How businesses have responded to COVID-19 has varied greatly across organisations and industries. Some businesses have moved from rapid assessment to swift responses, with many pivoting their businesses to remain sustainable. Others have quickly managed through severe growing pains as demand for some goods and services has fast outstripped supply.
Many businesses are now asking - ‘What’s next?’
Businesses will need to traverse three phases in dealing with the COVID-19 fallout:
- React
- Resilience
- Realise
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COVID-19 presents a significant business challenge – not least ensuring your people’s safety and managing changed commercial priorities. The rapid outbreak of the virus is likely to have impacted almost every area of business activity. There are a number of areas of a business that may continue to be impacted by the pandemic during the Resilience phase. For each area, there are appropriate actions you can take to mitigate the impact and manage associated risks.
The following areas are discussed in-depth within the 'Boosting Your Business Resilience' guide:
- Premises
- Financial
- Employees
- Legal and compliance
- Customers
- Suppliers
- Management and leadership
The 'Boosting Your Business Resilience' guide is focussed on building resilience and how to recover from a crisis, offering general guidance for companies on where to focus as we begin to look beyond the initial impact of coronavirus.
We recognise that all companies and their situations are different and recommend you contact your trusted business advisers for specific advice.