COVID-19: Mitigation of impact on consumer and retail sectors

The COVID-19 crisis has disrupted supply chains for consumer and retail sectors, which were already reeling under converging pressures even before the pandemic struck. The ongoing crisis has resulted in changes for the sector in the demand-supply dynamics, workforce challenges, and liquidity crunch among other challenges.

Please click here to view the findings from our recent survey, that analyses the challenges, best practices and way ahead for the consumer and retail sectors.

Click here to view video recording of the recent Grant Thornton and FICCI webinar on impact of COVID-19 on consumer and retail sectors

Here’s how we can help you HALT and consider the following steps to minimise the effects of the ongoing crisis

Short-term steps

• Business operations: Maintain open communications with key trading partners, identify expenses that may be easier to cut, manage inventory
• Working capital: Develop an effective weekly cash flow forecast, engage with your bankers to keep a track of policy changes
• Human resource: Prepare a plan if an employee tests positive, develop practices to keep them safe, maintain constant communication with the workforce
• Supply chain: Preform operational risk assessment, evaluate supply chain risks and impact, bolster e-commerce capabilities

Medium and long-term

• Compliance and process reviews: Conduct independent checks to ensure business is adhering to compliances
• Business continuity planning: Assess current technology and security limitations and plan for future remote working needs
• Business transformation: Undertake finance function transformation and its relevance in the changing ecosystem

…and many more

Grant Thornton’s consumer team can help you navigate current business and operational challenges by drawing on years of experience of working with industry leaders.

The only way now to get ahead is to get started