Working on the Business

Thought LeadershipConsulting

24 September 2020

In the last six months, Findex’s many business clients, large and small, have been ‘working on the business’ more than I have ever seen in my working lifetime. What’s more, the very best of them, no matter what industry they are in, have been on the front foot with their business planning, leaving no stone unturned.

As our teams on the ground advising clients will tell you first hand, the best businesses leave nothing to chance. They have reviewed:

  • Cash flow.

  • Balance sheets.

  • Product and service offerings.

  • Staff and client value propositions.

  • Credit worthiness.

  • Relationships with vendors and banks.

  • Government grant eligibility.

Warren Buffett who has provided a few life tips along my journey, mentions living by the principle of an ‘Inner Scorecard’. What that simply means is ‘taking the higher road’ and making good choices guided by one’s own core values and beliefs rather than being distracted by short termism and outer distractions.

In other words, staying focused on what truly matters, continually investing in yourself and your business and dealing with the right people to help guide you on your path are a combination for success.

Over the coming months, as parts of the country continue to deal with second waves, it’s an unfortunate reality that many businesses will experience significant upheaval and financial stress, and some will fail. The economic fallout from COVID-19 is anticipated to last months if not years and the road ahead isn’t going to get any easier for a lot of businesses.

There’s a popular Chinese proverb that says, “The best time to plant a tree was 20 years ago. The second-best time is now.” Despite being six months into the pandemic, it’s not too late for your business to identify its key risk areas and work through the various financial scenarios and key strategic options you’re going to need to assess to survive the coming months and years.

A structured response will be imperative for your business to safeguard its employees, enable the continuity of operations and protect the cash flow that is critical to your positioning once the disruption subsides. In fact, a recent survey Findex conducted with Australian and New Zealand business owners showed business resilience developed through a structured business continuity response plan had been a strategic driver for businesses to navigate COVID-19 disruptions as it helped position their businesses to:

  • Effectively recover from interruptions.

  • Maintain productivity.

With government support and funding still available to eligible business owners in Australia and New Zealand, there is simply no reason why business owners shouldn’t be reaching out to seek the support they need to navigate this period, before this funding is wound down.

I’m proud of how we’ve all responded in the last six months, clients and employees alike. Our team have worked tirelessly with business clients throughout Australasia and I know they have played a key role in helping our clients ‘stay focused on what truly matters’.

It makes us proud to work with such committed business owners and continues to give us purpose through the meaningful and lasting impact we are able to have in the communities in which we live and work.

To find out more about how Australia and New Zealand businesses are adapting to the accelerated levels of digital transformation being forced upon them by COVID-19,download the full report or explore our findings and insights.

Author: Tony Roussos

As Chief Operations Officer and one of Findex’s original team members, Tony is responsible for business operations across the group’s 110 locations in Australia and New Zealand. Placing great importance on building elite teams, change management and well-designed processes, facilitated through best in class systems, Tony believes Findex can provide a uniquely integrated service offering of global scale to its clients and the broader market place. As an experienced leader in general management, Tony prioritises helping set the strategic tone of the business as well as building and maintaining enduring relationships with his teams and makes a considered effort to regularly travel between Findex’s regional and metropolitan offices. Tony frequently facilitates engagement sessions with employees in the offices he travels to, ensuring their feedback is understood, absorbed and acted upon by his operations team and broader business. Tony values strong leadership, the empowerment of others and is a champion of Findex’s cadet program as it evolves formally, providing opportunities to school leavers to establish themselves in the workplace. He believes that education and employment can and should happen in conjunction and was instrumental in the establishment of the Findex Academy; a formal training platform to empower further education in Findex employees. In addition to being a group Director and Chief Operations Officer, Tony is also the Chair of the Findex Investment Committee, which brings together external investment advisers, client advocates, and key Findex investment professionals to oversee the strategy, research and implementation of Findex’s investment philosophy and activities.