A large majority of the professionals I encounter on Zoom have never been busier. Our valuation practice is experiencing the same type of busy, achieving some of our best months of new business in our history.
So why in the COVID era are so many professionals so successful? Let’s examine the obvious and not so obvious reasons.
- Our clients, business and personal, are far less distracted by external factors. In “normal” times, there are so many activities/responsibilities that occupy our time, often in spite our efforts to curtail or limit them. Without these time and commitment “sucks,” there are freed up moments to focus on other things. For example, the business owner or executive may decide to complete long overdue but still important projects. He/she may hire external experts to analyze and implement the needed processes.
- More time is now devoted to thinking and strategic planning. Again, this focus on planning often results in the need to hire external professionals.
- Similar to any other year, companies prosper, flatline or decline in terms of revenues and/or net income. At a minimum, COVID has brought on one of these trends. Companies that have recognized these trends early need to focus on the requisite corrections or other outcomes. For example, with fast growing revenues, the firm may need expanded or additional sources of funding, debt and/or equity. These events uncover the need for and use of specific professionals.
- If a company has thoughts to sell, the COVID era is a good time to perform internal diligence and get the operations and records in order.
- Another reason for the expanded use of professionals is that COVID has brought out the best and worst in us. Naturally, conflicts between/among partners, business and personal, are heightened now. A plethora of professionals are needed to assist in resolving these.