As the world deals with the Covid-19 pandemic and its widespread impacts, businesses are facing unprecedented challenges. Yet although companies are clearly faced with the need to rapidly adapt and adjust, it is also crucial that they are also focussed on the longer-term outlook for their business once the current crisis subsides.
In the latest emerging thinking from the Business Transformation team at FTI Consulting, ‘Business Hibernation during the COVID-19 pandemic’, we consider the importance of devising flexible long-term plans, and the key areas that need to be explored by businesses, including:
- How to maintain and engage the workforce, and retain key talent
- How to mitigate falling revenues by delivering differently, targeting new customers and shifting resources to meet demand
- The importance of taking a holistic view of current and future supply chain, and adapting operational processes
- How to ensure that liquidity is well understood and cash is conserved
In this short article, we consider what the key elements of a business hibernation may look like, and how companies can ensure they are optimally positioned for re-animation and growth in the longer term.