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Silver Linings: Positive Lessons Learned From COVID-19

May 18, 2020

While it’s easy to get lost in the doom and gloom of recent events, it’s more important than ever to stay positive and focus on how you can adapt to new challenges.

As we’ve seen throughout history, periods of instability can trigger some of the most progressive movements and marvellous inventions. Whether it’s WWII changing the face of modern aviation or research into submarine radars leading to the conception of the microwave oven, it’s important to showcase positive outcomes from difficult times.

As COVID-19 continues to pose a threat to human lives and global economies, how can the world adapt to change and find a silver lining to this unprecedented disaster?

Join us as we explore what lessons can be learned from the ongoing pandemic and ask how the world of accounting can embrace change in a post-COVID world.

How To Spin Positive Lessons In Times of Crisis

While the humanitarian impact of COVID-19 remains devastating, it’s more important than ever to find positive outcomes in a world plagued with negative news and uncertainty.

 

The accountancy sector will play a pivotal role in the next twelve months as we look for imaginative ways to support struggling businesses and maintain financial stability across the globe. As businesses continue to respond in a reactive state, accountancy firms must take a proactive stance and find innovative solutions to support clients.

“Necessity is the mother of invention.”

- Ester Boserup, 1965

The best way to learn from a crisis is to take a step back and remove yourself from the chaos of the day-to-day. Take time out of your day to reflect on what’s happening in your industry and think about how you can adapt your services to best serve those in need.

You must embrace change, not fight it.

Crucially, it’s important to appreciate the value of collaboration and sharing knowledge in times of need. Instead of building walls, now is the time for accountancy firms to connect, learn, and grow as a united force for good.

What Are the Biggest Challenges Facing the Accountancy Industry Today

It’s important to reflect on what your business is doing to respond to COVID-19, where you feel vulnerable, and how you can move forward in a positive direction. Conducting a SWOT analysis of the accounting industry is an effective way to process the situation and strategise the best line of attack.

  • Strengths. How has your business adapted to disruptions and exhibited resilience during the pandemic?

Whether it’s demonstrating an ability to adapt to remote working or maintaining loyal relationships with your clients, testing times can expose some of your business’ best qualities. It’s important to celebrate these ‘wins’, no matter how big or small.

When the storm calms, you can look back on these moments to motivate your teams and build confidence across your organisation.

  • Weaknesses. Have you identified any weak spots in your business or exposed any vulnerabilities?

Every business will inevitably experience difficulties in the coming months. When the going gets tough, cracks will begin to appear in your organisation, and you’ll need to think on your feet to keep the ship sailing.

Identifying your vulnerabilities and demonstrating resilience is a sign of a sustainable and highly-adaptable business. Individual accountancy firms must acknowledge their weak spots and unite with similar organisations to find collaborative solutions.

“Do not judge me by my success,
judge me by how many times I fell down and got back up again.”

- Nelson Mandela

  • Opportunities. Has COVID-19 presented your business with any new clients, projects, partnerships, or ideas to scale and regain strength?

As the accounting sector continues to toil with new challenges, searching for positive outcomes and opportunities is vital. Reflect on how recent events have disrupted your industry and look for gaps that your organisation could bridge.

Whether it’s shifting your focus to a highly-specific part of accounting or restructuring your organisation to cut costs, COVID-19 presents an opportunity to hit the reset button and explore new avenues.

 

  • Threats. Will the aftermath of recent events pose any direct or indirect threats to your business?

Staying alert to ongoing risks in a post-COVID world is vital to protect your organisation in the long-term. As spiralling global debt peaks concerns of a repeat of 2007/08, the accounting sector is likely to experience ongoing disruptions over the next twelve months.

 

What Can Accountancy Firms Learn From COVID-19?

So, what are some of the key takeaways from recent events, and how can the accountancy industry build upon these lessons to build a brighter future?


Remote Working Accounting Jobs

Did you know that the video conferencing platform, Zoom, saw the number of daily active users soar from 10 million to 200 million in a matter of weeks?

After successfully hosting a virtual e-meeting with 48 participants from the INAA community, we’re pleased to report a smooth transition to remote working from almost all of our members.

While the accounting sector is often criticised for “working in the dark ages”, COVID-19 has shown the industry’s ability to adapt to virtual working and embrace the new world of work with open arms.

As the ongoing pandemic forces accountancy firms get to grips with remote working and virtual collaboration tools, we hope these skills will continue to blossom in a post-COVID world.


Reset Your Focus

Recent disruptions have triggered an important awakening for many accountancy firms. While it’s easy to lose sight of your goals in ‘normal times’, COVID-19 has forced accountancy firms to hit the reset button and double-down on why they do what they do, who they’re doing it for, and how they can best serve their clients.

It’s been fantastic to see an overwhelming trend of accountancy firms supporting their clients through these difficult times. We hope this same client-orientated approach will continue to shine bright in months to come.


Collaboration

United we stand, divided we call.

The coming together of accountancy firms to share knowledge, discuss ideas, and deliver collaborative solutions during the pandemic has been truly inspiring. Here at INAA, we’re excited to see how the accounting sector continues to embrace connectivity in the digital age.

Whether it’s sharing advice on international tax compliance or building international partnerships to support clients across multiple geographies, collaboration holds the key to unlocking a world of opportunities.

Find Your Silver Lining With INAA

INAA was created around a shared vision to make global business personal and take personal business global.

We connect accounting firms who are committed to delivering quality professional services and sharing their expert knowledge with clients.

Join today to build powerful business relationships.