“Five years?” my client howled as he reflexively lunged forward in his chair. Then silence. The man slumped back in his chair processing an answer he never contemplated, let alone anticipated. No further questions. No quips. Just a person slowly coming to grips with the economic consequences of COVID-19.
The seemingly innocuous question the man had posed — “How long do you think it will take for the economy to recover?” My answer, “It could take five years.” A few simple words had revealed that he needed to change his entire approach to navigating the pandemic. No longer could he hunker down and ride out the storm. He had to act quickly and decisively.
According to studies it could take five years or longer for businesses to recover to pre-COVID economic levels. If you want to maximize your company’s recovery in this crisis, you need to be proactive and not reactive – the reality is that the longer a company waits to take action, the lower the probability of success.
Our latest whitepaper, Long Road to Recovery, provides a comprehensive guide on best practices to help guide your company through the uncertain time including aggressively addressing expenses, back to business expense planning, cash cycle management and more. You can download the whitepaper here, please note a valid email is required to access the content.
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Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.