We all know the way COVID-19 effects organizations, employees, clients and world economy as a whole. The pandemic has brought economic, social and commercial changes. When everything eventually returns to "normal", what will it look like? What new opportunities already exist or will be provided to your business? Many companies around the world are entering a business recovery period that could drag on for several years. In addition to protecting money, it is also important to build strategies that target people, customers, suppliers, and other key assets.
BDO has developed a global three-stage model called RETHINK.
This model promotes a broad “Re-thinking” of original business models that can be used to drive business goals, problem solving, and critical thinking.
The strategy comprises three phases - REACT, RESILIANCE and REALISE.
Since complex questions have no simple answers, these three steps can be considered separately to help organizations address in the “here and now” mode. They can also be part of a “vision for development” that will help manage the impact of COVID-19 over the medium and long term.
The first phase of REACT aims to protect your business - responding to the early stages of the COVID-19 crisis, while minimizing the catastrophic impact on company operations, supply chain and ongoing financial viability, and ensuring employee safety.
The second phase of RESILIANCE focuses on sustainability and business support - the ability to transform its operations in a changing environment while maintaining the continuity of providing critical functions to customers.
The third stage of REALISE stands for success in a new reality - applying the experience gained in the stages of "React" and "Resilience» and continuing to adapt to new business models and ways of working, necessary to address significant and imperative political, economic, socio-cultural and technological problems.
RETHINK is an additional option for analysis and discussion at the strategic level, regardless of what stage of development the organization is in or what measures have already been taken.
To learn more about the new strategy and how BDO can become your reliable partner in the transition to “new living conditions”, go to our website in the RETHINK section or download the practical guide from the link below.