Rethink: BDO’s Global Model for Business
29 September 2020
In response to the global pandemic as businesses face the new reality, BDO has launched a global Rethink model aiming to help businesses in all sizes and industries with adapting and getting ready for the ‘new normal’.
Rethink is a 3 stage practical model that businesses can apply to adapt easily, as well as analyze with precision what issues and challenges they should consider at each stage of the crisis and address them in due course. React, resilience and realise are the three stages of overcoming the crisis relaying on the approach that each business' journey is likely to follow a series of similar steps despite the fact that the crisis is affecting them in different ways and at different times.
To demonstrate the concept of the model properly BDO has launched a dedicated webpage. Visit the site to navigate through the stages and consider your areas of interest and needs individually.
Zurab Lalazashvili, Managing Partner BDO says: “The pandemic entailed major economic, social and commercial disruption and adapting to the changing patterns requires well-thought, consistent actions. This is a complex process indeed. Businesses will need to develop strategies to maintain business continuity using techniques that allow people, clients and supply chains to stay secure and active. We’ve all been relatively successful in overcoming the REACT stage and are now seeing the new possibilities in front of us. The new reality has obviously stressed the importance of digitalization and the online channels of service delivery. For businesses who had long before embarked upon this journey appeared to cope with the REACT stage more easily. It is safe to say that now we are firmly shifting to RESILIENCE stage, which will inevitably be the longest and the most complex one in many ways. To maintain competitive edge, diversification is also crucial, as well as outsourcing the non-essential functions that could be managed better outside the company and save costs.”
Since the very beginning of the crisis, BDO puts extra effort in quality research, industry reports and analysis to cover different sectors and businesses and their needs. Stay tuned for valuable content on the website.