2020 in Review
It’s hard to comprehend the roller coaster we’ve all been on during 2020. When I reflect on the year that’s almost over it has been filled with both highs and lows. The key element that has stood out to me during this time is that many businesses have needed to adapt to survive. From my perspective there were four key areas that distinguished those businesses that succeeded during the last 12 months:
- Liquidity
- Responsiveness
- Innovation driven by AI
- Flexible Work Arrangements
Liquidity
Given the unpredictability of the economy it was more important than ever before to keep liquidity within the business. It’s there to make payments on any loans your business has taken out (keep in mind that one missed payment is all a creditor needs to declare default status on a loan), to meet current cash needs and to avoid unpleasant surprises. Those businesses that ensured they had liquidity were able to move and adjust with the demands that were present at the time.
Responsiveness
Whether it was a customer requesting a quote or making sure customer’s goods or services were delivered on time it was evident that customers needed quick response times. At Truis we found that being responsive to customer’s needs in a short time frame helped their business make decisions in a timely manner and, in turn, achieve their goals.
Innovation driven by AI
We also saw an increasing number of customers adapt and enhance their business by using AI to help streamline processes. With the vast amount of data available we were able to assist customers to improve their processes which saved customers time, money and other resources. This allowed staff the opportunity to take on other tasks during lockdown and help deliver more to the business.
Flexible work arrangements
Flexible work arrangements enabled businesses to keep trading while their offices were closed. Flexible work arrangements weren’t just about being able to work from home but also to cater to the needs of family, including home schooling children. This required flexibility on the part of many parents as they completed their work function while home schooling children. Businesses that worked with their staff to manage during this time had happier more productive people.
Thank You
With the end of the year fast approaching I’d like to take this opportunity to thank all of you for your business during 2020. Remember, at Truis we will have staff available during the festive season to attend to any requests you have.
On a personal note, may you and your families have a happy and safe time over the festive season.
