For those unfamiliar with the phrase, zeitgeist means:

“the defining spirit or mood of a particular period of history as shown by the ideas and beliefs of the time…”

COVID-19 is creating a shift in the way we interact with each other and how we conduct business from now on. In this way it is creating a new zeitgeist, one which would have been inconceivable a year ago.

As advisers we need to get to grips with this change, and quickly.

The ways in which we have supported clients in the past needs a re-think to embrace the changes that COVID-19 and post-coronavirus economic conditions will demand.

Initially, the planning of coping strategies will be the order of the day. Short-term, rigorously applied financial controls will need to be determined and applied.

Limiting any reductions in cash and capital reserves will be critical.

Accountants are uniquely placed to provide support in these areas. They should step out and offer this support asap. 

If you believe that it's business as usual you may be in for a shock in the coming months. Evolution does not favour entities that are slow to adapt. We need to change, to adapt, to offer solutions that the new zeitgeist will demand. 

Source: New feed