I participated in the Open for the IESE PMD program (Program for Management Development) with a short lecture on how Finance is at the service of strategy. We used the COVID-19 scenario to analyze the finacial implications for businesses – yes P&L but also the Balance Sheet impact! Liquidity has been necessary to keep operations running but as well to meet obligations – with employees, with suppliers of funding. Finally, we have discussed different actions plans to recover and redesign strategies and new products and services.