This is a thought leadership article by PrimeGlobal member firm Schneider Downs which looks at the Long Road to Recovery and the critical business considerations during COVID-19.
“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.
Schneider Downs & Co., Inc.
Schneider Downs is a top regional accounting and business advisory firm located in the northeastern part of the United States with a significant international reach. For more than 60 years, we have provided professional services to public and private companies, nonprofit organizations, professional associations, service firms and government entities across the United States and around the world. We have more than 450 employees and 42 shareholders and offer more than 80 services with dedicated teams from five business units: Assurance and Tax Advisors, Business Advisors, Corporate Finance Advisors, Technology Advisors and Wealth Management Advisors.Learn more