Ten things you can start doing during the COVID-19 pandemic

Posted on Wednesday, April 1, 2020 by Nicole Fracasso

The current coronavirus crisis is forcing the world to change the way they live and work, writes August Aquila, CEO of AQUILA Global Advisors, in a recent article from CPA Trendlines. In this article, Aquila offers ten items leaders can start doing immediately.

Firstly, he emphasizes the most important asset should be your employees. You need to make sure they’re safe. One major method in doing so is requiring employees to work from home.

Next, he says leaders need rethink their view on technology.

“Technology won’t be a cost,” he writes. “Rather a driver of business growth and, yes, profitability.”

He also says now is the time to start charging for the value of your services, instead of on a billable hour fee. This is because information and knowledge are digitized and available for clients to view, and therefore they’re often questioning the value of your services.

Fourth, since your employees are most likely working from home, you need to train staff on how to work remotely, Aquila writes.

“Working remotely requires a certain adaptation,” he writes. “It’s not the same as being in an office.”

In addition, as you work with clients in a virtual setting, you’re going to need to adapt new communication and technology skills. Two platforms that seem most popular for communicating with others remotely are Skype and Zoom.

Next, Aquila says you’re going to need to do some homework if you haven’t used any collaboration tools. For example, there are a lot of different tools for project management and team meetings.

“Take one or two and teach everyone how to use them,” Aquila writes. “Clients may also need training.”

Aquila also recommends taking a long-term look at having more remote employees. According to Aquila, studies show that people who work remotely are often more productive, he writes. For example, it increases employee satisfaction, reduces unscheduled absences and saves employers money.

Next, he says it’s time for large firms to rethink their business models. According to Sebastian Hartman, Global Head of Technology at KPMG, doing this will open a new set of management levers which will enable firms to “leverage digital technologies, new value chains and harness the power of network/platform effects.”

It’s also time to update your current crisis communication policy, writes Aquila.

“This would include your work-from-home policy, key telephone numbers, emails, etc.,” he writes. “Make sure all key members of your firm know the role they are going to play during this crisis.”

Lastly, while this is a health issue today, it’s quickly going to become a financial one too. Aquilla suggests if you have a line of credit, use it now as it may not be available soon.

For more advice from Aquila, click here to read the article in full.

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