At BDO, we are aware of the impact of the COVID-19 crisis on our clients (entrepreneurs as well as organisations in the public and private sectors), our people and the economy as a whole. The strict rules designed to reduce the spread of the virus make it difficult to keep your business or organisation going, but at the same time you want to provide guidance and support to your employees, partners and suppliers.

When it comes to the continuity of your business, increasing your resilience is essential so that you can come through this crisis in the best possible shape. Our services are designed to offer you new perspectives and allow you to plan scenarios so that you can take a cautious look beyond the initial impact of the COVID-19 crisis.

Three-phase model: insight into priorities

Every business and organisation is in a different situation. We have identified three phases that your business may go through during the COVID-19 crisis. This model helps you gain insight into your potential challenges and business priorities.

• REACT - The way organisations respond to the immediate impact of the coronavirus pandemic in order to minimize the most severe negative effects on business operations, employee safety, your supply chain and the business's financial position.
• RESILIENCE - The continuation of business activities during the lockdown using technologies that enable people, processes and information systems to adapt to the changing situation. The agility to adapt operations to changing business conditions, while preserving the continued delivery of 'critical functions' to your business's clients.
• REALISE - Learn from experience and implement the key lessons learned during the 'REACT' and 'RESILIENCE' phases. Successfully adapt your organisation to new business models and working methods that are necessary to address essential and mandatory political, economic, socio-cultural and technological change.

These stages may apply separately in your situation, or they may be used in the context of scenario planning to help you manage the impact of the COVID-19 crisis on your organisation.

Scenario planning: redefine the future

Do you have enough resilience and agility to redefine your business strategy to survive the COVID-19 crisis? Once the situation has become more stable, you can also think about the consequences for the longer term. The next period will be crucial for shaping the future of your organisation, or even your sector. These times call for a broad perspective with a range of outlooks and scenarios. BDO will support your business, both during this crisis and afterwards, by helping you gain a perspective on continuity and preparing you for the ‘new normal’.

To provide you with insight into the impact on your business operations and the extent to which you’re ready to navigate towards a ‘new normal’, we look at the degree of control in the following key areas:

• Strategy and stakeholder management: impact on your business
• Financial consequences: grip on liquidity and perspective on continuity
• People and leadership: the value of your human capital
• Technology: IT and support processes
• Operations and supply chain: efficient business operations and risk reduction

If you would like to gain more insight into the impact on your business operations and get a better grip on the situation, contact your BDO advisor.