Spotlighting businesses’ response to COVID-19

Many industries have suffered as a result of the lockdown and there is concern over which businesses will become casualties of coronavirus. However, some have been able to adapt to ensure the prosperity of their organisations and even contribute to societies’ efforts in battling against COVID-19. London Accountant’s Megan Fitzpatrick highlights the ICAEW series ‘Business Spotlights’.

June 2020

COVID-19 has pressed pause on our normal way of life. Whilst we are in this period of reduced activity, there is more time for reflection on the way that we live our lives, run our businesses and interact with each other.

It is recognised that whilst in the midst and wake of a crisis, the disruption of the established norm makes space for new ideas and practices. As the Beveridge Report found in the years following World War II, ‘a revolutionary moment in the world’s history is a time for revolutions’.

ICAEW has been proud to see how Chartered Accountants in London, and worldwide, have been working during this time and reacting to the difficult circumstances.

This is why ICAEW’s series of ‘Business Spotlights’ will be highlighting organisations who have agilely reacted to the pandemic and as a consequence, have made a positive impact on their staff, local community or wider fight against the virus.

Already, ICAEW has published the stories of Chartered Accountants working in companies that are finding an upside in the crisis. This includes donating bikes to NHS workers, responding to demand to feed the nation and providing a platform on which furloughed workers could volunteer for good causes.

We want to hear more stories of local members and their firms, businesses or client’s companies who have adapted, evolved or been re-focused effectively during the pandemic. You can contact London Accountant with your story here.

As we look to the future and consider how we are going to exit lockdown and move into a phase of recovery, we have the opportunity to re-build and better our society. We can now think long term about what we want the economy to look like. We can promote sustainable businesses, reduce inequality and improve our regulation systems.

Michael Izza, ICAEW’s Chief Executive Officer, wrote an article which focused on the need for this crisis to leave a legacy. As organisations pivot their business models, pull together to support those in need and promote a positive internal culture, it now seems possible that we can look to a post-COVID-19 landscape with optimism.

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