AS THE economy comes to life again, organizations need to be ready with the right strategy to outperform their industry peers, a top official said.
For business leaders across the Philippines, the actions they take now and, in the weeks, ahead—especially as quarantines are modified or loosened—will define them and their companies.
Marivic Españo, chairperson and chief executive officer of P&A Grant Thornton, said companies that adapt more quickly to the initial transition—and, eventually to the new environment—will emerge stronger.
“Even if the impact of the Covid-19 pandemic varies across industry sectors and regions, it is no exaggeration to recognize that the struggle is real,” Españo said.
She said business leaders will need to come to terms with their workforce, capital and resources, operational model and supply chain as these are essential elements to survive under the new normal conditions.
During these uncertain times, Españo said businesses must assess their plans and realign their activities to adapt to the new rules prescribed by the government.
“Businesses must be willing to try new practices, switch to better tools, and update action plans for the short, medium and long terms,” she said. “Updated processes will help businesses adapt to a changing market and set them on track to a brighter future.”
As for managing capital and resources, Españo advised business owners to project their accounts receivable realistically and review other cash sources. When reviewing business activities, she urged companies to consider the shift to digital transformation.
“Set new business goals with such changes in mind, make informed decisions, and take advantage of every opportunity. Dare to innovate,” she said, adding that implementing process automation and integrating technology into operation will help companies survive in the longer term.
Securing one’s supply chain is also paramount during this pandemic-induced business landscape. Españo said companies will need to reinforce their supply chains to continue meeting customer and client demand. She advised firms to monitor inventory levels and establish critical inventory thresholds and build stockpiles, as needed.
She advised firms to strengthen their relationships with customers by finding alternative shipping methods, adjusting delivery schedules and being transparent about their challenges.
“In a twist of irony, a crisis like this coronavirus pandemic brings new opportunities and should be a trigger to explore new directions,” said Españo. (KOC)
As published in SunStar Cebu, dated 23 May 2020