2020 and beyond – Risks or Opportunities

Thoughts by Peter Taylor, Managing Partner of Paris Smith LLP.

The onset of environment in which we have found ourselves reminds me of the time when I was a child, watching a tropical storm from the beach. As dark clouds filled with torrential rain approached across the sea, I felt the increased strength of the wind and knew that I was powerless to stop it. The options were to run for cover or make the most of the change. I did the latter and got soaked, but had fun on the beach making the most of the experience.

There are a number of core elements to one’s approach as a part of the leadership team to addressing this fast-changing environment. Management teams across the country will have implemented basic practical steps to ensure remote working, manage cash flow and reduce discretionary spend. At a strategic level, leadership teams will have reviewed their key drivers.

The first should be an acknowledgement that one can only change what one can change. That may sound obvious, but if one spends time dwelling on the situation which has arisen globally and is impacting all of us, then leaders are not making best use of the time and talents available to them and the firm.

For Paris Smith, we have focused on how we deliver our purpose to clients and the community from numerous remote locations – and how best to maintain the team spirit of the firm. The purpose of the firm is steadfast and as relevant now as it ever was, arguably more so.

We believe that businesses with an established sense of purpose embedded throughout the organisation and in their culture, have a strong foundation to weather the storm and come out stronger. They will focus tightly on how to deliver their business proposition and what they do. Having secured that element, one can then turn one’s attention to looking at how we adapt to the new world of business during the period of the virus and beyond.

Communication has been crucial inside and outside the firm. People have a range of emotions and they will remember how others made them feel during this period long after the virus has passed. The staff at Paris Smith have been loyal for many years and it has felt instinctive to stand beside them and lead them through things, day-by-day and week-by-week.

We have provided frequent communications on our plans, actively encouraged social media amongst the staff and provided tips on how to look after one’s mental well-being when working remotely. Understanding how they might be feeling is so important. Now is the time, above all, to show one’s emotional intelligence and empathy with staff. We have made a point of ensuring that there is no vacuum of communication in the firm that could result in the ‘chimp’ in the brain of any member of staff taking charge (The Chimp Paradox – Prof Steve Peters).

Treating each day as an opportunity to learn and work collaboratively has been important. Paris Smith has embraced the change and the chance to enhance one’s skills and knowledge, while reaching out for support and the thoughts of others. We aren’t afraid to show vulnerability; none of us have all the answers.

We are in unprecedented times and we have a mind-set to embrace the challenges that the change is giving us and to find solutions. It does require one to work hard, assess, plan, act and review. There is an opportunity to come through this strongly. Prepare for the reasonable worst-case scenario, but plan for the best outcome.

Seize the opportunities presented by whatever the circumstances in which you find yourself may be. Be realistic about the present whilst being optimistic about the future. ■