Blog Archives - Darryn Van Hout

Implementing A Strategy As A Team

Darryn Van Hout — Sun, 04 Oct 2020 04:17:41 +0000

The strategy implementation process is paramount for any company that wishes to thrive in tomorrow’s marketplace. This process features the long-term goals of an organisation and how to achieve them.

Strategy implementation translates an organisation’s strategy into real action, with a main aim of achieving set targets.

However, this process involves two distinct dimensions; the human aspect of strategy implementation and the process of putting it into action. Even though more attention is given to the process of strategy implementation, the human aspects are often ignored.

This article will take you through the process of strategy implementation and explain more about the human part. So read on to the end to learn more.

How It Works

Basically, strategy implementation refers to is the process of executing plans and strategies with the sole aim of accomplishing an organisation’s long-term goals.

Strategy implementation is designed to turn strategies into given actions that lead to achievement of a company’s objectives.

It’s crucial to remember that any actions undertaken by a company depend not only on the system but also on the human aspect of the business. The support, capability and acceptance of staff affect or determine the ultimate success of any given strategy.

It’s therefore important to get assistance, the right motivation and hard work from employees at all levels. In the absence of this combination, strategy implementation will be impossible.

What Are The fundamentals?

There are several key factors that drive the strategy implementation process. By putting in place all the necessary requirements, implementing a strategy can be as easy as ABC…

Team

The human aspects of implementing a strategy directly involve the people in that organisation. These are the employees who work hard at the shared goal of implementing a particular company strategy. Hence, effective management of employees is an important factor to strategy implementation.

Of course by now you understand that to properly implement a strategy people are an important aspect of it. However, two criteria must be followed so as to get the best out of people.

Your workforce should include adequate number of people to support your goals.
The people in your teams should be skilled or capable enough to work towards achieving the goal you set for them.

While you can always hire more staff to fill gaps, you must ensure that the people being hired are well-equipped with relevant skills to propel your organisation forward.

This is one question that determines your interview process and the role played by your HR manager. While hiring people with the required experience is important, finding people to serve you in the longer term should also be a priority. Hire people who believe in your goals and are determined to help you achieve your long-term strategy.

Resources

Resources are one of the key pillars of strategy implementation. Without adequate, continuously available resources, all your efforts might not bear any fruit. Resource management is a vital part of strategy implementation.

There are two factors that help to ensure proper resource allocation:

Available resources for allocation.
The non-existent resources required for strategy implementation.

Since continuous resource is required for effective strategy implementation, you have to ensure the resources exist. In the meantime, be sure to properly allocate any available resources.

Organisational Structure

An organisational structure refers to the function, relationship, responsibility and communication of employees within a corporation. Any organisation having a clear-cut structure can easily achieve the company objectives than one with a muddled structure.

An organisation’s structure should be transparent, enabling any employee to communicate with the supervisor with ease and vice versa. Proper management, communication between employees and transparent inter-departmental relationships make for a great-achiever organisation.

Culture

This is another key factor in strategy implementation. A good company culture where employees feel comfortable enables work to be done faster. When a culture of responsibility is cultivated amongst employees, they take responsibility for their own actions hence promoting a sense of reward and accountability.

The company culture should also provide a lively and open atmosphere where everyone stays motivated to execute their tasks while doing their best to attain the shared goal.

Tools

In today’s modern age, strategy and digital systems are intertwined. You can utilise various tools to handle multiple tasks in your business. As we focus on the human aspects of strategy implementation, you should remember that support offered by a given tool is in terms of human benefits. You should clearly understand the need for a tool and the support it provides to your employees in ensuring the efficiency of the strategy implementation process.

There are numerous tools out there that have been rendered redundant and simply unnecessary. An ERP for instance, is a tool that can eliminate the need to rely significantly on software only. A comprehensive ERP is the most effective tool in reducing pressure among your employees while accelerating the process of strategy implementation.

Strategy Implementation Steps

It’s preferable that you draw a well-planned list of tasks to be done during the strategy implementation process. Having known the most important factors to be considered, let’s now see the steps involved in strategy implementation.

1. Analysis

After formulating the plan, the next step is to assign specific tasks to each and every employee of your company. But before you do that, be sure to analyse the plan again and see if there’s need to improve it or not.

The three main things to ensure at this stage include:

Finding out any loopholes in the plan and if all individual objectives are geared towards implementing the company’s strategy.
Ensuring you have adequate budget to support and drive your organisation towards achieving the objective.
Ensuring all employees have clear understanding of what is expected of them.

2. Finalisation

Here, you will be required to create a basis for the strategy implementation process. The following are a few things to consider in this step.

Draw a roadmap for procedures involving individual and department-specific task implementation.
Communicate with managers at all levels regarding department-specific tasks and responsibilities.
Assign the tasks to respective employees in each and every department.
Ensure all employees clearly understand the goals and what it will take to achieve them.

3. Management and Monitoring

Strategy implementation is one process that requires close monitoring. You should always ensure the process works effectively.

Create an employee performance tracking system. This also involves designing a proper metric to assess the performance of each employee. Closely monitor the performance of your employees and ensure everything is moving in accordance to the roadmap created.
Develop a reward-based performance management system for all your employees. This works well to motivate them and fast-track the process of achieving your strategies.
Ensure your employees have easy access to their supervisors whenever they face a challenge in understanding any bit of the process or need help getting a job completed.

4. Delivery

Once you have set everything in its proper place, you are ready to start the process of implementing your strategies. Below are the day-to-day tasks you should perform.

Keep supervising, motivating, and driving your employees towards achieving company objectives.
Continue to evaluate department-specific and employee-specific performance.
If need be, amend your plan as you move forward in order to get better results.

Why Most Businesses Fail To Launch

Despite following all the necessary steps in implementing strategies and ensuring all key factors are considered, many company strategies simply don’t get anywhere.

So, why do most organisations fail to successfully implement their strategies? Well, according to business insider, there are 12 main reasons why a strategy can fail. This are listed below.

Overwhelming Strategic Plan & Unrealistic Goals – A complex strategic plan can reduce the chances of attaining your company goals. When unrealistic objectives are set, chances of success are slim.
Lack of Leadership & Inadequate Monitoring – To get the best results out of employees, good leadership is paramount. Poor leadership or the lack of it from supervisors and managers can lead to failure of strategic plans. It’s therefore important for managers or leaders to clearly understand their roles, assign tasks appropriately to employees and monitor the performance of employees.
Unclear Accountability – Employees should clearly understand their roles and responsibilities. Any work atmosphere without accountability only leads to strategy failure.
Lack of Motivation – Of course, the task of motivating all employees to work hard towards achieving a specific goal is a no walk in the park. It’s the duty of managers and supervisors to ensure their employees are well-motivated and performing as expected.
Lack of Communication – Lack of communication amongst employees, their supervisors and departments can spell disaster for a company. This highly contributes to the failure in strategy implementation.

Summary:

Having an effective strategy enhances your chances of ultimately achieving success in the long-run. However, it’s crucial to keep in mind that success cannot be achieved without working hard and smart to implement your strategy.

The strategy implementation process is a long and daunting one from a human point of view. In order to stay on course, in the longer term, there are several things you need to consider which are already covered in this article. If you wish to take some pressure off your teams and make your strategy implementation process easy and organized, you can consider trying an ERP.

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How Parenthood Made Me a Better Entrepreneur

Darryn Van Hout — Fri, 07 Aug 2020 09:44:07 +0000

Parenthood or to be even clearer—Having a baby has completely changed my life and business. Here’s how.

My partner was once brutally honest with me when she told me I was too selfish to be a father. She was incredibly accurate because I was selfishly consumed by my other baby — Business, and was proudly a childless bachelor at the time.

I had never imagined myself writing this kind of a post…

In fact, I swore I wouldn’t dare share my candid experience of fatherhood, that is, if I ever became one.

Pre-baby, I was a workaholic who would dedicate every bit of spare time that I had to my business. But since becoming a father, not only have my priorities changed but my approach to business as well.

Before my partner got pregnant, I would actually frown at people who published blogs about how it felt like to be a new parent and how it changed their perspective on life and business.

I must admit, seeing my friends, peers and business partners continue to thrive through their journey of parenthood and business gave me confidence leading up to the decision. Thank’s guys, for all your support!

Pre-parenthood murmur:

“Give me a break. You’re violating your baby’s rights in the name of gaining page views.”

I would never ever do that.

It didn’t make sense convincing anyone that a baby is some sort of “life hack” that turns you into a more effective and productive human.

It felt so awkward, wrong and mean.

That was until Wolf was born.

To be honest, fatherhood toppled the longstanding paradigm that entrepreneurs have to choose between parenthood and business. For sure, I found them very complementary.

Back to being a father….

The first few weeks could be considered unproductive. I had to step away from my businesses almost completely, because frankly, it would have been almost impossible to juggle with both sides of my life during that period. My business partners, clients and staff were supportive and effectively forced me to take a two week break. “Thanks guys”

When I resumed, I realised that, as a matter of fact, what all other founders or entrepreneur mums and dads shared was absolutely true.

It wasn’t made up and neither was it just a clickbait. It was pure truth which I could finally relate to.

Becoming a father has been a life-changing, heart-melting, schedule-altering and mind-bending experience that has made me a completely different founder than the one I was two years ago.

On a blog whose goal is to share everything learnt along the startup journey, it can be disingenuous of me not to share the amazing things I have learned in the past year.

And in a fast-paced world, and even through the Covid 19 pandemic, where notable founders and CEOs are torn between choosing to grow their families or businesses, I want my story to confirm that there is absolutely no need to make that kind of a decision.

But first, I must apologise to those mums and dads that I doubted in the past. And those who may choose to sneer at this post trust me; I completely understand your position since I was once where you are. But I have no doubt that someday you’ll get to learn the few lessons I have.

Why Having a Baby Has Made Me a Better Entrepreneur

There are four ways in which the “entrepreneur side” of my life has been affected by fatherhood.

1) Patience

I have always been a fast walker and this is the same approach I use in my business, with enthusiasm and impatience that has often resulted in avoidable mistakes owing to a rushed business decision or an anxiously pursued hunch.

Your child, whether you like it or not, will do things and grow at their own pace.

Your business takes a similar trend.

Sure thing, you may work around strategies to nudge them and set them up for success.

Seeing my son hit some remarkable milestones behind or ahead of when he’s supposed to, calmed my thoughts and made my mind better.

These days I’m fully tethered to a baby boy who has scruffy hair with a pinkie grip firmer than any vice. Rather than view this anchor as an impediment, it has taught me to walk more slowly, be more patient and enjoy every moment I am with him.

Generally, entrepreneurs often rush in pursuit of their goals. What we need to keep in mind is that entrepreneurship is never a destination but rather a journey, and that we must learn patience as we gladly move along the way.

In the end, as long as you are doing all the right things as you are expected to do (and receiving some expert feedback and advice along the way), then you are sure to arrive in your desired destination.

I always believed this but never really understood or appreciated it more than I do now. That makes it a lot easier to have the patience to wait for your business to grow, and at its own pace.

2) Time Management

Look at your schedule now and shred it into pieces. The all neatly listed ‘things to do’ are rudely broken up by constant interruptions that compel you to give a bottle, change nappies or simply walk over and ensure the baby is still breathing given that you’re new to this responsibility and afraid that you could be doing it the wrong way.

At the onset, these distractions brought about a lot of stress and anxiety as I thought they would make me fall so desperately behind my schedules.

But with time, I noticed something; the things to do were still getting done.

The distractions of being a new dad weren’t really replacing my work time. Amazingly, they were replacing all the other unnecessary distractions that were there before my baby’s birth—taking a few minutes to read Twitter, check emails or my mobile phone. Those distractions became too costly and in the presence of more important distractions, the insignificant faded away.

Even more interesting is the fact that whenever I get some few and rare uninterrupted segments of time to work, my focus gets deeper since I no longer get glued to social media or entertain other silly distractions as I used to before; my son has trained me to focus on what is more important.

3) Resilience

Previously, I was accustomed to 6-7 hours of sleep each night to function at my best. Anything less, I would struggle through my day. Apparently, that was a fallacy at the back of my mind.

Most new parents out there know for sure that the idea of enjoying a whole night’s uninterrupted sleep is laughable once the baby arrives.

But after a couple of weeks of being lucky to catch an hour’s sleep at a time, I was surprised that I could operate just right.

I realised I could tolerate more physical challenges than I previously thought. And as I got used to it, I would pull through the fractured sleep schedules and still function without a problem.

Of course, it doesn’t matter how or wherever I get the sleep—it’s always welcomed.

And as my son grows older and I get to sleep a little bit more each night, it’s an opportunity I’ll always cherish.

I have also learned that if I have to get less sleep or less comfort than I’m used to, then I really can.

4) Perspective

I no longer worry about me — I’m no longer number one. That alone has made me more focused on what really matters rather than me.

Hey, I have a baby at home I need to provide for—so it’s no more Mr. Cool guy. I have a hungry kid to feed! There’s absolutely nothing I wouldn’t do for my son and his mum.

Having my son to take care of, and who totally depends on us for every need, has made me more focused on driving my businesses to succeed.

How to Apply This to Your Business

My greatest desire with this blog post is to let you know that you really don’t have to struggle with the decision of having to choose between growing your business or your family.

Most certainly, your baby isn’t a life hack and you shouldn’t become a dad or mum in order to gain the skills above.

But then, if you are worried that becoming a parent will interfere with your work or growing your business, please don’t be.

A myriad of things get harder, of course. But if you can learn from me, you might just be surprised that you will become a better entrepreneur, CEO or boss in the process and more equipped to handle everything that life as well as business will throw your way.

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Why Are Remote Workers Outperforming Office Workers?

Darryn Van Hout — Tue, 31 Mar 2020 09:48:24 +0000

The trend of digital nomads working remotely is becoming more rewarding than you ever thought it could—and there are no indications of slowing down anytime soon especially in the wake of the Coronavirus pandemic.

In a remote work survey released last year, 16% of global companies were fully remote while 52% of the workforce around the world worked from home at least once a week.

On the flip side, the modern office of the 21st century—all adorned with gimmicky designs that spell freedom and avant-garde; from candy dispensers in board/conference rooms to indoor treehouses and Hammocks—all perfect distractions that mostly attract new talents.

Remarkably, tech companies seem to be the worst offenders at this, spoiling workers with the so called startup favourites—table tennis and beer taps.

Of course it feels good to pop a candy bar from its jar, but does all the investment in gimmicks add any value to the company or the workers productivity?

Even though setting up, hiring and organising a remote workforce comes with its own challenges, it is worthwhile to note that in the end it becomes one of the best decisions a business owner could ever make.

Ask the local business owner who has been using remote workers for nearly two years now and says with his remote workforce, he is a digital nomad happily working from anywhere.

“I’m yet to understand why company founders are increasingly becoming obsessed with availing in-office ‘perks’ for their workers. I hear the main goal is to create a fun environment and promote collaboration among the team(s). But I think this approach does more harm than good and recent studies indicate that the problem is worsening”, he said.

I for one know first hand how powerful a virtual workforce can be after proving the model over the past ten years with Australian Solar Quotes. In my professional opinion, the benefits of managing staff that work from home far outweigh the challenges that I faced through pioneering the model since 2010. I will talk more about this in a future post though.

Office Workers Unhappy

In one study, the number of employees who can’t concentrate at their office desks has shot by 16 per cent since 2008. Another shocking statistic is that the number of employees with no access to a serene work environment to perform more focused assignments has risen by 13 per cent.

Ideally, the place where workers perform their tasks from doesn’t matter—even if it’s at the beach or cafe, as long as they remain focused and work hard to deliver as expected each day.

This is one of the reasons why Aha! came into existence. The company was founded on the premise and promise of working remotely. Working remotely has and is working well for this company.

Currently, Aha! is one of the fastest growing software companies within the United States and has a 100 per cent virtually distributed team.

Many experts concur on this one thing, and various surveys and studies have proved it—remote working is more rewarding in the context of productivity as compared to working from the office.

Below are three points that confirm the ideology that remote workers outperform office workers:

1. Productivity

With the new Covid-19 pandemic that demands social distancing, remote working is becoming a flexible, safe and convenient way to keep your workforce at it, productively. In the absence of the many office distractions and enhanced autonomy, a remote workforce churns out good volumes consistently; an outcome that most managers desire. A remotely working team gets more done in less time, enabling workers to start new projects, spend extra time doing what they love and ultimately boosting your bottom line.

According to one survey carried nationwide, 65 per cent of workers noted that working remotely would enhance their productivity. Again, 86 per cent of the participants said that working remotely enabled them to achieve maximum productivity.

And it’s easy to understand why as the workers:

Don’t have to commute to work
Can complete their tasks on their own time and in the comfort of their home
Aren’t distracted by coworkers.
Can take breaks whenever they feel like
Plan their schedules or workday in a way that is flexible
Are enthusiastic and self-motivated.

2. Teamwork

Regardless of the distance, remote workers create the best team players. This is because the distance demands regular communication. In the absence of physical proximity, remote workers are forced to contact each other frequently and when there’s need. This strengthens collaboration and comradeship. And guess what? A staggering 92 per cent of the participants say the long-distance video chats and collaboration enhanced teamwork.

3. Presence

Offices are synonymous with absenteeism as some workers get sick or sneak out early to run their own errands or attend an event on time. Other workers like sales and marketing teams are forced from time to time to go out to the field. However, remote workers don’t have to sneak around or give excuses as they are not bound to an office and hence can create their workday to ensure they meet the other demands in their personal lives.

If they fall ill with a cold, they can still work from home without spreading germs to colleagues. And if they have to run an errand, they can rearrange their work schedule and handle it quickly and still deliver on the day’s target. This eventually makes remote workers more available for their teams and assigned tasks.

These are just a few reasons that compel me to conclude that remote workers are the most effective compared to those who work from the office. Remote workers can cut through the noise and fix their attention on what really matters—meaningful work and feeling fulfilled while doing it.

At the end of the day, results are what matters and remotely, they can be delivered without hammocks or beer taps.

Final Thoughts

Remote workers can be just as efficient and effective—if not more effective than your traditional, in-house team. Even though this approach requires some level of coordination, it allows every team player to be more flexible, helping the team to maintain a healthy and balanced work-life. Undoubtedly, the general benefits to your workers and business are evident.

So, what’s your take? Who do you think is more effective, remote workers or office workers? Share your thoughts below.

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Coronavirus: Insurance questions answered

Darryn Van Hout — Fri, 27 Mar 2020 22:13:38 +0000

The 2020 Coronavirus pandemic in Australia is part of the rapidly spreading global epidemic of Coronavirus disease 2019 (COVID-19) as it is officially known, a novel infectious illness caused by severe acute respiratory syndrome Coronavirus 2 (SARS-CoV-2).

As at 26 March, Australia had reported 8 deaths and 2,367 confirmed cases of the disease. Globally, more than 22,000 people have succumbed to COVID-19 while over 500,000 cases of infection have been confirmed in about 170 nations and territories. So far, 117,000 people have recovered from this pandemic.

In recent times, it hasn’t been uncommon to hear declarations of insurance catastrophes in Sunshine Coast and Australia but the novel Coronavirus (COVID-19) outbreak is unlike anything we’ve heard or seen before.

While most of us have already gone ahead to define the outbreak of COVID-19 as a catastrophe, the insurance declaration isn’t really based on a surge in claims—no, at the moment, no one has the slightest idea how many claims will be filed by the time the virus dies away—however, it’s important that “consistent messages” be delivered.

Insurance questions answered

There’s so much confusion in most countries including Australia, so to get the insurance questions answered, I spoke to various experts and came up with the following guide which summarises how various types of insurance covers are affected and their response to the COVID-19 disease.

Event cancellation

Various events including music festivals, sports events and industry conferences have been impacted by the virus though most event cancellation policies include communicable disease exclusion.

While an extension can be issued, unfortunately now that the coronavirus outbreak is a “known event” it’s impossible to get cover for it.

According to reports from Sportscover a specialist underwriting agency, most of their clients did not have a fore sight or thought to make arrangement for such an extension.

Even if those insured made prior arrangement to cover communicable diseases before the outbreak, insurers would unlikely pay for the claims if the cancellation of the event was based on a decision made by organisers and not a directive from the authorities.

The Friday declaration by the Federal Government limiting gatherings to just 500 people could therefore carry some implications on this policy.

Business interruption

The collapsing global markets are indicative that it’s not business as usual. The world of business has been significantly affected—from lock downs to shut downs, it’s all bad news for business.

And even the various stimulus set up by governments is not helping— the markets continue to fall as recession looms. This is sure to have far-reaching impact on the insurance sector.

While most business interruption policies vary significantly, 99% could exclude coronavirus related claims.

According to Leon Briggs of Sedgwick, it’s easy to understand why insurance firms wouldn’t want claims for an occurrence that affects nearly every business in the country.

The Insurance Council of Australia (ICA) notes that “some specific policies may differ” but most of them are likely to feature exclusions related to losses arising as a result of diseases listed under the Biosecurity Act or the Quarantine Act.

Home insurance

Information posted online suggests that the home and contents sector is considered an essential service. This means that people and businesses with open insurance claims and more importantly, those who have approved building contracts are still working with loss of momentum.

How is construction considered an essential service?

According to Master Builders Victoria, confirmation has been received from the Victorian State Government that the stage one restrictions announced by Scott Morrison do not apply to construction sites.

The statement from the Victorian premier says:

“The businesses that will close due to the Stage 1 shutdown include pubs, clubs, nightclubs, Crown Casino, and licensed venues in hotels and pubs. It also includes gyms, indoor sporting venues, places of worship, cinemas and entertainment venues. Restaurants and cafes will only be allowed to provide home delivery or takeaway services.

This decision and other containment measures are meaningless if Victorians don’t take them seriously or don’t think they will be caught if they flout the rules.”

Travel insurance

This insurance cover is probably the most worrying and confusing for customers given that different insurance companies will handle it in varied ways to both trip cancellations and medical expenses incurred overseas.

The easiest way is to “check your policy” but then different insurers have wide variations in their policies. Some insurance firms go beyond their policy wordings, which would be useful for their clients but again could add to existing state of confusion.

Numerous insurance policies incorporate a general exclusion that bars claims of actual or possible pandemic or epidemic or a threat of a pandemic or epidemic.

Obviously, this is bad news to those who depend on insurance cover, but again, it’s quite understandable.

However, not all travel policies have the pandemic excluded. No doubt, nearly all will exclude insurance claims for a “known event” though insurance companies currently don’t seem to agree on when the coronavirus achieved this status. Possible dates are between January 20 and January 31.

If the Australian government decides to enact a “do not travel” warning for various locations but an Aussie goes ahead to travel, your claim would possibly be excluded.

On the other side of cancellation, consumers who choose not to travel in the nonexistence of a government directive will most likely not be allowed to lodge claims.

At this juncture, there are concerns that for travelers, a travel insurance policy is becoming more of a gamble.

Today, we know about Covid-19 and hence it’s too late to qualify to claim. And in case a person made arrangement prior to the outbreak of the disease, would they have truly had the time to comb through a range of products and their disclosure statements just to compare exclusions related to various pandemics? Your guess is as good as mine.

Life insurance

According to the latest statement issued by the Financial Services Council (FSC) on behalf of the life insurance industry, the various pandemic exclusions present in general insurance are excluded in life policies.

“There are no exclusions in existing life insurance policies that would prevent the policy paying out for a claim related to coronavirus if you follow government travel advice,” the FSC says.

“No-one should be concerned about their existing life insurance policies.”

Workers’ compensation

There are various concerns that the coronavirus outbreak could result in a rush of workers’ compensation claims and related premium increases.

If a worker can prove that their job significantly exposed them and caused them to be infected by the virus, then a claim can be lodged successfully.

The State Insurance Regulatory Authority of New South Wales noted that each claim shall be considered on the basis of individual merits.

According to the authority, consideration will be given to various work-related activities such as travel to a region prone to a known viral outbreak or being in contact with people who have already been infected with the virus.

Covid-19 Alert

Are you still confused about the Coronavirus? Well, keep it here for more updates. But remember, COVID-19 is an entirely new strain and there is no existing immunity. But various measures can go a long way in helping stem the spread—washing hands regularly, self-isolating if you feel sick or recently returned from overseas, and last but not least, exercising social distancing.

All in all, do stay safe!

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Covid-19 Could Cause Permanent Shift Towards Working From Home

Maddison Cook — Thu, 19 Mar 2020 07:02:58 +0000

Tech companies are set to make a kill as others face a myriad of challenges especially where employees refuse to report back to the office and lean more towards working from home.

Coronavirus, also known as the COVID-19, is quickly redefining workplace patterns with a working from home policy as companies are compelled by the risks of the disease’s outbreak to have their employees work remotely but chances are rife that employees may fail to return to their workstations once the current restrictions are lifted.

The abrupt idea of working from home is presenting opportunities and problems alike. On the one hand, startups like Zoom and Slack and successful giant tech companies like Google and Microsoft are availing their tech tools for free, with the hope that new users during this time of crisis could choose to continue using these tools even after things go back to normalcy.

Moreover, some systems are on the verge of creaking as more and more corporate networks, previously unaccustomed to relying on virtual private networks (VPNs), are now experiencing unprecedented quirks as internet service providers are compelled to lift their bandwidth caps so as to enable employees working remotely not to get cut off from their employers before completing their assignments.

But as it is now, the situation may never go back to how it used to be—as most employees for companies that asked staff to work from home question why they had to work from their offices anyway.

Some of the biggest companies across the globe were the first to make the leap to remote working for all staff, utilising pre-existing infrastructure like chat groups, remote access to critical tools and the advantage that most knowledge-based work can be done remotely.

First Companies To Work From Home

In Seattle, the epicentre of the first confirmed cases of the COVID-19, companies like Amazon, Microsoft, LinkedIn and Google asked their employees to stop coming to the offices immediately after the outbreak in late February. Earlier this month, Twitter “strongly advised” its employees globally to follow suit, and come Wednesday, it made it mandatory.

“We understand this is an unprecedented step, but these are unprecedented times,” Jennifer Christie, Twitter’s head of HR stated in a message to staff.

Christie added that the company would reimburse their workers including those working on an hourly basis, for all expenses incurred in setting up home offices including purchasing necessary equipment like desks, computer hardware and ergonomic chairs.

“Overall, working from home doesn’t change your day-to-day work, it just means you’ll be doing it from a different environment,” Christie added.

Another close business owner that I have known most of my life operates out of Seattle and he two has begun to adopt new technology to help drive his service based business through these difficult times.

It’s not impossible to adapt. Our network of clients have come to PTA Performance Physical Therapy Spokane for years now thanks to the level of professionalism and service that our team provides.
Louis Hurd – Managing Director of Spokane Sports Physical Therapy

These kinds of financial commitments have made many to wonder if companies that are turning to remote working during critical times could choose to continue with the status quo once normality is restored.

It can be tricky saying no to an employee who requests to work remotely especially if the HR already provided them with the required tools and it would make sense if this arrangement can become a long-term investment that would pay off in years to come.

Software That Helps With Working Remotely

That’s just what the industry that provides the remote work platform is hoping for. “We are fully prepared for this situation,” noted a spokesperson for Slack, a company which provides notable business chat software.

Just like Slack, Microsoft has enabled its cloud “productivity suite” to be freely available to small enterprises for the next six months. Google joined the club but chose to create its own business subscription, while its video conferencing service Zoom has removed limitations on its free tier, enabling users to chat for more than 40 minutes.

But not every company has experienced a smooth transition to remote working. Others like Facebook employees were restricted from accessing their corporate network for suspicious behavior by their takeaway service DoorDash.

Others experienced even more serious problems. In the UK, there were fears that home broadband networks would be overwhelmed by the weight of usage quashed by the UK service providers governed by the trade body ISPA, which noted that evenings were experiencing peak activity as most people settled down to stream Netflix and or play online video games, making this demand 10 times more than the normal daytime demand.

More worse is the fact that internet usage is generally increasing. Cloudflare, a company that provides online infrastructure which supports a vast swathe of the internet, confirmed it had been tracking this increase.

According to the company’s chief executive, Matthew Prince, “as more people work from home, peak traffic in impacted regions has increased, on average, approximately 10%. In Italy, which has imposed a nationwide quarantine, peak internet traffic is up 30%. Traffic patterns have also shifted so peak traffic is occurring earlier in the day in impacted regions.”

In Italy, internet usage via the national network has risen by more than two-thirds, not really because of employees working from home but as a result of housebound schoolchildren after following closure of schools in the country and have to log on to games like Fortnite, according to reports by Bloomberg News.

Surges in internet usage are likely to affect users who use bandwidth caps to pay for their internet, especially in the US and other countries that depend on mobile broadband. Various American ISPs like AT&T have started moving away from the practice in order to avoid any liability arising as a result of preventing people from working, though not many companies have done so.

Again, working from home isn’t for everyone. “I’ve worked 100% remote before,” said one tech industry worker who has been sent home, “and there comes a point where even an introvert would like to see another human.”

The Best Tools For Working From Home.

Slack

Slack, is a uber workplace management tool and a free-to-play business model that does not require users to sign up. Suitable for individual teams, desks and offices, users can start with the free tier and expand when they deem necessary. It’s therefore ideal for home workers who can easily recreate in-person chats just like in the office environment.

Zoom

This is an impressive video conferencing tool embraced by many thanks to its ability to iron out the strains in the often frustrating process. In response to the coronavirus crisis, the app removed the limit on free accounts and can now support up to 1,000 participants in one meeting.

Trello

Trello acts more like your boss moving around “just to check on how you’re doing”. The software which is designed for project management enables teams to schedule and assign tasks, track progress of projects and develop workflows for repetitive jobs.

Aircall

Air c all is an online telecommunication platform built off the back of modern voip (voice over internet protocol) technology. The platform integrates with most CRM systems and the online vendor portal is user friendly for technophobe’s. I personally like the API and have developed game changing plug and play tools that businesses can easily adopt for a seamless transition into cost effective communications.

Asana

Asana is one simple and cheap project management app that enables users to automate business process, whilst being task driven. To help you work well from home; the app allows you to create tasks lists, kanban boards and track time efficiently. The production line approach allows you to and your team to collaborate and communicate effectively.

Workplace

Workplace chat is a collaboration and communication platform where your employees can connect with each other via a social networking app. Companies use workplace to set up a private business like version of Facebook for their employees to manage different groups and companies, allowing them to create a network that is tailored to their specific needs such as goals and values. Businesses work better when everyone is on the same page.

Gravatar

Gravatar is the perfect platform to put a face to a name, a voice or a thought and is essential when implementing social distancing. Your Gravatar is a picture that follows you from website to website showing up alongside your name when you do things like comment or post on a blog page. Your Gravatar helps recognise your posts on websites, blogs and web forums or discussions.

The post Covid-19 Could Cause Permanent Shift Towards Working From Home appeared first on Darryn Van Hout.

Coronavirus – The Perfect Storm in Australian Economic Environment

Darryn Van Hout — Fri, 13 Mar 2020 23:20:06 +0000

The spread of the deadly Coronavirus (COVID-19) which was first discovered in Wuhan, China, has quickly become a global pandemic. In addition to the spread of Coronavirus in Australia, more than 100 countries have confirmed cases, with the exact nature of its transmission remaining opaque.

Historically, the aftermath of the Black Death in Europe became the “waning of the Middle Ages”, putting to an end the longstanding universalise culture. Historians think the Coronavirus epidemic could end up with the same far-reaching and highly significant global changes.

Truly, an international pandemic such as COVID-19 is not just momentary tragedies of disease and death. The omnipresence of the massive threats it brings, and the fear and uncertainty that accompany them birth new beliefs and behaviours. People become more credulous and suspicious, as well as sceptical about engaging in anything that looks and sounds strange or foreign.

Declared Global Pandemic

The weakening global economic outlook in the wake of the COVID-19 has caused high speculation that some major central banks in the world could lower interest rates after the Fed’s 50 basis point slash earlier in the week.

Even if the ASX and Wall Street recovers before the financial storm caused by Coronavirus dies away, the global economy won’t be the same. This as side, this new global threat or perfect storm may lead way for optimism and productivity. Nationalism and speculation rarely get a chance to combine forces as they are doing now in the wake of COVID-19.

When Coronavirus leapfrogged from Wuhan all the way to Italy, the ardently warm and welcoming country had to shut its borders and join the rest of Europe in calling for restricted movement across its national borders—a historic demand by nationalists.

In the meantime, financiers speculating on government debts are busy shifting from Italian to German government bonds, looking for the kind of financial safety only offered by the continent’s hegemon during critical times.

Ironically, COVID-19 is delivering the rare freedom and opportunity for money to transcend a border-less financial space while humans stay hedged in as ever.

Wall Street Recovery

In the United States, Mr Trump has combined his unrelenting calls for building taller walls with new instructions asking money-men to “buy the dip” on the Wall Street instead of relying on their imbue to seek redemption in the unattractive but safe bond markets.

If speculators choose to believe the U.S. president, Wall Street could recover faster before the pandemic goes away. The xenophobic financial forces will have won and the country’s progressives will face a tough struggle with every political front.

On the other side of the European Union, the most influential elites will finally breathe a sigh of relief that they were able to forego a fresh depression and go back to managing the recent times of economic stagnation in the best way possible, times that have been marred with heavy doses of added, COVID-19 reinforced xenophobia.

Whether Wall Street will take heed to President Trump’s advice and “buy the dip”, only time will tell. For now, the strong players have two minds. But the existing drop in the stock market doesn’t worry them any bit. Their main concern is the recent bull market that was operating on suspect debts and that Coronavirus could have burst a bubble.

Europe – Worst Case Scenario

In Europe, the worst impending scenario for investors would be well-established corporations relying on free handouts from the European Central Bank, especially at such a time when the domestic demand has stagnated and the Chinese import market is on the verge of collapse.

Borrowing a leaf from the cash crunch situation of the 2008, and the Eurozone crisis of its aftermath, bullish speculators are turning to central banks particularly the Fed and the ECB to once again do “whatever it takes” to salvage their dwindling fortunes. But there are two questions that linger on their minds—will the central banks bow to this pressure? And if they choose to, will the free money be adequate?

It’s easy to answer the first question: governments on both sides of the Atlantic have been rendered impotent. In the U.S., the deficit in the federal budget is shockingly at an all-time high, especially given the prevailing strained labour market, as the Eurozone continues to struggle in its fiscal compact.

Hence, the central banks will be obliged—whether they like it or not, to arise to the occasion. We’ve already heard announcements of interest rate cuts, even for government purchases and private debt of monetary authorities.

But, will it help for the central banks to pump in more funds in the Coronavirus infected capital markets? Will the economy recover if enough liquidity is injected into the system? Or will this be like a slow puncture that expects a pump-priming to remain inflated?

Besides, will the fresh chunk of public money collapse the existing wall of xenophobia? The unfortunate answer to this question is informative of the economic ones as well.

Economic Crisis

There were two reactions to the 2008 economic crisis that rescued capitalism from collapsing totally: the gigantic pumping of liquidity into the sick economy by central banks especially the Fed; as well as China whose government intentionally set up the biggest private credit bubble of all time to replace lost export opportunity by a colossal invest boost.

China and Fed’s intervention successfully re-floated global finance and set stock markets back on track to their greatest growth surge. Thankfully, the world did not revert back to its pre-2008 behaviour.

Prior to the 2008 period, Wall Street played an important role in reprocessing non-US surpluses that were a consequence of American deficits back into the vibrant global investment funding.

In the aftermath of the 2008 economic crash, the refloated Wall Street was unable to execute that task hence channeling much of the abundant liquidity to buying back shares and other asset purchases. The outcome was that the pre-2008 economy featured savings that permanently surpassed the capital goods investment.

Considering that savings refers to the supply of money and its investment the demand, the permanent condition of excess money supply explains the reason for the permanent low or better still, negative interest rates.

Additionally, it explains the prevailing downward pressure exerted on median wages against forces of rocketing asset prices that continue to cause insurmountable inequality thereby churning out the political conquests of xenophobic nationalism.

Of course, the same thing that happened in the aftermath of the 2008 financial crunch, speculators are expected to make a mint out of this crisis brought about by the COVID-19 as the superior nationalist forces milk the resulting disgruntlement out of the sickening situating.

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