The continuously changing business and regulatory landscape during the COVID-19 pandemic means businesses are now more reliant than ever on being able to plan accurately. However, inefficient financial systems and dependence on manually circulated spreadsheets means that organisations are often incapable of understanding their present performance, never mind looking at three months into the future.
An influential Harvard Business Review article looking at what companies can do to survive a recession – and even thrive afterwards – found that getting out of a tough situation didn’t require a reduction in staff, but improving operational efficiency, reducing the time to go to market, and looking at value increasing asset acquisitions. While the article focused on the fallout from the global financial crisis, the results can be applied across any crisis.
The role of corporate finance teams is critical when it comes to surviving a crisis. As the numbers