It's a priority for any firm to meet customer demands effectively and efficiently. However, businesses are increasingly finding that doing so during a pandemic is particularly challenging.
Mitigating risks to business continuity is your primary concern during the outbreak. Issues and challenges need to be recognised and dealt with rapidly, including control of the cost base to create headroom.
Reacting in real time requires an understanding of the current situation in order to make decisions quickly. Management information must be accessible and accurate, and a rapid increase or decrease in demand makes forecasting, inventory and capital management critical.
Adapting to the circumstances while trying to create a greater certainty of demand and supply in rapidly evolving market conditions is key, alongside adjusting the indirect cost base and support functions.
Understand the potential impact of the pandemic by moving quickly to assess how your operations will be affected. The more you can foresee the unexpected, the more likely you will be ready to meet any challenge.
Don’t be afraid to make imperfect decisions to reduce the cost base and protect the business. Define the key decisions you have to make and ensure that you have the best management information you can to support them, but accept that not all your choices will turn out to have been the right ones once the pandemic is over. Focus effort primarily on rapid cost reduction and cash optimisation and management.
The current market conditions caused by the outbreak are temporary. Determine how you can come out of the Protect phase with pace and momentum so that you can maximise any opportunity available to you. Understand how your external markets may have changed and how you can bet respond to them.
“Volatile times call for real-time understanding of where your business is at, the options available to it and the courage to take early action supported by clear and informed decision making.”
Alan Dale, Partner
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