Most of the businesses are not ready to deal with the global pandemic situation as such COVID 19. CFOs are the front-runners to handle declining economic events and cash flow shortages due to any uncertainties caused by global/regional pandemics and/or disasters. CFOs need a quick perspective to deal with such crises. While disaster/pandemics, CFOs response plan must entail a humanitarian outlook for the welfare of the organization, employees and shareholders. Let us learn from the current opportunities to ensure business continuity to the further as per the CFO study by Gartner.
Advice from Most CFO’s approach in retorting COVID 19 & similar uncertainties.
Business Operations Management
- It’s crucial to provide the essential support required for the employees to manage the challenging times.
- Explore innovative solutions to keep the business running.
- Stay connected with the leadership team frequently to monitor situations and issue business guidance every day.
- Pandemic is not covered under most Insurance. Revisit how you are covered in the future after the situation is settled.
- Educate employees to integrate best applications into use for boosting remote work productivity.
- Reinforce & preserve employee safety and health by reducing shorter shifts with fewer people to reduce infection.
- Devise remote work norms to support employees balance the family & home-schooling requirements to improve employee productivity.
Financial Functional Management
- CFOs focus more on external opportunities as such vendors/outsourcing teams from adapting work to the virus.
- Partner with third-party agencies more closely than ever or as a contingency plan to tackle situations.
- Ensure the status quo during COVID 19 as much as possible.
- Fix the process flaws by using the opportunity to learn from COVID 19.
Financial Performance Management
- CFOs regularly meet with Banks to draw on credit lines and ensure a safety net for cash liquidity in case situation gets substantially worse.
- Renegotiating interest rates, payment terms to ensure better response & attention.
- Keep hold of targets firmly as of now, deem to communicate upside stretch targets to first-level managers.
- Reset internal targets, by extending support for employees. Adjust the incentives at the end-of the year.
Communicating with the Market
Avoid panicking the investors by refusing the routine stride of meetings. Maintain normalcy as per scheduled meeting with analysts. Keep communicating business developments, customer behaviors, operational amendments via press releases and corporate business web sites.
Cash Flow Management
- Estimate customer default rate by monitoring DSO to identify & eliminate the slack in the collections process.
- Create stringent policies to approve customers and vendor payments, prevent cash outflow for suppliers, expedite Accounts payables for smaller and vulnerable suppliers to avoid disruptions on case-basis.
- Increase pressure on customer collections carefully to prevent waivers and write-offs and/or loss of customers.
- Evaluate long-term real-estate costs, seek rent waivers or request concessions until recovering back from COVID 19.
- Drive urgency in costs discipline to defer non-essential cash outflows and conserve long-term cost savings.
- Assess financial implications to reduce employee costs wherever possible by treating layoffs as the last option.
Planning Forecasting & Budgeting
Rebuild models and plan for multiple scenarios including downside scenarios at multiple levels. Ensure to practice forecasting frequently.
Reopening Physical Workspaces
It’s important to offer 1-2 weeks lead time for employees, or piloting return of several employee groups on alternative shifts or offering a periodic voluntary visit to office by constantly monitoring the work-life balance, health & safety risks associated, productivity levels and as per government mandates & guidance to tackle the employee anxiety and differences in pandemic recovery regions as per local or regional guidelines.
I hope these takeaways will help you evaluate the current strategy and acclimatize the advice to restore your business continuity back to normalcy will less damage.
Contact Park Intelli Solutions by writing to us via our email info [@] parkisolutions.com
The Park Intelli solutions is established in the year 2011 by Anand Jesudass, a pioneer for his uncommon vision. The strong foundation placed by his extraordinary business acumen and relentless determination has seeded the group with a strong set of values and fundamentals.
After the mighty success for other concerns in the past 9 odd years, Anand has held those values closer than ever, aiming more on its business objectives surpassing conventional archetypes and setting new standards.
Our business perception
With ISO standardized norms, we develop and deliver the agile outputs to continue our venture.
Our people’s principles
Our team of tech-heads, savvy business people and creative minds are doers who work to enhance the business in 360 aspects
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The firm had its origin with a petite team of highly qualified and veteran professionals, constantly providing better business solutions to the clients. We at Park Intelli Solutions, strive towards the goal of delighting our clients and assisting them in attaining a competitive advantage across the board. We ponder in the development of good organizational capabilities to preserve a sustainable client base around the globe.
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