As the economic challenges and social restrictions brought on by COVID-19 continue, privately held companies struggle to keep their staff intact and continue to serve their customers. Early economic support from the government came at a time when many expected the downturn and social-distancing measures to be short-lived. Although adverse conditions have persisted, the support has not.
This situation has tested the adaptability of organizational and overhead structures. For many, remote work has become a new normal and spending has tightened. Of course, businesses are at pains to make cuts to staff and overhead while continuing to serve their customers.
Now, with little hope of further governmental support, businesses are tasked with creating budgets amid uncertain demand. Some partially reopened regions have been forced to reverse course, and it’s unknown how quickly Americans will return to their previous consumption habits in an environment of high unemployment and lingering fears about the virus.
At the same time, firms are positioning themselves for a post-pandemic economy. Privately held businesses in particular must ensure that they are sufficiently diversified to survive the pandemic and emerge poised to thrive.
To learn how these businesses have changed their thinking about human resources, budgeting and succession planning, Crain’s New York Business turned to Grassi Principal Anthony D’Agostino for answers. Click the link or PDF below to read the full Q&A.
This article originally appeared in the November 2, 2020 issue of Crain’s New York Business. Read the full article here.