How are organisations around the world responding to the Covid-19 crisis and what are ACCA’s recommendations for charting a path to recovery?
In this report, ACCA has drawn upon over 4500 responses from ACCA members and other stakeholders across the world to understand the business recovery strategies that they are adopting, and their thoughts on the longer term impact of the pandemic. While leading indicators suggest the global economy is entering a deep recession, it remains impossible to understand the true long term consequences.
This report aims to share a narrative on how the crisis is evolving, some of the strategies being adopted, and suggests a roadmap for recovery. The roadmap builds upon the checklist released in April and suggests a number of practical steps that organisations can take as they chart a path to recovery and build resilience for the future.
The three phases are:
- Act: Focused on the short term horizon and the initial few weeks of response to the crisis, this stage is critical to ensure the current situation is managed properly, continuity plans are brought into place and the well-being of employees is protected.
- Analyse: The shift to the medium term horizon reflects the focus on starting to build the path to recovery. At this stage, the organisation starts to resume its business operations, planned in manageable phases.
- Anticipate: The longer term horizon is focused on innovation and understanding how organisations must evolve in the face of the pandemic. Here the business model and strategies may evolve.