As the new year begins, we reflect on what we have been through in the past year, the challenges and opportunities that have presented themselves and how we have managed to add value through it all.
We understand that this year has been quite the endeavour for most parties and this was not different for LeadingMile Consulting. The economic and personal impact of the current pandemic has been enormous and has had an effect on every business, not only those active in financial sectors.
As for all companies, the lockdown meant that we had to continue to serve our clients from our own homes. While the LeadingMile office in Amsterdam remained open for most of the year to core staffing, most of us had to shift to working from our homes. We see this as a very successful shift in how we conduct our business and did not see any reduced servicing levels.
Not shortly after the lockdown had gone into effect, we started to see the first signs of major recovery. Some sectors managed to return to pre-crisis activity in a matter of weeks. This showed that the worst-case scenarios which were projected by many were not in line with how the crisis would pan out.
To us, this has shown the resilience of the world we live in, and a world we actively help shape through our business. When looking at the expectance of how the economy would cope with the global pandemic it shows that the recovery has occurred more rapidly and been more effective than was projected. The below economic surprise index is compiled by Citi, BCG and Bloomberg and measures the difference between economic expectations and reality. As can be seen below, Europe has gone through major swings, influenced by positive or negative developments surrounding the global pandemic.
Source: Citibank, BCG, Bloomberg
Unfortunately, it is too soon to draw final conclusions based on what has transpired in the months leading up to December as another Covid-19 wave has hit with far- reaching consequences. What we can say with certainty, is that through it all, we have encountered a (financial) world that is doing everything in its power to beat the odds. Through dedication and a feeling of combined determination we have worked through the main challenges and as a business we are proud to maintain our growth regardless.
LeadingMile’s 2021 outlook
We have started new projects and managed to complete ongoing projects despite the challenging environments. And our clients are again looking ahead at how to continue to grow their businesses in an industry that is vital to the economy. With renewed partnerships and client engagements set for 2021, we are excited about what is to come.
Part of our vision has always been to reduce our footprint by working remotely from our offices where possible. Traditionally, a consultants’ footprint is large, having to travel to a wide variety of clients. We view this pandemic as a first showcase of what we are able to achieve remotely and trust this shows parties that travel can be reduced in the future. As the first vaccinations are being carried out as we write this article, we look to the future with great hope, not only for the financial services industry but for mankind as well.