Reducing Business Uncertainty During Challenging Times
All major crises change things in the short term, and then for the long term. Managing through uncertainty is an art and a science. Keep tight control of cash and an eagle eye on the balance sheet. Listen to employees, customers, shareholders and other stakeholders. Communicate. Be honest and transparent to the extent possible. Think different so that when the crisis is over, your company is poised for success.
Steering a company during uncertain times requires an analytical approach with an emphasis on visibility, control and agility. You need visibility into cash flow, receivables, projects, inventory and operational risks. You need prudent advice, a list of potential sources of capital and a single-minded forward-focus. With so many critical decisions to make, you need the right numbers, and you need them right now. Understanding the fundamental needs of your customers will also help you deal with unknowns and new scenarios as they play out.
What if you can take some of the guessing out of the equation?
Change is a constant in business. But when faced with exceptional events, like a pandemic, leaders need to take a hard look at their tools, systems, processes and—most important—strategies.
A recent guide, courtesy of our partner NetSuite, provides an informative framework for business leaders whose companies are viable but who recognize that they must substantially change their approach to remain as healthy as possible.
Access the guide here to see key areas you should take stock of to ensure the long-term health of your business in the face of a crisis.