Kata Rocks
Oak Maedow Phuket BRITISH INTERNATIONAL SCHOOL, PHUKET Kata Rocks
The Phuket News Novosti Phuket Khao Phuket

Login | Create Account | Search


Agility key to business survival, warns expert

Agility key to business survival, warns expert

PHUKET: The pandemic and economic crisis have pushed businesses to the absolute limit of their endurance. For a great number of companies, survival has meant severe cost-cutting and on-the-fly adjustments to stay relevant in a heavily disrupted market, reports Chris Cracknell, Chairman of international accounting and business consultants Grant Thornton.

economics
By The Phuket News

Monday 26 October 2020, 02:40PM


Chris Cracknell, Chairman of international accounting and business consultants Grant Thornton, delivering his presentation in Phuket last week. Photo: BCCT

Chris Cracknell, Chairman of international accounting and business consultants Grant Thornton, delivering his presentation in Phuket last week. Photo: BCCT

Mr Cracknell delivered his observation, and vital advice, to business leaders at the British Chamber of Commerce Thailand (BCCT) BCCT Multi-Chamber Phuket Briefing & Networking event at the Outrigger Laguna Phuket Beach Resort last Wednesday night (Oct 21).

At the event, organised in cooperation with AustCham, BeluThai, Cancham, EABC, Franco, GTCC and NTCC, Mr Cracknell delivered his presentation on “The Covid and Post-Covid Global Economy”.

Mr Cracknell offered some superb pearls of wisdom about what businesses should be focusing on in the current and forthcoming economic climate. 

Of note, is Grant Thornton the seventh largest accounting network in the world by combined fee income, and Grant Thornton LLP is the sixth largest US accounting and advisory organization.

In a special missive to The Phuket News, Mr Cracknell explained, “2021 may bring good news in the form of a vaccine, but no one can provide a timeline with any certainty. Even a post-COVID world would be a very different one indeed, marked by unpredictability: Will people travel and spend again freely, having been desperate for so long to put the virus behind them? Or will a spirit of caution continue to guide economic activity, as economic insecurity plagues markets for years to come?”

This kind of uncertainty extends to the habits and priorities of consumers in every sector, both before and after a vaccine is distributed, Mr Cracknell noted.

Internal - Phuket News TV

“In a shifting landscape, businesses need to pay close attention to the needs and habits of their customers – continually updating their approach to meet every opportunity. At present, however, most organisations are simply not structured to pivot at a moment’s notice. Only the most agile of businesses can analyse data in real-time, continuously revise their strategy, innovate and implement new concepts, and keep themselves ahead of the curve,” he wrote.

“Most other companies should make it their top priority to embody this kind of agility. Doing so means focusing entirely on their core business model, and outsourcing the rest. Specialists can handle administrative and non-core tasks more quickly and efficiently than an in-house team, at a fraction of the cost of employing an entire department for the purpose,” he added.

To further streamline operations, companies should train and empower their teams to act autonomously according to a shared mission. If all decisions have to be individually issued or vetted by the person at the top, momentum is lost and employees have little reason to take initiative. But if a culture emerges where sensible experimentation is rewarded, and teams can act on new opportunities without delay, the potential for innovation radically increases, he explained.

“The time has come for old business strategies, and old organisational structures, to disappear,” Mr Cracknell forewarned.

“They were designed to fit a world of stability and incremental growth – a world we no longer live in. Success in a time of disruption requires a fresh approach to business, implemented by bold and courageous leaders. It requires a solid foundation of technology, to facilitate digital operations for seamless communications and a well designed customer experience. But most of all, it requires businesses to accept that the way forward is to build as much flexibility as possible into their operations,” he wrote.

“Businesses in 2021 will discover that the demands of growth and recovery can be as challenging as the economic crisis itself. Yet there is a difference: This time, we know the kind of world we are entering, and can prepare ourselves by making the business community far more agile than it was at the start of 2020,” Mr Cracknell concluded.

Comment on this story

* Please login to comment. If you do not have an account please register below by simply entering a username, password and email address. You can still leave your comment below at the same time.

CAPTCHA

Be the first to comment.

 

Have a news tip-off? Click here

 

Phuket community
HM donates royal title deeds

@Jor12 I thought I made it clear enough to you in my former post, that I'm not willing to comm...(Read More)


Police arrest suspect for robbing elderly Phuket Town man

@Kurt "No parole officer looking after him" ? Where does it say in the article that he wa...(Read More)


Phuket school probe into illegally hiring foreign teachers ‘will take time’

Pascale, you have no clue about real life. It is very much possible that the Thai fixer and his cont...(Read More)


Police arrest suspect for robbing elderly Phuket Town man

Seems this suspect didn't go through a rehabilitation program during his prison time. Was he not...(Read More)


Phuket school probe into illegally hiring foreign teachers ‘will take time’

@LALALA Read the original article ! They were caught without a work permit. So your mentioning of t...(Read More)


Phuket school probe into illegally hiring foreign teachers ‘will take time’

@ LALALA. Interesting what you wrote. Well, one can not expect that Thai Immigration- and Thai Polic...(Read More)


Minister blames ’technical error’ for ketamine bust blunder

Is 'technical error' now the expression of professional failure of ONCD Officials? Good now...(Read More)


Education Minister in Phuket to inspect schools

" I admit we not able giving a good BASIC education for our youth". Question: With help of...(Read More)


Phuket volunteers wanted to help return captive gibbons to the wild

Jor12, I not understand why you knit "Government should" provide him with everything"...(Read More)


HM donates royal title deeds

I ask you the question as you pilloried a commentator who gave a viable explanation which you consid...(Read More)