Recovering from a crisis and boosting resilience
When it comes to keeping your business up and running, knowing the right questions to ask and where to find the information you need can make all the difference. At BDO we are all aware of the effects of the COVID-19 pandemic on our people, across our global network, our clients – and the economy as a whole.
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The strict conditions in place to reduce the spread of COVID-19 are making it hard to keep businesses going while supporting employees, partners and suppliers and it can be hard to think beyond the initial impact of coronavirus. BDO has adopted a four-stage process, which is being used across the organisation to manage business priorities, address issues and leverage thinking:
These stages can be considered separately, or as a part of a roadmap to help organisations manage throughout the COVID-19 impact.
This guide is focussed on building resilience and how to recover from a crisis, offering practical guidance for companies on where to concentrate. We look at:
- Economic recovery scenarios
- 7 key areas for consideration
- Premises - many businesses have contracts in place for maintenance of key buildings and facilities management professionals have been out in force supporting their clients’ operations and helping them to stay compliant during the pandemic. However, a significant proportion of commercial buildings (e.g. factories, offices and restaurants) have been shutdown or have reduced their maintenance regime during the pandemic
- Financial - cash and finance lie at the heart of building resilience. Taking steps to maximise cashflow and financial headroom is essential as companies review their activities and plan for a range of scenarios
- Customers - demand has been dramatically affected in all sectors of the economy and communication with customers and potential customers is vitally important
- Employees - most companies will have had an extended period where many employees have been working from home or indeed been on a period of furlough. Getting people back to work takes careful planning to ensure the business is not overwhelmed and to guarantee the safety of employees
- Legal and compliance - the UK Government’s response to the crisis has proliferated a raft of new legislation designed to help keep businesses trading and protect the rights of employees
- Suppliers - your suppliers are likely to have been equally affected by coronavirus issues. You may need to change your supply chain to enhance resilience and protect against new outbreaks of the virus
- Management and leadership - management and leadership in such times is difficult. Leaders are tested by such events both in responding to the crisis and planning for the future.
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Head of Risk and Advisory Services, Midlands