The impact of the COVID-19 pandemic has been far-reaching, both in the United States and worldwide. As federal, state and local governments contemplate the best ways to gradually lift lockdowns, many organizations are beginning to shift their strategic focus to the restart and ramp up of their operations.
While there is still great uncertainty about what a recovery phase from COVID-19 will look like, it is essential for your organization to understand the scenarios you may face and map your recovery path back to growth. Baker Tilly’s Value Architects™ are prepared to work with your organization to chart a way forward that will enhance and maximize value, minimize further disruption and keep your workforce safe.
Baker Tilly’s Coronavirus Resource Center provides you with information, insight and tools as you plan your recovery scenarios. We are continually monitoring all external factors in what is an evolving environment in both the U.S. and across the globe. We are prepared to provide you with the most up-to-date information and assistance.
Baker Tilly tax specialists keep you abreast of changes in tax requirements during these rapidly changing times.
Are you challenged to keep up with critical finance tasks due to the impacts of COVID-19? Baker Tilly Search & Staffing provides both short and long term staffing solutions to help companies focus on what they do best and prepare for tomorrow during the COVID-19 outbreak.
If your organization is in need of additional finance and accounting resources, Baker Tilly Search & Staffing can help find staff to assist in payroll or any other finance and accounting functions.
Our services for employers include:
Baker Tilly specialists understand your industry and how an unplanned event such as the COVID-19 outbreak can affect your organization, employees, customers and suppliers.
As organizations begin to plan for recovery, they do so with continued uncertainty and ongoing change. Given this extraordinary level of unease, it will be important to continue to monitor key indicators, including the growth rate, spread and timing of COVID-19 cases, and broad economic factors. All while managing your customers, suppliers and employees, and implementing social and regulatory guidance alongside “next norms."
Assembling a leadership group and information hub focused on recovery and growth will provide the transparency and agility required for effective scenario planning, adapting and implementing strategic and tactical actions based on changing indicators and assumptions.
For businesses to be successful in mapping a future course of action in this fluid environment, we recommend using a strategic scenario planning process, allowing your organization to make assumptions on how the crisis will play out, and how your environment and key factors may change over time. This helps to develop a set of tactical and strategic actions to address the uncertainties as they become realities.
Define and model scenarios
Given the level of uncertainty, it is important for your organization to consider a variety of potential scenarios, taking into consideration health, economic, social and regulatory assumptions. From these scenarios, develop a flexible model which takes into consideration multiple inputs (customer demand, operational effectiveness, supplier capabilities and workforce) and organization outcomes (revenue, profit, cash flow and liquidity).
Develop strategic actions
Scenario planning will allow leaders in your organization to identify and evaluate potential actions indicated based on each scenario. Some actions may apply to all potential scenarios, others if/when a scenario becomes real. Some actions may be deferred until more is known.
Monitor recovery and refine responses
How will events and trends track to the assumptions your organization makes in each scenario? As more information becomes available, the scenario model can be updated to refine existing scenarios or generate additional possible outcomes.
Mapping your recovery roadmap will focus on several key planning dimensions which should be considered. These planning dimensions will also be key elements to your scenario modeling.
Access Baker Tilly’s up-to-date guide for an overview of COVID-19 stimulus package financial assistance programs and to help you identify which federal, state and local programs your business qualifies for.
Organizations have to consider a variety of effects that the COVID-19 outbreak may have on operations, employees and customers.
Our business continuity planning checklist highlights key steps in continuity planning, including risk evaluation and business impact analysis; continuity strategy and plan development; public relations and crisis coordination needs; and awareness and training program support.
Further business continuity services include:
Download our discussion guide for questions that will help your organization assess and identify key organizational considerations in business continuity and crisis management.
While not every crisis causes harm, an organization’s response can result in major business risks. Baker Tilly can assist boards and management teams as they develop effective strategies related to COVID-19.
Organizations must stress test their level of preparedness in an effort to ensure continuity of business operations, work to mitigate any potential impact, and prepare for possible further disruption from this and other crises. Boards must be proactive and increase their oversight to appropriate levels, especially because during times of crisis the opportunity for fraud increases.
Baker Tilly has developed a business continuity and crisis management discussion guide to help your organization assess and identify key considerations across the following areas:
Baker Tilly can apply its deep experience developing strategic enterprise risk management (ERM) programs to customize solutions that will reduce the chance of loss and maintain financial stability in the wake of COVID-19 disruption.
Due to the spread of COVID-19, companies should increase monitoring of invasive cyber events, given the likely increase in hackers sending out fake emails, website links and ransomware attacks.
Other things to consider:
COVID-19 is an unfolding and evolving event bringing uncertainty to every organization. Baker Tilly is ready to help you prioritize necessary actions and navigate your organization through these unprecedented and difficult times. We have developed specific insights and solutions to assist you in responding to volatility and building financial resilience
Financial resilience solutions: