2020 will be remembered as one of the toughest years of our lives. Businesses have had to navigate the financial and operational challenges of COVID-19 while also addressing the needs of their people, partners and customers.
But it’s not all bad. At Tarsus Technology Group (TTG) we have had the opportunity to transform massive challenges into meaningful change, and the results have been pretty awesome. Ironically, the Lockdown and social distancing brought us closer to our customers, resellers and vendors. In the process, we have learned a great deal more about how to run a business cohesively and remain united in pursuit of common goals. This took an enormous amount of hard work from our people, but it is paying off.
The pandemic gave rise to an extraordinary level of cooperation across TTG. At the beginning of Lockdown, we reached out to our partners and let them know that stock availability would be affected by the trade restrictions that were put in place. The empathy was astounding. With our vendors and partners, we were able to create an ecosystem that enabled us to serve the needs of our customers by pooling our resources. That was when I realised the true value of business partnerships. These relationships have moved to a whole new level and I am confident that this will continue into the future.
Given the global shortages of laptops, networking gear, servers and other devices that have enabled the sudden shift to remote work, trading is going to be tough in the months ahead. US sanctions against Chinese companies have not helped. TTG performed well once the government began easing the Lockdown restrictions, but our figures are slowing down because there is limited stock available and we believe that will be the case until December, at the very least. We are currently conducting weekly cash forecasts to project the company’s liquidity over the medium term, and estimate the timing and amount of cash inflows and outflows. But planning is difficult because there are so many unknowns.
My advice to businesses is to seek out new opportunities rather than just operating as business as usual. This crisis has taught us to leapfrog when it comes to technology – we were forced to make a digital jump into the fourth industrial revolution. As a result, there are many businesses needing help with their digitisation initiatives. That presents an enormous opportunity for innovators in the ICT sector. There is much to look forward to.
[Photo by Ahmed Zayan on Unsplash]