Manufacturing & Distribution Coronavirus Resources
Manufacturing & Distribution Coronavirus Resources
Erich Bergen
MBA, PMP
Director
Brad DeNoyer
Managing Partner
Eric J. Kroll
CPA
Partner
Peter J. Pearce
Principal
Cory R. Wendt
Principal
Plan for now and tomorrow
The manufacturing and distribution industry is facing unprecedented change and global supply chain disruption … and the coronavirus (COVID-19) outbreak is no exception.
COVID-19 will have immediate and long-term impacts on aspect of the supply chain — from producers to manufacturing plants and distribution centers to customers. And because suppliers of commodities, parts and materials have been forced to reduce or idle production, it’s inevitable that companies across the international supply chain will need to fill gaps and make tough decisions around procurement, production, safety, revenue and customer needs.
Baker Tilly’s industry specialists advise manufacturers and distributors on how to find opportunities for evolution in an environment filled with doubt and confusion. Our advisory, assurance and tax service solutions can help you:
- Evaluate alternative sourcing for parts and materials across geographies
- Increase risk and safety precautions
- Mitigate distribution, logistics and transportation challenges
- Pivot operations and capabilities to help fight the crisis
- Establish COVID-19 customer response teams
- Manage inventory and cash flow
- Perform costing analyses and revenue forecasting
- Research and respond to changing consumer habits
- Build a resilient supply chain and logistics network
- Expand or grow operations, both in the U.S. and abroad
- Leverage alternative capital and project financing sources
- Manage global trade successfully
- Optimize production and/or distribution capacity
- Meet search and staffing demands
- Make informed decisions with business intelligence and data analytics
- Develop strategic plans
- Address the impact of COVID-19 on tax returns and financial statements
- Navigate a remote working environment with innovative software and technology tools
- Transition to e-commerce
- Outsource accounting or payroll needs
It’s unclear how widespread or long lasting the ripple effect of COVID-19 will be for the manufacturing and distribution industry, but Baker Tilly is here every step of the way to help you navigate, respond to and succeed in the changing environment.
Visit Baker Tilly's Coronavirus Preparedness to learn more
Mitigating coronavirus-related supply chain disruption – to customers and the bottom line
Firms have to consider how to mitigate both immediate and mid-term (two to four months out) disruption related to procurement, manufacturing, replenishment, and customers.
Combating coronavirus – how business needs to react
With the spread of the recently identified novel coronavirus Covid-19 to every continent, and cases nearing 100,000, we look at the advice businesses need to keep calm and carry on.
Business continuity planning
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:
- Assistance with business disruption, related disputes and contract disputes
- Identification and report of coronavirus-related losses by stakeholders/lenders as part of the usual reporting requirements
- Advisory services related to the impact of a broken supply chain
- Advice on issues related to event cancellation insurance
- Assistance with revised forecasts related to covered loss from other events, with the effect of COVID-19 factored in
- Preparation for other losses that could develop when the COVID-19 problem arrives in a widespread way in the U.S.
Download our discussion guide for questions that will help your organization assess and identify key organizational considerations in business continuity and crisis management.
Crisis planning & response 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:
- Operations
- Personnel
- Financial and legal
Risk management & advisory services
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:
- Do your employees need additional technology or support to optimize remote working?
- What reminders do employees need to receive concerning system security when working from home?
- If staff do not have WiFi at home, what security measures do they need to follow if they use public WiFi at a library or local coffee shop?
- If your organization suffers a cyberattack and needs to invoke an incident response solution, what is the impact on response times to employees and customers as well as on revenue if staff and external vendors are in a quarantine lockdown?
Financial resilience solutions
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:
- Supply chain disruption and spend analysis
- Strategic scenario development
- Organizational redesign and alternative value delivery analysis
- Navigating federal, state and local assistance
- Communications and crisis management
- Tax considerations
- Business continuity planning
- Fair market opinions and valuations - including goodwill impairment evaluations and valuations for estate planning and gift purposes
- Outsourced financial services
- Re-negotiate and restructure of loan payments and covenants, investor agreements, purchase agreements and others impacted directly by financial performance
- Relief Funding Assistance
