Is Your Business Model Standing the Test of COVID-19?
As accountants, we need to understand our clients’ business models. In very simple terms, a business model refers to “the way a business makes money”. Take a retailer, for example, who buys and displays products of interest to customers. By attracting people into their store, they sell those products and make a profit, provided the sales price exceeds the costs of supplying that product. …
From Survival to Resilience: Shifting the Focus
Business survival has been a popular topic in recent weeks but businesses are shifting their focus to resilience. What does it take to build businesses that can survive AND thrive in the longer term… while insulating them from a recurrence of recent events? It’s not about picking up where we left off because what worked in the past may not work in the future. Let’s take a look at the attributes of resilient (or sustainable) businesses. …
Managing (and Getting Help) Through a Business Crisis
Recent global events have tested the mettle of management and boards everywhere. Some businesses will emerge stronger and, sadly, some will cease to exist in their current form. Skilled leaders have a better chance of navigating adverse conditions so let’s look closely at some of those skills. …
