The CEO of TORI has been in the city and worked in financial services for over 35 years. During that time Martin Harvey has worked through Big Bang and subsequent crashes - Lehman Brothers Crash, Six oaks tumbling down in Sevenoaks in the hurricane of 1987, Black Friday (before it became an internet shopping day), Internet bubble burst, three day week (no sugar), to name but some of the events which have affected our financial markets over the years. However, never before has our government supported the economy to the level they have done as part of COVID-19 - funding for Furloughed staff, various loans schemes - unsecured from 80% to 100% depending on size, self-employed support and many other injections of cash to worthy causes (Homeless etc.). The huge commitment of public finances to support the economy comes alongside the hugely deserved recognition and acknowledgement across the country of key workers. It remains to be seen whether these changes have long-lasting impacts on public services and the tax needed to fund such services?
The economic impact due to the pandemic cannot be directly compared to previous economic events, since in reality it has not been caused by bubbles or “inappropriate economic policies”; it follows that we cannot directly compare the recovery with the recovery after events such as the 2008 financial crisis. However, there are a lot of parallels that can be drawn, and which lead to similarities in the exit approach and the facilitation of the “New Norm”.
We have seen in Martin’s career; banks being bailed out by the taxpayer e.g. RBS and others. The word on the street is that we are going to navigate a recession throughout the foreseeable future, so the worst hit businesses will need the correct survival strategy if they are to survive and ride the wave (Category 1).
There are some sectors who are benefiting in the current environment - Pharmaceuticals, Supermarkets, Research and some other financial services businesses, but they are in the minority. Even these fortunate beneficiaries need to adopt the relevant exit strategy as they have had to adopt their Target Operating Model to cope for the increase in demand for their services… However, what of the “New Norm”.
There are three things businesses should be thinking about if they are in category 1 above, they are:
These are right in TORI’s areas of expertise, so if this resonates with you and you need out of the box thinking, working with experienced practitioners with a proven track record, execution capability rather than great powerpoints, proven methods, IP and results orientated solutions, TORI is the consultancy for you.
Want to start a conversation?
If any of the above rings true in your organisation, be that keeping the lights on or scaling up to cope with increased demand, we'd love to hear from you. We have experts across many industries in the UK and US who can help and can be reached on:
London +44 (0) 20 7025 5555
New York +1 212 618 1970
or email us at firstname.lastname@example.org