Less than a fifth of medium and large Irish businesses remain in crisis mode management despite the continued impact of Covid-19.
While the pandemic continues to wreak havoc on large swathes of the economy, almost half of larger firms here have moved their focus to planning for the future, according to research from professional services firm Aon.
Businesses that diligently manage continuing volatility could see their shareholder value rise by as much as 20pc next year, the research of over 200 medium and large firms found. However, at the other end of the scale, those who fail to adequately deal with the pandemic could see shareholder value depreciate by up to 30pc in the same period.
Peter Brady, chief executive of commercial risk solutions and health solutions at Aon in Ireland, said: "Close to half of all firms have now shifted their focus from crisis management and business continuity to planning for the future. This marks the beginning of the long road to recovery."
The findings came as Aon launched its new white paper 'Decision Making in Complex and Volatile Times'.
The research outlines difficult decisions senior leaders face amidst the Covid-19 crisis, and the steps that can be taken to respond effectively.
Among the first choices facing mangers is around protecting people and assets. According to the report, 14pc of businesses have reduced employee numbers in recent weeks. Despite this, companies will need to consider the size of their workforce and redeploy talent to meet the changed customer needs.
In addition, the consulting group warns it is "essential" organisations also protect physical assets such as real estate, and analyse changes to cyber risk, where threats are evolving daily, and the frequency of attacks increase.
Elsewhere, senior managers need to give serious consideration to monetising intangible assets on their balance sheet such as intellectual property.
The paper also found companies here are likely to take further actions to manage costs.
This comes as 43pc of businesses in Ireland have decided to defer or cancel planned pay increases.
"The white paper we've produced provides a snapshot of the difficult decisions now facing business leaders,' said Mr Brady. "Effectively managing and mitigating the risks that lie ahead will play a key role in framing the speed of business recovery."