The Covid-19 pandemic has hit the world and the global economy with full impact and at tremendous speed resulting in a human tragedy, which remains unprecedented in modern times. Economic recession is going to become reality and as far as businesses are concerned, immediate and fast response is crucial. In particular, the finance organization has to resume a leading role in stabilizing the company and ensuring short-term resilience as well as a strong and sustainable rebound after the pandemic.
Both the length and the severity of the Covid-19 pandemic in itself and the economic and business impact are uncertain. Given the speed of the disruption and the associated uncertainty, business and CFO function in particular face a multitude of immense changes that need to be considered.
This paper is intended to outline a response guideline for business finance leaders, CFOs and senior management alike during this time of uncertainty. Overall focus is country-agnostic and in some aspects specific emphasis is placed on the conditions and particularities in Germany and the EU.