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Watch: Six Imperatives for CFOs Leading Through COVID-19 Recovery

May 11, 2020

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The COVID-19 pandemic has led to a sharp deceleration in global demand, disrupted day-to-day work and social interactions, and generated rapid unemployment. Building on Deloitte’s prior studies of recession playbooks, this session shares six imperatives for how chief financial officers can help their companies navigate disruption focusing on practical ways to:

Bolster Liquidity

Businesses can bolster liquidity by managing short-term credit, cash, and performance needs. They should also identify financial constraints and consider alternatives. Action steps include modeling cash flows, shoring up debt, working with current financing partners, diversifying financing sources, assessing COVID-19 relief, leveraging tax planning, managing inventory closely, managing receivables, and considering additional cost-cutting.

Adjust Communications

Keep critical stakeholders informed. Make a plan or review your current plans for critical leadership communication. Consider what information needs to be communicated with the board, and determine how and when those communications should take place. Evaluate internal communications and make a plan for teams.

Virtualization

Support and grow remote work. Deloitte outlines that 71% of surveyed chief financial officers said they would support remote work even if sites open. This is an opportunity to virtualize many aspects of operations with cloud-based applications for communication and collaboration.

Manage Risks

Consider new risks and safeguard company assets in this uncertain time. Stay aware of fraud dangers. Assess supply chain and third-party risks. Beware cybersecurity risks, especially with increased virtualization.

Drive Operational Improvements

How do operations need to change to accommodate the company’s needs going into recovery? Transition forecasting to scenario planning. Outline cost reductions, rationalize and diversify procurement, improve pricing disciplines, and rethink the company’s portfolio of assets.

Plan for Recovery

Strategically position to thrive. Innovation will be key moving forward. Consider how to automate operations for both customers and employees. Create resilient supply chains and inorganic growth strategies.

Deloitte experts outline that the size of the economic impact caused by COVID-19 is directly based on the spread of the virus. The strength of the economy depends on the creation of a vaccine, which will likely happen mid-2021 at the earliest.

Key sources of uncertainty for businesses include:

  • Spread of the disease and capacity of the health care system
  • Size and longevity of economic closing
  • Impact on the global financial system
  • Level of public trust in the political and economic system
  • Response and recovery worldwide

Who should listen in?

CFOs and senior-level financial leaders.

Presenters:

Dr. Ajit Kambil, Managing Director, Global Research Leader – CFO Program, Deloitte LLP
Dr. Daniel Bachman, Senior Manager, Economic Forecasting, Deloitte Service LP
David Parent, Michigan Managing Principal, Deloitte

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