The COVID-19 outbreak poses significant and evolving challenges for our communities, corporations, governments and regulators. The humanitarian cost to our communities is vast and the economic impact to businesses and financial markets remains uncertain.
Each of our clients will face their own unique challenges as they focus on both the safety of their people and the continuity of their operations. Our financial, economic, regulatory, disputes and communications experts across the globe are partnering with them to navigate this disruption and assess its impact on their key stakeholders.
We do not take the importance of advising our clients through these extreme difficulties lightly, and we recognize that our experience managing through change and crises and mitigating risk is critical at times like this.
Please visit this page for important Coronavirus related updates and insights to help your organization maintain resilience in these uncertain times.
Strategies for businesses to reduce the impact of corona:
Make people safety and continuous engagement the priority:
It is recommended that firms have flexible work arrangements. If remote working is not possible, companies should provide protection to workers against infection.
Reshaping business strategy:
Companies are facing disruption in their daily operations and business revenue. It is recommended to inject short term cash inflows to avoid cash shortages. Closely monitor direct costs attached to your business and look for a way to contain the price fluctuations.
Firms need to work on different financial plans and establish multiple scenarios and modify the plans to stay agile. They will need to look at near-term capital raising, debt refinancing, and policy support from the government while considering the curtailing of non-essential expenses.
Communicate with stakeholders:
Communicate the situation with employees and clients to strike a balance between caution and business. Contact the suppliers to find alternative supply chain options. Let customers know the impact of your product or services in this situation.
Maximize the use of government support policies:
Firms should monitor the government support policies and national organizations that offer support. They may help with tax exemptions, social insurance, contribution reductions, and the support can be crucial if the crisis worsens.
Build resilience in preparation for a new normal:
After building new strategies based on the stress tests to tackle the crisis, firms need to execute the plans to sustain themselves. After the outbreak is controlled, firms need to look back at the problems faced concerning labor shortage, lack of infrastructure, and other issues. This will help businesses to create an effective contingency plan and respond to the crisis better in the future.