Business Coach Stresses Importance of Investing in Future During Covid-19

Business Coach Stresses Importance of Investing in Future During Covid-19

Following recent reports that UK business owners are increasingly losing confidence in the local economy, one leading business coach is urging organisations to continue investing in the future of their company during challenging times. Kate Bishop, who works with businesses to effectively navigate change, believes that in the midst of a crisis, investing in operations is an essential factor driving long term survival and success.

The latest report from professional services network KPMG and the Recruitment and Employment Confederation confirms that employer confidence in the UK economy during March 2020 stood at -23%; a 22% decline from the previous month. Perhaps even more worryingly, confidence in business investment decisions fell to -5%, down by 21% since February.

Bishop has spoken out to acknowledge that while traditional forms of investment for rapid growth and development may not be the most suitable approach at such an uncertain time, businesses should be looking at alternative investments at this time. These include investments in innovation to diversify offerings, investments in marketing to ensure customers understand how the business can help them, and investments in people, with additional support for employees to strengthen employer loyalty and build motivation.

“Now more than ever, businesses need to invest in their people, their marketing and their innovation,” says business coach Kate Bishop. “This is a very uncertain time, especially for businesses in retail and hospitality, and for the self-employed, so now is the time to turn the current threats to our businesses into new opportunities, improve our weaknesses so they become our strengths, and ensure we emerge strong and prepared on the other side.”

Bishop cites Maszlo’s Hierarchy of Needs, which looks at safety as a primary human desire, as an important driver of new business investment. The need for security is a factor that has been witnessed consistently since the early days of the pandemic, with panic buying creating a feeling of security for shoppers. Bishop is advising businesses to invest in aspects that can generate these much-needed feelings of security for both customers and employees.

With extensive experience working closely with businesses during challenging and disruptive times, Bishop is advising organisations to use the pandemic as an excuse to take a closer look at processes and identify room for improvement. While business coaching may seem like an unnecessary expense at this time, gaining greater insight into existing operations can give organisations the tools needed to thrive in the future, rather than just survive.

In a bid to support businesses at this time, Bishop is recommending a 3-stage plan to give organisations the best chance of emerging strongly once restrictions have been lifted. This plan includes communicating effectively with teams to facilitate remote working where possible, and following proper procedures for redundancy where deemed necessary. It also includes reaching out to customers to understand how needs have changed, and streamlining marketing to reach the right people, at the right cost.

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