No one can predict with any accuracy how long this period of uncertainty will last – or how significant the impact of COVID 19 will be. As with any significant disruption, robust scenario planning and testing to identify the key issues for your business is critical and then making the decisive decisions to mitigate and manage these risks is critical to build resilience and agility on your organisation.
The challenges businesses may be dealing with are diverse, ranging from disrupted supply chains and a lack of available staff, to working capital and cash flow constraints, contract issues or sourcing the IT solutions necessary to ensure a seamless large-scale remote working operation.
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In order to support your business we will be hosting regular webinars where a range of both KPMG experts and Industry experts will be on hand to discuss critical business issues related to COVID-19.
Immediate actions to consider include:
- Safeguard people and customers: maintaining their physical and mental well-being, reassessing firm wide travel policies and pursuing collaborative solutions including remote working
- Assessing supplier risk: keeping stakeholders fully up to speed and potentially reconfiguring supply chains where necessary and possible
- Manage working capital and business plans: revising forecasts against supply and demand, understand any impacts on financial stability and to ensure joined-up tactical and strategic business planning
In the medium to longer term, businesses and organisations need to assess if the disruption has changed any of the key fundamentals for their business and the markets they operate in. Will consumer demand return to normal, is their supply chain fit for purpose and what have they learnt about the agility and resilience of their business to respond to future disruptions? Answering these questions will likely to be critical to ensuring an organisation can look ahead to become more resilient in the future
Find out more about the immediate and medium to long term actions to consider as you look to embed resilience in your organisation.
If you would like to find out more about what KPMG is doing to be fully prepared, or if you would like any assistance, please connect with your KPMG contact.