The COVID-19 pandemic continues to impact the global economy in profound ways. With efforts to contain the virus still ongoing, uncertainty is an ever-present obstacle in business decisions. Financial services firms need to understand the current health of their own firm, as well as their investments, as they react to the constant stream of new information on shutdowns, re-openings, unemployment figures, recession data, and government programs.
Many financial firms are focused on solving immediate challenges. It may be hard to imagine investing in new technologies at a time like this. But consider this – a Harvard Business Review study of the 2008 recession found that:
Companies that combined cost-cutting with selective investing before the crisis ended had a 76% chance of pulling ahead of competition, as opposed to companies that solely cut costs.
Opportunity exists even in times of crisis, so let’s explore the five actions you can take to ensure a faster recovery.