In 2020, economies and societies around the world were heavily impacted by the coronavirus pandemic. Thanks to our positive market position, flexible people and investments in digitalisation, BDO can look back on a solid financial year despite the tough environment.
The financial year 2020 - in the shadow of the pandemic
The year 2020 was a particularly challenging one, shaped as it was by enormous uncertainty. The global pandemic added pressure to an economy that was already stretched. BDO managed to increase revenue from CHF 221 million to CHF 233 million in these difficult conditions. Growth was mainly organic, with contributions from all regions, units and service lines.
The coronavirus pandemic placed great demands on BDO across the board. Our company’s resilience – in other words, our ability to overcome a crisis – was put to the test. BDO responded by developing various scenarios and appropriate measures to navigate the crisis successfully. We discovered that we can rely more than ever on our strong strategic position and our flexible and motivated people.
Investments in digitalisation proved their worth
The investments we had already made in digital infrastructure enabled us to switch abruptly to working from home. BDO has long been a proponent of flexible working and therefore already has a secure and stable IT infrastructure. This strong foundation made it possible for us to provide the majority of our services digitally. To address market challenges more efficiently, BDO also invests continuously in new tools and platforms. For example, BDO launched the digital Client Portal in 2019, enabling secure transfer of data and information. The platform is a valuable asset in empowering clients and BDO to work together - not only during the acute phase of the coronavirus crisis.
Support in good times and bad
Our expertise was put to good use in supporting existing, and also new, clients during the crisis, whatever their individual situation. We received many enquiries from SMEs relating to short-time work or labour law. We helped other clients to demonstrate their solid financial position and sustainable business model when applying to banks for Covid-19 bridging loans. The sustained high quality of our services was of particular value to clients during these difficult times, and this is something we continuously strive to safeguard through ongoing monitoring, development and alignment to our clients’ future needs.
Proximity to our clients
Relationships with our clients last on average for well over 20 years. This is something we’re proud of and reflects the high level of trust in BDO. We put our clients at the heart of everything we do. In this context, the concept of ‘proximity’ is decisive. The pandemic confirmed that proximity is not defined purely by geographical distance, i.e., physical proximity. In our digital age, it’s much more about the way we interact and collaborate.
Being an agile, sustainable company puts us in a good position. BDO is well structured, enjoys considerable market recognition, embraces digital exchange – and is ready for the future.