Many are focusing on resilience measures. As global supply chains, financial markets, and everyday businesses have been disrupted, the business leaders must not only be taking steps to address the immediate challenges. Leaders need to ensure that future risks are anticipated and managed, using this unprecedented moment in modern history as the ultimate learning experience.
Compared to 6 months ago, focus has shifted rapidly from business growth to one of sustainability and raising concerns of cash flow management, employee and client turnover, productivity, and business continuity. However, as we are having conversations with our clients and partners, business leaders are beginning to turn toward exploring new opportunities that could be captured in these affected markets; attempting to continue forward to this new normal for an unknown period. Potential acquisitions, business restructuring, and product innovations are being considered.
We believe that enterprises need to focus on these five critical areas as opportunities to strengthen their businesses during this period of accelerated change will come out the other side ahead.
Rigorous Risk Assessment & Enhanced Risk Management Practices
This includes a close examination of the immediate and longer-term financial, operational, and supply chain implications, as well as an assessment of competitive risks, and client and employee retention concerns. A particular emphasis is maintaining digital connectedness when standard forms of contact are eliminated such as face-to-face meetings, etc.
Meticulous Financial Assessment & Management
Detailed analyses of current and future working capital and cash-flow requirements are being conducted along with consideration of how to optimise the availability of tax incentives and stimulus packages being offered by many governments; identification of alternative/additional revenue sources; and reducing business expenses.