Planning for the ‘Next Normal’

As businesses begin to reopen, we now know that getting ‘back to normal’ isn’t going to happen. Instead, business owners and employers need to plan for the ‘next normal.’

What the ‘next normal’ is depends upon your company’s unique goals, objectives, current situation, and future projections.

PBO Advisory Group recently hosted a webinar to help you anticipate and plan for what comes next, including:

  • The factors affecting your future demand (revenue)
  • The factors affecting your supply (quantity and cost)
  • Evaluating the impact on your cash flow over the next 12 months (or longer)
  • Know key parameters, how to predict and measure them, and most importantly, update your financial plan
  • Use excel tools and ‘condition the data to your business and forecast variables

The webinar includes examples of the planning process provided by the PBO team to assist you in creating your ‘next normal’ plan.

At the webinar, PBO Advisory Group was pleased to welcome President and CEO Ben Wood of San Diego-based B. Wood Insurance. Ben provided insight regarding changes in the insurance industry due to COVID-19, including:

  • Modifications to plan requirements, including the number of hours an employee must work to be on the plan
  • Waiving waiting periods for employees returning to work
  • Deductible credits for furloughed employees who re-join the plan

Ben noted that telemedicine has proven to be a successful alternative to in-person medical care in recent months and some carriers have jumped on the bandwagon by offering telemedicine as an option to their insureds. This trend may result in lowering healthcare costs as well as providing greater convenience for the consumer. Carriers are also implementing new tools that allow employers to streamline their benefits processes by offering paperless enrollment, employee onboarding in minutes, eliminating ‘busy work’ and much more.

Ben suggests that companies look at terminating their current plans and replacing them to save money. Recent events, such as lay-offs, furloughs and reduced hours, may have triggered qualifying events that could result in lower costs. Ben can be reached at

We’re here to help. The above information provides a general planning overview. Please contact any member of the PBO team and we will be glad to help you better understand your specific situation.