As the effects of the coronavirus are felt around the world, businesses are now facing weeks, if not months, of uncertain trading conditions. Whether it is your business, your supplier’s business or your customer’s business, there is potential to suffer disruption along the supply chain. This article explores how businesses need to think ahead and be ready to resolve these challenges, protecting their future while preserving important commercial relationships.
In this piece, Deloitte Global examines the impact of COVID-19 from a crisis communication and stakeholder management perspective and the necessity to establish control over management of the issue. One of the key aspects to control is crisis communications and stakeholder engagement. The way that the organisation communicates and engages with its internal and external stakeholders, sharing with them what it is doing to make things right, really matters.
It is clear that finance functions will need to quickly adapt to the direct and indirect impacts of COVID-19. This is specifically relevant from a financial reporting perspective, with challenges mounting related to immediate reporting requirements. This article discusses how COVID-19 is affecting financial accounting and reporting, the capacity of the finance function, cash flow reporting and stakeholder reporting.