NCCC member Houser Henry & Syron LLP have been talking to a large cross section of CEOs, Founders and Leaders of Canadian mid-market companies about Covid-19. They wanted to find out how these companies are dealing with the crisis and what lessons they have learned from the experience.
What carried most mid-market enterprises through the initial phase of the pandemic was their people. While some companies voiced some concerns about engagement within lower-paying job roles, most noted that engagement has remained strong and – if anything – increased during the crisis. Mid-market CEOs and Founders seem to recognise that the way they treat their employees today will have a significant influence on their loyalty and engagement in the
future. As one respondent quoted, “Without my team, I’m just a building”.
Rethinking business fundamentals
Most CEOs and Founders report they are now realigning their business and operating models to respond to clear market trends and changes in demand. Cost structures, in particular, are coming under significant scrutiny. Many leaders note they will be looking to diversify either their revenue streams, their customer bases or both.
A handful indicate they may buy a competitor in the near future to take advantage of scale opportunities and new customer segments.
CEOs and Founders are now working with their sales and marketing teams to rethink how they engage with customers.
Staying on top of the crisis
All of the CEOs and Founders interviewed are working hard to stay informed of changes in the environment and business landscape. They are looking for suppliers and advisors to help them. As one respondent noted, "ultimately, we are looking for thoughtful, extraordinary customer service from our advisors”.
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