COVID-19: Preparing for the Now, the Next, and the New Normal
Immediate Actions and Considerations for Companies Across Critical Financial and Operational Areas
As the coronavirus (COVID-19) continues to spread to communities around the world, individuals and businesses alike are grappling with the short-and long-term impacts of the pandemic on their socio-economic security. While it is still unclear what the long-term financial state of the economy will be once the immediate crisis has passed, one thing is abundantly clear: companies must take proactive measures now to deal with the immediate disruption and prepare for what the new normal will bring.
Our strategic crisis framework is designed to help companies navigate the critical financial and operational areas that need to be addressed across three key phases: dealing with the immediate disruption, defining the way forward, and driving transformational change to thrive in the new normal.
The Now: A Guide to Dealing with Disruption is now available.
Our experts have developed a list of prioritized actions and key considerations across four key areas.
- Liquidity Management – Launch an aggressive cash triage program focused on quick wins, including deferral of all non-critical spend and working capital optimization.
- Cost Control – Adopt an operator’s mindset that holds your team accountable for savings—bias should shift from growth mode to “fight for survival” mode.
- Operational Continuity – Establish a crisis management team to refresh your business plan for current crisis environment while ensuring resiliency across sales, operations, and other essential functions.
- Stakeholder Management – Communicate and align with key stakeholders, as success or failure will ultimately be driven by how management chooses to lead.
COVID-19 Crisis Navigation Framework
Many companies are acutely feeling the effects of the pandemic on their business. From declining revenue to broken supply chains, and the inability to quickly access financial data, companies must deal with disruption by taking immediate steps to stabilize their business.
We’ve prioritized a list of immediate actions and key considerations across four critical areas.
Once the business has stabilized, companies must realign strategy, evaluate capital options and kick off operational improvement initiatives to start down the path of transformation and resiliency. Careful planning and strong leadership will create a clear path forward for the business to thrive.
The New Normal
With critical threats in the rear-view mirror and a new path charted, companies begin to reap the rewards of their hard work and establish their own new normal. Functional excellence, accountability and careful execution will bring the business to a stronger point than where it started.