Recently, companies have been working for rapid growth without paying proper attention to cost control, accuracy and efficiency. With the worldwide spread of coronavirus, the situation has changed dramatically and has not stabilized yet. At the moment, business requires a radical transformation and change of usual approaches to conducting business and communicating with clients. Let’s consider how audit firms should act in the period of risk caused by COVID-19 to maintain business positions and customer loyalty.

Changing approaches

Coronovirus spreads across the globe and causes widespread concern. It goes without saying that the primary focus now is on preventing the further spread of the virus and helping patients. Yet, companies continue to work and communicate with consumers.

In order to survive a prolonged crisis, companies should not rely solely on the risk management teams of professionals. You need to be able to quickly assess the situation and develop appropriate measures based on simple principles. And this should be the well-coordinated work of the entire team, led by top management.

Companies need to coordinate staffing and adapt as events unfold, respond immediately to disruptions (such as severance of communication inside and outside the organization), and loss of physical and human resources. The entire cycle must be completed quickly: threat detection, coordination, response and re-detection. Problems should be solved jointly, promptly, creatively, but at the same time in a disciplined manner.

Customer relations

In times of crisis, customer relations become paramount to businesses. Many find it simple to know their clients' information, to understand what they want, and to offer it in time. But this is not enough to gain client’s loyalty. Namely, the loyalty of the client during the crisis determines the success of the audit business.

Don't just sell, show support for your partners and clients

Appreciate your existing clients. Instead of making efforts to attract new clients, you should focus on caring for your existing customers.

Focus on multi-channel communication

To get in touch with your clients in a timely manner and respond to their questions or complaints in a timely manner, use multi-channel communication to engage with them - site, social networks, push messages, email, messengers. This approach will bring your business closer to your clients.

Provide support

Support social projects that help overcome the crisis. Quarantine will end, and your company will remain in the memory of people as the one that did not leave them at a difficult time.

Main rules for business

Increase efficiency

The main rule in a crisis is to increase efficiency in all available ways. That is, now only the actions that lead to the result will be relevant to the company. Start by analyzing the situation. Find new options for the market. Work even better, improve service quality. Become a role model in your segment.

Review financial policy

At this time, your key principle should be “to earn is better than not to earn". Therefore, you may need to review the terms of service provision. However, given the limited згксрфіштп зщцук, you should provide your services for cheaper price. In matters of payment it is better not to stand out. Analyze what your business can provide to client or consumers for the money they are willing to pay.

Analyze project priority

Focus the attention of audit teams on the most important, critical tasks for business. Be more flexible concening non-priority projects.

Clarify goals and roles

Coronavirus generates new business challenges and opportunities. Executives have to adjust and continually refine goals at the team and individual levels to focus colleagues on top priorities.

Create cross-functional teams

An appropriate multifunctional team could coordinate the activities of different units, track and provide the necessary management information for further communication with employees, clients, partners.

Analyze critical and key roles

Top managers may not be available in the office due to quarantine or illness. Without management decisions, business will not be able to exist. Consider how you can manage your business in different scenarios.

Stop the bad news

At this time, it is important to concentrate on the positive aspects and not focus on the negative. Even the smallest successes should be announced for all stakeholders. Keep up with the good news, report on social media and web resources - concentrate on the positive.

Take care of your team

First and foremost, it is important to take care of people's safety. Transfer anyone you can to distance work. Also, do not ignore material security issues. If in some circumstances it becomes necessary to reduce some of the remuneration, openly state that, so people could clearly understand the situation and make adjustments to their own plans.

The lion's share of audit firms was forced to relocate their employees to homeworking. Projects are executed in remote access mode, employees communicate with clients, management and colleagues, using modern communication tools, and, if necessary, travel to sites.

Remote work mode of the entire team or tis part is an opportunity for each employee to make sure that he/she understands the goals of the company, individual role in achieving them, and for executives – to see how each person contributes to the outcome.