COVID-19 fundamentally shook and disrupted the manufacturing industry globally. The crisis reduced demand, increased uncertainty, put significant pressure on firms to reduce their cost base, and is set to spark an unprecedented global recession. In short, the COVID-19 crisis has proven to be, and will continue to be for some period, a global disaster.
In recognising the impact of COVID-19 on business continuity and the manufacturing economy, we at B&M Analysts pivoted our service offering to deliver support to firms early, and when they needed it most. Our COVID-19 Business Continuity and Recovery Programme looks at simplifying the chaos of COVID-19 and supporting firms collectively and on an individual basis, to mitigate the largest risks facing their organisations.
The approach is market-led and firstly we assist firms in unpacking and understanding their demand outlook with support from relevant sector data and industry experts. The next phase involves detailed scenario planning and supporting firms to protect their profitability and cash flow balances based on the demand projections. Through the use of tools and collective learning, we assist firms to identify appropriate areas for cost optimisation.
Our programme ensures that companies put their people first through promoting and providing the tools for world class health and safety procedures and actively assisting firms to boost the morale and engagement of their workforce. Through this process we work with firms to drive productivity and improve efficiencies and optimise their workforce potential.
Our tools, resources and guidelines also assist firms in improving supply chain visibility and mitigate associated domestic and international supply risks.
Even though the lockdown is easing, the hardest work is set to begin. As we face a recession that is dramatically different in nature to anything the global economy has faced before, we are committed to assisting firms to remain agile, resilient and to weather this storm together.