Many companies do not value the consequences of the crisis

The corona pandemic is a recent event we have all had to adapt to. Homework and team meetings are now common place. Digitisation has taken great strides. Unfortunately, many companies did not catch up or could not adjust their operations to the new reality that hit early in 2020.

Now that the pandemic is over and we can return to the everyday life we ​​put on pause, daily life will be different. Office spaces are shrinking; home working is a matter of course for many companies, travelling is decreasing, etc.

- Many companies are now reviewing their processes to reduce the risks if an event similar to the pandemic occurs again. An important lesson that can be learned from the experience of the pandemic and other crises is that you should plan, in some detail, for this type of crisis in the future. A situation that more or less paralyses society, says Agneta Molinder.

There is a war in Europe, something many in Sweden never thought would become a reality. That threats and weapons are rattling is one thing, but a full-scale war...

- According to a survey conducted by DI, half of all companies believe the Ukraine war will hurt their business. My question to these companies is – how are you preparing for this negative impact? To the companies that do not believe the war will affect their business, my question is, have you tested and updated your continuity plans? Continues Molinder.

What happens next that will affect us in a big way? We are very likely to enter a recession. We already see reduced investments and the risk that the high long-term unemployment risks remain. What does this mean for your business? What can you do to mitigate a possible fall?

- We are getting more questions today from companies that want help establishing and testing their continuity and crisis plans. It is optimistic for the future. Because what we know is that it will be fine for the vast majority who are prepared, just a little different, Molinder concludes.

This is how you prepare for the crisis - 4 steps.

1. Identify a crisis for your particular company and paint scenarios. Which critical processes are linked to the identified crises?

2. Implement continuity plans for critical processes.

3. Make sure to have a defined crisis team and an agenda for crisis meetings.

4. Ensure a crisis communication policy.

Evolvefy helps entrepreneurs and business leaders in growing companies build financial structural capital to realise their growth plans. When a company grows, the finance function shifts, and the need for CFO expertise depends on the company's phase. This is where things can often go wrong and become very costly. That's why we exist. Our concept is based on flexible and tailored solutions. We offer Growth Analysis, CFO Interim, Recruitment, Risk Management, and Accounting Services.