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FEATURE
COVID-19:
STRATEGY AND TACTICAL DECISIONS By Naresh Srinivasan, CPA, MBA When we rang in the new year 2020, no one would have predicted the situation we all are in today. The global economy has come to a screeching halt and every industry has been affected. Some sectors have been heavily impacted while others to a lesser extent. There have been numerous research papers published and predictions being made on the outcome. The truth, however, is the path of COVID-19 and the socio-economic response over the next few months is still very uncertain. We are living in unprecedented times and what matters is what we do now! Put aside the five-year strategic plan that you finalized a few months ago. There is a famous quote by William Durant: “Forget past mistakes. Forget failures. Forget everything except what you’re going to do now and do it.” There is only the here and now. Organizations must focus on that and act swiftly.
Strategies Many companies’ executive leadership teams are taking quick, reactive cost-cutting measures. Finance leadership can provide valuable data analytics and information to the board/executives to implement a strategy that is designed to focus on the short-term strategies and the long-term impacts (keeping in mind the new normal that will emerge) of COVID-19 and detail out the tactical decisions for implementation. Following are some essential elements to consider. 1. Your people and your customers or clients: Your number one priority should be the health and safety of your employees and your customers or clients. Adjust your work environment and shift to accommodate the changing needs of your customers or clients, while working to protect employees. Today's CPA July / August 2020 31
