By Liz Belcher, CPA
Senior Manager, Tax Services
Today, the business world looks like an alternate dimension compared to 2019. With companies operating in cyberspace and hosting virtual events to managing labor shortages and supply chain disruptions, this is a time of evolution for business owners.
Many of these current challenges are projected to remain for 12 to 24 months, and then what is your future?
What drove your business to success a few years ago may be vastly different going forward. A pandemic leaves lingering results, some of which will remain permanently. In this ever-evolving economy, it’s vital to step back and take a bird’s-eye view of your business. Now is the time to take a cue from business guru and author Michael Gerber and “work on your business, not just in your business.”
As you reflect on your business condition, you should ponder on whether the past drivers of success hold the same potential they did two or three years ago. Maybe your business functions more efficiently as a virtual company. Many of the changes made in business operations over the last 18 months have improved efficiencies and, in some cases, profitability!
As we continue to adapt to COVID, your customers may prefer digital, contactless business transactions.
Taco Bell is already ahead of the game with its Go Mobile drive-thru concept, which aims to provide completely contactless food service through two-way audio-video communication and a lift system that delivers food from the elevated kitchen on the second floor of the restaurant.
The point is that you need to consider the latest trends and look toward the future. Innovation must be encouraged, and evolutionary changes embraced. Think about your younger employees. What millennial and Gen Z professionals consider a successful business probably isn’t what you’ve historically considered a success. For example, while you focus on revenue and profitability (yes, very important!), younger professionals measure the value of a business based on its community outreach and impact. To which local charities do you donate and/or allow employees to perform community service projects for? How do you publicly encourage diversity in the workplace?
The business world is changing — not just because of COVID and generational differences. Business has always been about adaptation. That’s why you should take time away from your day-to-day operations to crystallize the long-term vision for your business and plan for changes along the way.