How are organisations around the world responding to the Covid-19 crisis and what are ACCA’s recommendations for charting a path to recovery?
The long term financial impact of Covid-19 seems to be growing increasingly clear as leading indicators suggest the global economy is entering a deep recession, yet it remains impossible to understand the true long term consequences.
In the follow up to our April report Covid-19 Global Survey: Inside Business Impacts and Responses, we’ve drawn upon over 4500 responses from ACCA members and other stakeholders across the world. In doing so, we’ve asked them about the business recovery strategies that they are adopting, and their thoughts on the longer term impact of the pandemic.
This report aims to share ACCA member survey data on how the crisis is evolving, some of the strategies being adopted, and suggests a roadmap for recovery. The roadmap suggests a number of practical steps that organisations can take as they chart a path to recovery and build resilience for the future.
The three phases are:
- Act: Focused on the short term horizon and the initial few weeks of response to the crisis, this stage is critical to ensure the current situation is managed properly, continuity plans are brought into place and the well-being of employees is protected.
- Analyse: The shift to the medium term horizon reflects the focus on starting to build the path to recovery. At this stage, the organisation starts to resume its business operations, planned in manageable phases.
- Anticipate: The longer term horizon is focused on innovation and understanding how organisations must evolve in the face of the pandemic. Here the business model and strategies may evolve.
Read the full report, now available in a new horizontal slide style format, as well as a traditional PDF, to find out more.