In our rapidly changing environment, some businesses will simply perform better than others. Business leaders, need to set an agenda and a management platform to understand the changing risks and navigate a way through, all the time ensuring the team are forward focussed on getting results.
Here are 3 tips on navigating this economic downturn:
Risk. Review the risks and put in place mitigation strategies. Ensure each mitigation strategy has an owner, a timeframe and is being measured. With risks currently across the board, look at risk from sales to delivery to systems and processes and everything else in between.
Cash Flow Forecasting. Ensure every week you are forecasting out all the way through to cash from all sources especially ensuring you are tapping into all government and financial sources. Remember, lack of profits do not kill businesses, lack of cash does – don’t run out of cash over the months ahead.
Act on information no whims. Where decisions need to be made, get good information to make the decision and make it. Business leaders need to be decisive and be able to explain why they are making those decisions.
If you don’t feel you have the team to confidently deliver the above, perhaps it is time to get help before it is too late.
About CFO Evolve
CFO Evolve provide exceptional part-time CFOs and virtual CFOs that can review and implement the strategies most suited to recession proofing your business.
Contact us today to see how we can assist your business.