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The Covid-19 Windfall

June 28, 2021BY John Kearns

Is now a good time to take advantage of business interruption to complete strategic projects?

With the advent of the current Pandemic, many businesses unfortunately found themselves facing sharp downturns in revenue and activity. The knee jerk reaction to this was to contract and to put all projects on hold. However this may not have been the best policy if well thought out.  A strategic business will look for the opportunity in any situation.

Should you take on projects at this time? In order to answer that question, consider the following:

  • Are key people resources being underutilized?
    • In an economic downturn, variable resources are often cut back, but owners and key management resources are kept fully employed to ensure that the business is ready to resume efficiently when the crisis is over. However due to the reduction in business activity, those same resources may be looking for things to do.
  • Has the current environment had a material impact on the volume of business transactions?
    • If so, then once again now may be an opportune time to take on new projects.
  • Can the project be done remotely?
    • With the current stay at home directives, most company personnel are restricted to working at home. The best projects to take on are those that can be worked on remotely and that require minimal or no time at the business' physical facilities.

If you answered Yes to more than one of the above, then now may be a good time to take on that Cloud ERP implementation the company was considering.

How to minimize costs:

  • Consider completion of planning activities in Partner tenant
  • Limit initial number of users to project team while ensuring that additional users added at go live will be at the price negotiated at signing.

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