INSIGHTS AND RESOURCES
5 action areas that CEOs should address for rapid recovery
INSIGHT ARTICLE |
Authored by RSM US LLP
When the COVID-19 pandemic subsides, CEOs will need to take swift action to refocus their energy moving forward. The decisions made will help to drive recovery, position their organization for rapid recovery and allow them to thrive in the future. Now is the time for CEOs to take action and build business agility in these five key areas:
- Customers – All organizations should know their customers and how to meet their evolving needs. CEOs need to lead the charge in modernizing and optimizing customer relationship management (CRM) systems and making sure that they have clear data that provides detailed customer insight. You need to be relentless in understanding the customer journey and digitizing and personalizing marketing to meet the needs of your customers and prospects.
- People – CEOs should understand how to transform their workplaces to prioritize the safety of their people. Making sure your team feels safe and secure in the workplace should be a priority. In organizations that plan to continue to encourage remote work, you should provide ongoing training to your people on how to work remotely and find innovative ways to maintain employee connectivity and the company’s culture.
- Costs – Most organizations are feeling the burn of decreased cash flow from the COVID-19 crisis, and many have been forced to reduce headcount to manage costs. You should consider the potential of automation to augment your staff and evaluate potential cost savings from outsourcing and managed services of noncore functions such as IT, finance, payroll, internal audit and tax.
- Risk – CEOs should retrospectively evaluate what worked well and what did not work well during the COVID-19 crisis. Every company’s risk profile has changed given the crisis, so refreshing your risk assessment—especially around technology—may be wise. Business continuity and disaster recovery plans should be enhanced and strengthened, and cybersecurity policies and procedures should be updated to adjust for workforces that may continue to work remotely.
- Supply chain – Given disruptions to supply chains, CEOs should consider reevaluating their supply chain and consider diversification strategies to reduce future risk. Inventory models should be adjusted for ongoing changes in supply and demand. You should remove the middleman wherever possible to decrease overall risk and get products into the hands of the customer as efficiently as possible.
Timing will be of the essence, as many states are loosening restrictions and moving forward with reopening measures. A trusted advisor can provide an unbiased analysis of each of these key areas, and help to outline a plan for post-pandemic success.
Call us at +1 213.873.1700, email us at email@example.com or fill out the form below and we'll contact you to discuss your specific situation.
This article was written by Bill Kracunas and originally appeared on 2020-07-17.
2020 RSM US LLP. All rights reserved.
RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each is separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit rsmus.com/about us for more information regarding RSM US LLP and RSM International. The RSM logo is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.
Vasquez & Company LLP is a proud member of RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.
Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise and technical resources.
For more information on how Vasquez & Company LLP can assist you, please call +1 213.873.1700.
Subscribe to receive important updates from our Insights and Resources.