We are going through unprecedented times. With uncertainty looming above the head, the only way out is to calculate the moves and comprehend the possible outcomes before embarking on the project. Risk is a silent companion with businesses anywhere in the world. Those who can ascertain the changing winds and take calculated risks can come out with flying colours. You will find such stories as an integral part of every successful business entity.
The challenge raised by the COVID-19 pandemic has brought many of the firms into a stalemate. They reacted to the situation in their way. Some reduced the business activities, some others dropped business expansion plans, and a few others reduced employees and curtailed their services. Only a few lots of thought differently and adjusted their sails according to the wind. Such companies are continuing their slow and steady race without much concern.
The slowdown has affected businesses from every sector adversely, including accounting firms in UAE, financial organizations, the real estate sector, and many more. People have adapted to the “new normal” and are going ahead in the flow. Here we are discussing how accounting firms can rise to the challenges of COVID-19.
Keep the Contacts Alive
Although the accounting activities, audit, and bookkeeping have been reduced, you must maintain and continue the relationship with the clients. A warm relation will be beneficial for both the client and you. Since the prevailing conditions are expected to turn better by the end of this year or early next year, the business activities will return to normalcy. In fact, a business boom may also happen in the forthcoming years.
Redesign the Services According to the Time
The standard services you were offering may not be suitable for the changing times. Therefore, rejig in the services may be considered to suit the client’s requirements. With the support offered according to the need of the hour, the clients will seek you out. This will also improve your goodwill and enhance publicity. Thus increasing the client base.
Offer Affordable Services
We must understand the imbroglio every firm is subjected to, owing to the uncertain future. The charges for the services you offer may be cut down accordingly. Thereby, both the client and your firm are benefitted. Besides, you may also offer packages, or free services, in addition to the normal ones, for a limited period. It has been observed that internal audit firms in Dubai have already made changes in their service packages to provide the best to the clients. You can also remove the underperforming services from your firm. And may think of reinstating those in the future, as and when the requirement arises.
Make Use of Technology
With the giant leap in information technology, we all are working from a virtual office. Most of the companies have directed their employees to continue working from home until the end of this year or the time a vaccine is invented. Virtual meetings, discussions over a conference call, and analysis of data using advanced software have become the norm presently. Use maximum use of technology to control expenditure and maintain your reserve fund. You may continue to work in the same manner even after the introduction of the vaccine too unless you confirm that the situation is under control and you can commence full-fledged operations.
Identify Your Mistakes, Learn from Those and Make New Beginnings
You might have been giving a blind eye to your mistakes, even after recognizing those. Your busy work/life schedule and the temptation to acquire more business may have been the reasons. Once you return to the normal condition, you will not find enough time to do such things. This is the time to examine your organizational structure, make necessary changes to boost the workflow, and amend policies to obtain the best result. Consequently, you can reap the best when the company restarts complete operations and regains the momentum.
The Tail End
Nothing can fail you until you decide so. You can continue on the path of success, by adapting yourself to the current situation and instituting necessary changes. By recognizing new opportunities and formulating an adequate way ahead, you can become the number one entity in the country. Focus on growth, have faith in your employees, make good use of software, and embrace changes. It will be instrumental in making your firm the number one in the region. Success will come all your way. Calculate your move and continue the stride forward.