While COVID-19 casts a dark humanitarian and economic shadow, every dusk has its dawn.
Nexia Australia’s resolve, commitment and purpose has never been clearer or stronger. Our ‘Closer to you’ by-line signifies three core values: enduring relationships, business minded and being there for our clients. The coronavirus pandemic has saddled Australia with a raft of current and future challenges but lead by our principles, processes and people, Nexia Australia is well-equipped to manoeuvre clients through the crisis with the aim to invigorate and sustain their existence in the post-pandemic world.
In my inaugural address as Chairman, it would be remiss not to acknowledge the titanic contributions of my predecessor, Ian Stone, who leaves the position to become the first non-European Chair of the world’s 9th largest global network of independent accounting and consultancy firms, Nexia International. Ian’s business sense, strategic execution, leadership and personable nature leave an indelible mark on Nexia Australia and I look forward to transitioning our working relationship to the international sphere.
Taking on the role of Chairman during the COVID-19 pandemic is the epitome of ‘baptism under fire’ so I’d like to take this opportunity to reassure and reaffirm readers of Nexia Australia’s position and subsequent actions. The coronavirus pandemic has created social and economic turbulence with short-term unrest leading to havoc in markets and economic displacement, forcing government action and business operators into strategic re-alignments and adjustments. Given the fluid nature of the situation, our initial reaction was to look at building business resilience by helping small-medium enterprise clients conceive and implement business continuity plans. Ideally, these plans are thought out well in advance but practically, day-to-day operations take precedence. A good business resilience plan should nominate the following measures: prevention (activities to reduce or eliminate effects), preparedness (steps to ensure effective response and recovery), response (containment, control or minimisation of impacts) and recovery (actions to reduce disruptions and recovery time). Australia’s governments have done a sterling job containing the health crisis and with some light at the end of the tunnel, for business, it’s time to move from your initial shutdown response to re-emergence and recalibration.
In his capacity as Nexia Australia Chairman and in his 2019 Autumn address, Ian Stone wrote an article titled ‘Do you have a plan B?’ In the piece, Ian discusses how uncertainty can lead to changes, challenges and hurdles, many of which are outside of our control and need to be addressed.12 months on and a political leader, who won an seemingly unwinnable election, leads and continues to lead Australia through one of the worst bushfire seasons our nation has seen and the novel coronavirus pandemic. As Prime Minister Morrison faces the challenge of preparing and equipping Australia for the post-pandemic world, so too, must your business revise and recalibrate your business model anticipating a ‘new normal.’ In other words, under the guidance of your advisors, have you begun preparing plans C, D and E? If not, speak to a Nexia advisor about our guided recovery and rebuild plans.
Now is not the time for complacency, in fact, the hard work has just begun. Nexia Australia is committed to navigating clients through the COVID-19 pandemic, equipping them with tools and advice to ensure, in our new normal, you not only survive but thrive.
