Building back better

In the housing market, demand continues to be strong and initiatives such as the new First Homes Scheme and 95% mortgages should help first-time buyers, military veterans and key workers afford their first home. However how successful this will be remains to be seen, given that a shortage of supply will continue to drive prices higher and affordability is still likely to be an issue in London and the South East for people on median wages. It is however a good start and part of a range of initiatives by HM Government to “build back better” after the COVID crisis. 

I think many of us have taken the time to reflect on what lessons can be learnt from the past 12 months and what should we do differently in our businesses. I have written in the past about re-thinking business models, improving propositions, selecting the right technology to future proof your business, talking to your clients about how they prefer to do business and ensuring your processes are refined to make it easier for clients to do business. 

One area all businesses should look at is ESG (Environmental, Social and Governance). COVID has accelerated the importance of ensuring every business has a purpose beyond simple profit and stakeholders I believe will look increasingly at; how you embrace ESG, what are you doing to reduce your environmental impact, how do you treat employees, do you embrace inclusion and diversity, what involvement do you have in your local communities, how is the business governed with regards to exec remuneration, donations and board diversity and structure? 

Whilst ESG may seem something that only FTSE 100 companies need to address, I firmly believe it is an important way to differentiate your business, as well as being an area that clients are increasingly paying more attention to.