The global economic impact and market volatility resulting from COVID-19 is having a dramatic influence on Canadian businesses. Recessions mark a heightened period of evolution – at this point, we do not know where things will end up, but we can say with certainty the business environment is changing, and a more efficient economy will emerge.
Businesses are being challenged to prepare for a wide range of outcomes, forcing them to pivot and adapt at a fast pace. While the drivers are different, this is not the first time we’ve seen unanticipated events disrupt the economy. We saw rapid changes play out in 2008-2009 with the global financial crisis and in 2014-2016 with the oil market downturn. During both instances, we stood by our clients providing strategic advisory to best position businesses for post-downturn economies. The businesses that survive and subsequently thrive are those that were prepared and took decisive, measured actions to adjust to the conditions.