How can CFOs run the organizations effectively in a post COVID-19 era?

While we continue to wait for the Coronavirus vaccine, as CFOs we have the responsibility of ensuring our organization is headed in the right direction even in a world that has been severely impacted from the virus and the subsequent lockdown. Some of the measures that can help organizations to make a strong comeback are highlighted below:

1.By driving cost efficiencies and cost optimization opportunities as well as identifying profitable sources of revenue growth.

2.Revisiting budgets, marketing, and pricing strategies based on the change in market demand.

3.By managing cash effectively by enhancing sales collections and revisiting payment terms with suppliers/vendors.

4.Working closely with CEOs to come up with future growth opportunities.

5.By ensuring regular up-gradation of skills for the finance team in the organization.

6.By making the finance team members consider the overall business and commercial impact of IFRS.

7.By upskilling themselves to be able to establish automated processes after knowing the market demand upfront.

8.By making finance a way of life for everyone in the organization, through effective communication of financial knowledge required for critical decision making even by non-finance professionals.

9.By creating more strategic financial leaders to take the organization forward.

The above is a mix of short-term and long-term actions that can be initiated to bring effective results for the organization and make it recession-proof as well as pandemic-proof.

Join me in a highly interactive workshop involving top finance guys from various companies and sectors that shall help us to elevate the strategic financial leadership role for our respective organizations!

Remember - there is no bigger knowledge sharing than discussing problems, solutions, and ideas with like-minded peers.