Rethink: Episode 3 - Future proofing your business

Our host Kate Simms, Journalist, Producer and Broadcaster, speaks to BDO Partner Mark Sykes about what business owners and boards need to do to ensure their business models are fit for purpose for the future.

Speaker: Mark Sykes, Partner

Mark is responsible for helping businesses realise their goals whether that is helping navigate the day to day of doing business or developing a clear business strategy and expanding globally. Mark’s team offers a full suite of business services to support clients, including cloud accounting, funding solutions, payroll, financial reporting and outsourcing.

This podcast discusses:

  • Examples where businesses quickly reacted to the immediate impact of COVID-19 including BrewDog and pneumatic engineering companies.
  • The importance for decision makers to find headspace and to take a step back and see the big picture when planning for the longer term.
  • How businesses do not want to return to how things were, and now is a unique time to look at developing new sales channels and outsourcing operations.

Recovering from a crisis and boosting resilience

Mark mentions a guide called Recovering from a crisis and boosting resilience which offers practical guidance for companies on where to concentrate thinking - knowing the right questions to ask and where to find the information you need can make all the difference. The guide covers economic recovery scenarios and seven key areas for business consideration:

  1. Premises
  2. Financial
  3. Customers
  4. Employees
  5. Legal and compliance
  6. Suppliers
  7. Management and leadership

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