Oil & Gas - Rethinking Your Business
17 August 2020
The global health pandemic has plunged business and economies into crisis mode, upending the way we work and live. Companies must rethink their business models and be open to pivoting to help sustain operations. Every company will have to respond in their own way, but many of the questions will be the same. As the situation continues to evolve, it will be prudent to continuously question and inspect every part of your business to help understand what aspects of the business need to be re-worked and/or re-evaluated.
BDO have adopted a three-stage model to help our clients manage business priorities, address issues and leverage thinking: React, Resilience, Realise. These stages can be considered separately, or as a part of a roadmap to help companies manage throughout the COVID-19 impact. The model provides a practical approach to helping companies assess what issues they are likely to face throughout the COVID-19 pandemic and recovery.
In the following document, we have provided a range of questions alongside the three-stages of React, Resilience and Realise, addressing specific business issues that our OIL & GAS clients should consider in determining their own operational and strategic response to the global health pandemic. It should act as a general guide to a range of areas within your business that can be used as levers to help sustain and hopefully realise successful operations.
Do contact your local BDO representative who can help talk through this document and the specific ways in which we can help you weather the storm.