A “Now, Next, Later” Approach for Dealing with Pandemic Challenges
Tuesday, May 26, 2020
As the coronavirus (COVID-19) pandemic in the U.S. spread in March, leading to shelter-in-place orders in most states and a rapid slowdown of the national economy, businesses have started adopting Baker Tilly’s “now, next, later” framework in dealing with the pandemic challenges: “Now” is focused on the first 30 days; “next” is focused on the following 60 days; and “later” focusing on 90 days and beyond.
The “now” response reflects the immediate reality for businesses – survival. An early March 2020 poll by the National Association of Manufacturers showed 35 percent of manufacturers are facing significant interruptions in supply chain operations, though only 51 percent had an emergency response plan in place. Filings for unemployment claims by mid-April soared to levels not seen since the Great Depression. Yet, even as companies respond to short-term disruption in operations and in the lives of their employees and communities, business leaders are looking ahead to implement effective changes they can make to their businesses when the economy begins to recover.