Preparing for the unknown has proven to be a challenge as the world responds to the personal, financial and economic effects and implications of the coronavirus.
Management accountants and other finance professionals — whether working in the public or private sector — are not only reacting to the effects of this global emergency but are also formulating and refining risk mitigation plans.
We’re here to help! Here are things you can do right now to mitigate the risks to your organisation:
- Staff safety and productivity
Consider your workforce and your customers. What policies do you have in place to protect the physical health and financial health of your team? What do you need to implement today to address any gaps in productivity?
- Scenario planning
You likely didn’t have a plan for a world-wide health pandemic. But now you can focus on how this is affecting businesses and how your business will need to evolve if this continues beyond the short-term.
- Supply chain analysis
If you placed an order, when will it be filled? Are there alternative materials to be considered? Can you purchase the items locally instead of across the country or across the globe? Is there a product that generally does not constitute a majority of sales that is being manufactured and in-demand?
- Strategy reconciliation
The year began with strong economies and solid strategic goals for many organisations. But every entity has been affected by this pandemic. It’s time to review, assess and identify strategies that are no longer viable to determine new strategies that will promote sustainability.
- Incident management analysis
Certain challenges may be easier to mitigate than others. It may be as simple as moving desks six feet apart to maintain the prescribed social distancing. Or you may transition staff to full-time remote status.
- The new normal
It’s time to reimagine how to perform business as usual. Consider an agile approach to your business as you manage in the present and in the future.
More resources to manage risks during these unprecedented times:
Promote the health of yourself, your team and your business by thinking beyond what the norm has been.