Watch: Business Defense Strategies During Uncertain TimesJune 12, 2020
As the U.S. economy comes back to life, the economic fallout of the COVID-19 crisis continues to build, leaving many of us asking, “are we heading into a recession?”
Economists say yes and no. That is little consolation for organizations facing cash flow and liquidity concerns. The restructuring and transformation experts at Plante Moran help leaders take a proactive approach to balancing priorities under uncertain outcomes that influence business strategy and the ability to recover while positioning for growth.
In this webinar, Plante Moran will walk through their “Recession Playbook,” and discuss why it is important to play defense. Participants will learn what tactics to use right now to help decode the uncertain economy, make tough decisions, and create opportunity through defensive and offensive “plays.”
Tim Weed, Partner, Restructuring and Transformation Practice Leader, Plante Moran
Sean Pattison, Principal, Restructuring and Transformation, Plante Moran
Restart Michigan with Plante Moran | Business Defense Strategies During Uncertain Times
As states are reopening their economies around the nation, economists debate whether or not the U.S. is currently in a recession. For businesses with cash-flow and liquidity concerns, Plante Moran has business strategies to help maintain priorities and growth during this uncertain time.
Plante Moran’s “Recession Playbook” explains why companies should play defense right now, and how to make those tough decisions when the time comes. Tim Weed, partner and Restructuring and Transformation Practice Leader, and Sean Pattison, principal of Restructuring and Transformation, spoke to Detroit Regional Chamber members in a Restart Webinar on these defense strategies and how to implement them.
Before the COVID-19 pandemic hit Michigan, the economy was in a particularly good place. Businesses were actually struggling to find enough top talent to hire into their expanding number of positions. Now, unemployment is nearing an all-time high. And many companies are implementing hiring freezes at the very least.
The timeline of when the economy returns to “normal” will depend on a number of factors including when a vaccine will be ready and if the health care system can handle a second wave this coming flu season.
Plante Moran recommends businesses perform this “executive gut check”:
- How ready were you when the virus hit?
- What can you do now?
- Where are the new opportunities?
Rethinking Your Business Model
Looking ahead, your business model will need to change between now and until there is a vaccine. Rethink how your hiring/onboarding will change for the time being, social distancing in the workplace, and how you are managing your employees. Then think about the future, and how working from home has worked for your company. Can you rethink how to use your office space post-COVID-19?
Next, think about your customers. How has your customer service adjusted today to accommodate customers’ needs and safety? How are you finding new customers during this time? How are your external communications sharing your COVID-19 policies and helping to draw in new customers?
Plante Moran emphasized that good businesses will learn from difficult times to become better companies during good ones. Businesses should use this difficult time to reassess and plan ahead