The 4Cs to Enable Business Resilience
COVID-19 created unprecedented challenges for all businesses in Singapore. While businesses were provided with the much-needed support through the Singapore Budgets during this challenging period, they will also need to internally strengthen business resilience in order to tide them through this period and beyond.
Attended by 70 participants, SLA and RSM Chio Lim LLP co-organised a webinar on 24 June 2020 to share how businesses are able to do so through the 4Cs:
(1) Conserving Cash
(2) Reducing Costs
(3) Accessing Credit
(4) Building Confidence
Participants were briefed by RSM’s Partner-Advisory, Mr Terence Ang on a self-help toolkit that could help businesses assess their current cashflow position, gaps and serve as a base for actions required to ensure business resilience over the next 12 months. There was also a presentation on industry-specific case studies on how the toolkit can be applied to assist logistics and transportation businesses.
The session concluded with a panel discussion moderated by RSM’s Partner and Lead for the Logistics & Transportation / Industry, Mr Lee Mong Sheong on practical steps to take for businesses to thrive in a post COVID-19 world.
The panellists include Mr Tan Puay Hin – SLA Chief Executive, who focused on two things – People and Process, and the initiatives taken by the association to help members look at these two factors. The other panellist, Mr Shamir Rahim – CEO of VersaFleet, shared the accelerated transformation from a traditional family run business to a digital business model, driven by long-term sustainability.
You can access RSM Business Resilience Advisory Programme here.