COVID-19: Different challenges for different firms.

No two firms are the same. The impact of coronavirus is different for every one of the firms we work with. Some are focusing on tough decisions to ensure stability. Others are working to understand their choices for the medium term. Others still are thinking long-term. They recognize that the new normal will likely be very different than the old normal. They’re actively making decisions to position themselves for what’s next.

We have been working with AED firms to develop scenarios/forecasts on impacts to P&L and cash, contingency plans and a recovery path forward. Please reach out to have an in-depth discussion on business continuity strategies and tactics specific to your business.

What matters right now is people. 

Professional firms are nothing without the talented people who drive them forward. In the first weeks of the crisis, leaders pushed hard to empty out offices and studios to ensure the safety of their people. Now, everyone is settling into new rhythms and it’s likely that we’ll all be working virtually for months to come.

Protect your best. Guard your culture.

The new reality will likely mean structural changes and difficult choices about people at every level. The first wave of adjustments is behind us, but others will follow as we learn more about the economic impact of coronavirus. Emotionally challenging decisions don’t get any easier when times are hard. Pressure increases the risk of making choices that erode the value of your services and culture.

This is the time to prepare by taking a considered look at your workforce and planning for change. We help clients with an impartial and disciplined process to assess performance and potential. We support them with change management and communications. What’s the goal? Meeting financial targets while retaining the people who can help build a brighter future.

What will matter very soon is planning.

Yes. Visibility is very poor, but that’s no reason to burn your maps. The impact of coronavirus may last for months or years, and it’s likely that our next normal will be markedly different than our old one. As we emerge from this crisis, our markets, our clients and our people will have changed. Even in the medium term, we need to set goals and give our teams a roadmap for the future.

Focus on what’s next. Plan and build the best possible future.  

Firms that succeed in uncertain times don’t just react. Their leaders are deeply committed to emerging stronger. They think hard about what could happen and how they’ll respond. They develop scenarios that allow them to understand changing situations and they model choices to fence off risk and find opportunities. Some will achieve efficiencies through the changes they make now. Other clients will use these changes to build a different and stronger market position. We help our clients drive that process along and build the financial and conceptual models they need to make the best decisions possible.