so they are willing to pay for our services as well.
The key here is to prioritize relationships for now.
Ifeanyi Nwigwe is a professional with extensive experience in audit & assurance, financial reporting and analysis. He holds a Bsc degree in Accounting from the University of Lagos Akoka and he is a member of the institute of Chartered Accountants of Nigeria (ICAN). He currently leads the Assurance Team in Shelze Professional Services where he renders services to governments and corporates.