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The coronavirus pandemic has the business community facing the most challenging economic environment in decades. A different kind of future is coming, and companies need to be ready. Leadership teams must invest the time and energy now to create a corporate plan that guides recovery and emergence from the crisis.
By Robert E. Pozesky
The coronavirus pandemic has the business community facing the most challenging economic environment in decades. Many owners and executives have had to shift their attention overnight to expense reduction, cash-flow management, headcount reductions, and complex government programs – all while trying to figure out what comes next.
Even those businesses who have not had to shut down or scale back have been dealing with tight supply chains, shortages, physical distancing, and employee health protections while trying to meet customer commitments. Others, such as food manufacturers, distributors, trucking, and certain health care sectors, have seen big spikes in workload.
Regardless of where an organization finds itself, a different kind of future is coming, and companies need to be ready. Leadership teams must invest the time and energy now to create a corporate plan that guides recovery and emergence from the coronavirus crisis. The following pointers can serve as a guide to developing and executing a recovery plan.
No crisis recovery plan is going to be perfect. There are too many unknowns as we forge a new normal. Do not let lack of perfection be the enemy of the good. In addition to the benefits outlined above, a recovery plan also creates focus and a rallying point that will help your organization and everyone on your team come through the coronavirus with a foundation for shaping the future.
Robert E. Pozesky, leader of RKL LLP’s strategy and operations consulting practice, facilitates planning sessions with owners and leadership teams and helps clients execute on their plans and improve performance. He can be reached at rpozesky@rklcpa.com.
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