The Corporate Insolvency and Governance Bill was introduced to Parliament in May 2020 with a stated purpose of relieving the burden on businesses caused by Covid-19 and supporting economic recovery. Receiving Royal Assent on 25th June the legislation brought forward a number of temporary measures including a moratorium to give companies breathing space from creditors while a rescue plan was sought, as well as the ability to hold closed AGMs and to communicate with shareholders electronically.
Commenting on the measures FSB National Chair Mike Cherry said; “The measures will immediately go some way to mitigate some of the problems small businesses are facing such as the relaxation of wrongful trading rules which will allow directors of struggling companies to continue trading without fear of legal repercussions.”IoD Director General Jonathan Geldard agreed commenting; “It’s crucial that directors are able to sustain their organisations and the people who rely on them during these difficult times.”
This legislation is broadly designed to relieve external burdens facing businesses at this unprecedented time. We should however also ask what measures companies could take to relieve or reduce any internal burden faced by their own people. We are not necessarily talking here about a one-off exercise designed to relieve temporary pressures caused by Covid, although that may be top of the current agenda. We are also looking towards an ongoing review of processes and procedures which could help people to become more productive and proactive over the long term.
Let’s just look at a few examples:
- Does that report tell us anything? Understanding the figures may be key to keeping your finger on the pulse of the business. However, how many of the reports which cross your desk daily are really providing usable data as opposed to nice to have information. If the figures don’t tell you anything then why have them all; or at the very least extend the reporting frequency in order to free up valuable employee time.
- Is that deadline realistic? Procrastination may sound the death knell for many a project but so can the imposition of unrealistic deadlines. Cutting corners, failing to properly scope requirements, setting aside daily tasks in order to prioritise the project; all these and more could result in a lack of project viability, employee stress, and adverse knock-on impact in other areas of the organisation. So plan properly to deliver good outcomes.
- Do people have the required skills? People are resourceful and when you challenge them they will generally try to come up with a solution. Whether that is the optimum solution and how much time they have wasted in the process could well be dependent on the level of training which you have given them in the first place. Even something as simple as manipulating an Excel spreadsheet can be far quicker and more productive if individuals are trained on basic Excel formulae, whilst a bit of coaching in team dynamics and communication could help in project delivery.
The processes and procedures which you have now may have built up over the years but what was right for one time doesn’t necessarily meet today’s business imperative. Take a look around and you may find that you can take a leaf out of the legislative book, relieving the burden on your business and people whilst improving business outcomes.
