For most of us, the pandemic came as a huge and unexpected economic shock. In the initial onslaught, existing business plans had to be thrown out, cash reserves got decimated, and investors were spooked. Going into 2021, the crisis and its attendant uncertainties will, in all probability, be a dominant theme again.
While conventional planning and budgeting processes are wholly unsuited to this scenario, muddling on without a clear plan is not a serious option either. Instead, times like these call for agile and data-based scenario planning.
In the latest article from our Swiss team, we offer guidance on how companies can best navigate the current turbulence and plan for the year ahead, despite the many uncertainties. In fact, the current situation offers an opportunity to review longstanding strategies, adapt existing structures, and redesign current processes. Above all, what matters most is advanced scenario planning through data analytics, strict cost and cash control, and intensive communication with external stakeholders.