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The truth is: nobody really knows. However, the two most significant factors that could drive a rapid recovery are increased consumer spending and the arrival of a COVID-19 vaccine. That’s according to a consensus of professionals who discussed scenarios for economic recovery during a Denver Business Journal Table of Experts panel recently.
Although the future is unknown, the panelists provided insight on how a business can help navigate the uncertainty. It begins with improving communications with employees, customers and vendors. Also recommended was the need to be ready to pivot as circumstances change; learning how to listen to customers and employees and deal with their stress; working with their organization’s bankers, lawyer, accountant, insurance provider, suppliers and clients; and developing a crisis management plan.
The past six months were filled with unexpected twists, turns and changes at a dizzying pace. Few expected that the outbreak of COVID-19 would lead to hundreds of thousands of deaths, significant shutdowns in society and the negative impact the coronavirus would have on employment and business across the nation.
However, the good news is that there is reason for optimism for the future, the panelists said. The virtual event was moderated by Bruce Alexander, President & CEO of Vectra Bank, Colorado, which sponsored the event. The TOE panelists included Mark W. Williams, equity member, Sherman and Howard Law LLC; Kreg Brown, audit partner, CPA, CGMA, Plante Moran; and Ryan Detrick, senior vice president and chief market strategist, LPL Financial Market Strategies.
Vectra Bank Colorado
Bruce Alexander took the helm of Vectra Bank Colorado as president and chief executive officer in March 2000. Prior to leading Vectra, Alexander was executive director of the Denver Urban Renewal Authority (DURA), which helps drive Denver's economic growth and urban vitality. He spent the previous 20 years leading and managing other financial institutions across Colorado.
Mark W. Williams
Sherman & Howard
Mark is a partner at the firm of Sherman & Howard. He advises companies and the people who run them on governance, risk management, and legal issues affecting business, and in doing so provides strategic advice and analysis to help clients achieve their business goals.
Partner, CPA, CGMA
With over thirty years of public accounting experience, and numerous equity offerings under his belt, Kreg specializes in audit, tax, merger and acquisition, and consulting. As the manufacturing and distribution leader for the Rocky Mountain region, his industry expertise includes domestic and international M&D, mining, transportation, technology, and energy.
Senior Market Strategist
As Vice President, Senior Market Strategist, Ryan Detrick is a member of the LPL Financial Research tactical asset allocation committee, responsible for directly impacting the portfolio decision-making process, as well as a member of the market insights team, developing and articulating equity and general market strategy. In this role, he is a frequent presenter to clients, industry peers, and the national media on emerging and developing market trends.
Mark Williams, Equity Member at Sherman & Howard LLC, thinks the biggest lesson to be learned from the pandemic is the need for a disaster recovery plan. Every business should have one, and it’s never to late to start.
Kreg Brown, Partner and CPA and Plante Moran, is advising his business customers to look at their cash flow in 13-weeks segments. This will allow time to spot patterns and make adjustments in digestible amounts.
Ryan Detrick, Chief Market Strategist for LPL Financial, discusses the national debt implication of the pandemic. Should we be worried?
Mark Williams, Equity Member at Sherman & Howard LLC, advises his clients to do triage on their liquidity. How much do you have and how do you plan to use it?