Navigating out of COVID-19

This past few months have been tough for everybody.  At nem Australasia,  we have continued to engage with our clients and have together identified that there is a lot that we can do to assist businesses at this difficult time beyond financial and tax advice.  In fact, we would advise businesses that their first point of call is their individual accountant (who we often work hand-in-glove with).  The following outlines our broad range of skills and expertise in the context of COVID-19:

It is now clear that the road back from shutdown will be slower and more challenging than the road into it.  Most impacted will be small and local businesses: especially as the withdrawal of government and banking support measures are likely to coincide with slower business growth.  nem specifically focuses on small and medium businesses – particularly in the Geelong Region.  Depending on the impact of COVID-19 on your business, nem offers differing approaches:

Thrive: Some businesses, for example food retail, healthcare, and some manufacturing have been able to increase their sales over this period. Paradoxically rapid, reactive growth can in itself lead to challenges in maintaining stability and sustainability: for example, in order to service immediate demand, loans may have needed to be taken out on less than favourable terms, workforces may have had to be reorganised and redeployed, or short-term contracts entered into which need to now be reviewed and renegotiated.

Survive: Many, businesses have worked hard to continue trading throughout this crisis. They have achieved this through taking some extraordinary measures including reducing work hours or laying off staff and eating into cash reserves.  The challenge is that there is no clear exit in sight: no period over which to ‘hunker down’. Plans which began as tactical, now must be considered from a strategic perspective and a path charted to successfully navigate out of these times with a strong underlying foundation.

Conclude: Unfortunately, some businesses have not been so lucky. If not having shut down already, the decision has already been made to do so.  In closing, there are many things to do: communication with customers, suppliers, and partners, disposing of assets and addressing staffing, evaluating debtors and creditors. However, business closure is also a time to re-evaluate and explore new horizons: a time to take stock of the skills you have gained and begin to explore new horizons.

Whether in the exciting situation of unplanned growth, preparing for the next business adventure or just working hard to keep your business on an even keel, nem is there to help you.  As a firm based solely of experienced advisors who have either worked at senior and executive levels or owned their own businesses, they have themselves faced many challenges which are similar, if not the same as those you are currently facing.  Our skill-base is broad: from strategic planning and Board support, marketing and web presence, through to organisational design and redesign, contract negotiation, procurement and financial restructuring. As part of our wider partner base, nem has two partners in the Geelong region and over 20 in Melbourne.

At this time, nem recognises the challenges your business has – not least on finances.  We also understand that businesses need rapid results – particularly right now.  We are offering an initial pro bono engagement to local businesses and then, if we can add value, we will work with you.  If not, we would hope to continue to stay in contact. nem prides itself on developing long and fruitful relationships with our clients. We look forward to talking to you about your specific needs.

For further information, please contact Andrew Jones at ajones@nem.net.au, Tel. 0404 480 527 or Ron Andrews at RAndrews@nem.net.au Tel. 0474 135 534.

For an outline of our Firm, go to https://www.nem.net.au/. For specific information relating to COVID-19, go to https://www.nem.net.au/covid19-resources

 

Ron Andrews

Partner - nem Australiasia

From a foundation in Systems and Business Analysis, Ron’s background is in the business aspects of IT, whether it is the creation of service solutions, identification and onboarding of Managed Services partners, or transition and change management. Having worked across Europe, Asia and North America, he brings a global perspective on local business challenges. This allows him to add value and insight across a wide range of business areas.

nem Australiasia

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