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By David Gore, Head of Industries at BJSS
Retail has never faced an event like COVID-19 before. Its combined speed, severity and scale has impacted every aspect of the global economy and could have dire consequences for retail – and other service sectors - in particular.
The current response has meant that economy activity has been consciously restricted in favour of a combination of Government-issued restrictions and checks, social distancing measures and restrictions on corporate activity are now having a significant impact.
The world is likely heading towards an unprecedented global recession and retailers need to rapidly increase their business resilience and continuity planning and adopt a “Recover - Regroup - Renew” approach. This means ensuring that they have a pipeline of revenue-protecting solutions (Recover), focusing efforts on increasing revenue and profitability (Regroup), and preparing and organising for ‘the next normal’ (Renew).
We have defined these stages of crisis management for our internal use and feel they offer a useful blueprint for anyone dealing with the uncertainty, activity and stress of the pandemic.
Financing the Recover stage
Options to consider include:
Funding the Regroup Phase
Fuelling the renew phase
How Can BJSS Help?
We’re here to assist our clients not only in navigating the immediate challenges of the crisis but also in creating responsive, adaptable and intelligent technology-enabled solutions that will build resilience for the future.