Reassessing priorities in the wake of COVID-19: What do we value?
29 September 2020
In the last few decades, there have been few widespread events that influenced what we did and what we valued when it came to making business decisions.
We learned that debt was bad and to have our car loans, mortgages and credit cards paid off as soon as we could. Our status was often determined by how much we had in the bank, how few loans we had, and the new shiny car. Working 100 hours a week and always being busy was a badge of honour and we were rewarded as a hard worker and forgiven by our family.
As a result, we worked hard, had nice shiny things and paid off our debt. Business advisers have historically assumed owners want to work towards this, that this was the end goal. So “when everything was paid off” they could afford that holiday or new car or ideal retirement they had planned.
However, for many of us, COVID-19 has made us question what we truly value, and when we want that value to take place.
Suddenly, people have spent more quality time with their immediate families than they possibly have before. They’ve adapted different working hours out of necessity and around their family. They’re appreciating the small liberty of being able to go anywhere they please whenever they want to. And whilst generating a profit is still important, increasingly a large profit is no longer the central goal.
This has translated to many business owners reprioritising their goals and increasingly they are choosing to prioritise work life balance. People want to spend more time with their children, with their families and their friends, reduce the ‘busyness’ of their lives and increase the focus on what they value.
As advisers to our clients’ businesses, this means we’re helping to assess the capacity to:
Balance staffing levels to give owners more time away from the business.
Outsource business functions that can be done offsite.
Put saving plans and budgets in place to be able to take breaks now rather than waiting until retirement.
Achieve realistic debt servicing with the owners’ key goals in mind.
Your Findex adviser can help you get the outcomes you want by working on the business instead of in the business. With access to financial planning, super, lending, insurance and a multitude of other resources, Findex is well-equipped to assist you with developing a plan that helps you achieve the work-life balance that matters to you.
For assistance reassessing and planning your business goals, contact the team.