Top 10 points on how to manage the crisis
Short-term
Mid- and
long-term
How to do it?
1
Analysis: What is your real situation?
2
Performance: Act decisively, based
on reliable data
3
Manage your costs, not just lower them
4
Cash is king
5
Think ahead, the crisis will pass
6
Prepare for potential risks
7
Do not forget about tax implications
8
Communicate
9
Where to finance from?
10
Recognize the value of your people
Professional Team
During uncertain and volatile times it is important to make tough decisions early. Here are our top 10 points to help you focus on key value drivers and risks across your business. The future holds success for those who best position themselves to take advantage of the eventual upturn.
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During an economic downturn you goal posts are moving. It is critically important to work with an exact analysis of the real situation, not with best estimates.
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Successful players demonstrate flexibility and agility. Now more than ever, you need to have access to high quality, timely management information and appropriate key performance indicators (KPIs).
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Focus on enhancing operational performance. Focus on savings in targeted and justified areas instead of across the board cuts.
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The majority of companies face financial issues during a downturn. In order to manage the crisis successfully, you need to minimise your debt and receivables and maximise your liquidity.
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In the short-term, you managed to stabilise cash and minimise costs. In the long-term, you need to preserve your growth drivers and your ability to compete.
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During an economic downturn, there is mounting pressure to achieve business goals and generate profits. Do not overlook risk management, especially fraud prevention.
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Tax planning can have a substantial impact on your liquidity and profitability. All of your actions have tax implications and as such can also affect your profitability.
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Evaluate the likely impact of the downturn on your stakeholders and try to understand their positions and needs.
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Some financing sources may prove too expensive or may overly restrict your flexibility.
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In times of crisis, regular and clear communication with your employees is key. Identify key talents and develop appropriate incentive programmes for them.
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During uncertain and volatile times it is important to make tough decisions early. Here are our top 10 points to help you focus on key value drivers and risks across your business. The future holds success for those who best position themselves to take advantage of the eventual upturn.
more >>>
