Financial and liquidity planning by consultants essential for overcoming crises 
During crises, consultants become essential partners for domestic companies – their expert knowledge is crucial 

The coronavirus crisis has been one of the greatest challenges for Austrian companies in decades. “Now, every minute counts – Austria’s consultants do whatever they can to help businesses move forward,” says Alfred Harl, chairman of the Fachverband UBIT, the Austrian Federal Economic Chamber’s (WKO) professional association of management consultancy, accounting and information technology. The Austrian government provides funding and financial aid to single-member companies and small and medium-sized enterprises (SMEs), bringing them much needed support. The next step must be a future-orientedstrategy, with liquidity plans that bridge financial gaps at its core. “This is where our consultants’ expert knowledge comes into play. Together with companies, they outline financial and liquidity plans in order ensure the survival of Austria’s companies,” says Harl. 

Looking forward in a time of crisis 
The expertise of Austria’s business consultants is more important than ever. With their powers of representation, external consultants can represent companies (i.e. at meetings with bank representatives) and optimally support them with their know-how. Strategy consulting is just as crucial. This crisis is a burden on companies, but it is a chance to reinvent old processes. “A crisis can be a time of sustainable change in which old structures are overhauled or new ones are reinvented. It can be difficult for a businessperson to escape their own constricted view on things. With structured advice and objective foresight, companies can reposition themselves. Time plays an important role here. Business consultants can shorten the duration of a crisis considerably,” says Harl. 

With its Firmen A-Z, the Austrian Federal Economic Chamber offers a comprehensive list of all consulting firms in Austria, which enables companies to quickly find the right consulting service: WKO Firmen A-Z.
 

  • The Chair Update July 2020

    July 21, 2020

      Dear Colleagues, It has been a crazy time since my last update in May. In fact, 2020 has been a crazy time! I know all Institutes have been working very hard to support their members as your economies go through turmoil. All of us in the consulting profession are...

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