Today, business leaders are faced with a highly complex market situation, the likes of which the world hasn’t experienced ever before. Long-standing market downturns, businesses having to shut their doors indefinitely, and an overall paradigm-shift in the way we live our day-to-day lives have all played into an incredibly volatile market situation that not all businesses will make it out of.
That’s why it’s vital for businesses to directly address the COVID-19 pandemic, and its effect on their overall bottom line; while also trying to devise a coherent crisis response and recovery plan in the midst of immense uncertainty. This proves no small task. And businesses will likely have to take a long, hard look at the many factors that play into their overall business resilience, and how those things can best be improved to position themselves to weather the storm and thrive in a post-COVID world.
These factors can include: overall employee wellbeing, minimizing risk in the workplace, finding new strategies to mitigate revenue loss, devising strategies to minimize supply chain disruption, reducing workforce costs to avoid layoffs, optimizing operational costs, and looking into new means of increasing overall productivity. Peering into each of these individual elements of your business can present many opportunities to revise and refine your overall operational strategy, in turn, equipping your business with the tools and efficiencies it needs to survive and thrive in the face of economic downturns.
Luckily enough, business leaders don’t have to go through this process on their own. There’s a wealth of resources out there to aid them in bolstering their overall business resilience. Such as BDO USA, LLP, which MahoneySabol has been affiliated with for many years as an independent member of the BDO Alliance USA. BDO regularly delivers world-class information, business insights, and consulting services to a diverse portfolio of clients worldwide. Most recently, BDO USA released a 3-stage resilience playbook geared to provide business owners with a complete framework for re-examining, re-defining, and revamping their business’ resilience to be better equipped in the face of a volatile market brought on by COVID-19.
Click here to read BDO’s Resilience Playbook to gain insight on how your business can move forward.