Just about everyone wants to put the past year behind them and return to business as usual. While some companies have been far busier than normal, others have struggled with economic uncertainty, changing regulations, and decreased demand.
The extreme circumstances of the last year forced businesses to take a hard look at all aspects of their organizations, from discretionary expenses and resourcing to supply chains and revenue—not just once, but month after month as the pandemic surged, waned, and surged again. Through all of this, finance teams worked tirelessly to keep organization leaders informed with reports, forecasts, and what-if scenarios. They learned critical lessons about agility, resiliency, and perseverance in the process.
Today, we have every reason to hope that we’re emerging from the worst of the crisis. But there’s a good argument that organizations should resist going back to business as usual when it comes to financial decisions and operations. That’s because the economic crisis revealed underlying inefficiencies, operational challenges, and wasted resources that were more easily ignored in better times.
Here are five fundamental learnings that finance teams and business leaders must remember as the economy moves into recovery.
1. EVERY BUSINESS EXPENSE MATTERS.
It seems obvious, but it’s easy to forget, especially when your organization is fortunate enough to experience predictable or even growing revenue. How many times have you or your team built a budget based on “what we spent last year plus 10%”?
This story is from the April 2021 edition of The BOSS Magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the April 2021 edition of The BOSS Magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Life in pink
La Vie en Rose, Canada's beloved specialty retailer, is on the verge of completing a seven-year digital transformation. Here's how they did it.
TRAIN YOUR BRAIN FOR LONG TERM HEALTH
WHEN IT COMES TO BRAIN FITNESS, SIMPLE CHANGES CAN YIELD SUPERIOR RESULTS
FREEDOM OF CHOICE
MENU CUSTOMIZATION IS EMPOWERING DINERS AND DRIVING BIG REVENUES
GETTING TO GIVE
VIRGINIA COMMONWEALTH UNIVERSITY SCHOOL OF DENTISTRY MERGES EXCELLENCE AND UNIMPEACHABLE IN BUSINESS CARE WITH BLOCKBUSTER RESULTS
LITTLE BY LITTLE
NANOTECHNOLOGY IS IMPROVING MANUFACTURING IN WAYS BIG AND SMALL
The Heart of Hospitality
For procurement and supply chain leader Provista, creating a true community of c customers is the secret to their success
'AS BIG AS THE INTERNET, IF NOT BIGGER'
THE HOSTS OF AI FOR HUMANS ON AI'S POTENTIAL FOR GOOD, BAD, AND DOWNRIGHT SILLY
They Have It Covered
Yong Lee (Lee) and PHP Agency use tech innovations to inject life back into life insurance
SEE FARTHER, MOVE FASTER
BUILDING TRULY AGILE SUPPLY CHAINS
Flavor Fascination
AS A UNIQUE GLOBAL FLAVOR DEVELOPER, CITROMAX BUILDS ITS HERITAGE AND SUCCESS ON TASTE AND A QUEST TO BRING NEW SENSATIONS TO THE TABLE