The COVID-19 pandemic heavily impacted financial forecasts in its early stages. Consumer habits and supply chains changed quickly, and our existing financial models didn't work anymore. We had to adapt. Shifting to flexible, short-term planning with constant adjustments was key. Diversifying suppliers and expanding online helped, too. Online shopping demand rose. This adaptability in finances and operations mitigated risks from the pandemic's unpredictable economic impact.
As a recruiter, Covid-19 felt like an economic windfall. People were leaving jobs at record rates, and clients were desperate to find replacements on short notice. Contracts nearly doubled before the year was out, and that meant more money coming in during a time of uncertainty. Normally, I would have funneled it all directly back into the business, but I had no idea how long this boom time would last, and what the future held. All of a sudden black swan events seemed much more plausible. So I had to adjust my forecasts and become more flexible. I invested less in the short-term and saved more in easily accessible accounts. I brought on fractional and contract workers in lieu of full-time employees, and advised clients to do the same. Because I was able to make the most of a bad situation, while also preparing for things to shift again quickly, Bemana came out of the pandemic with a healthy cash reserve. It's coming in handy as the market tightens again.