Re-Opening Post COVID-19: What will keep your Finance team busy?
At DLC, we work closely with companies of all sizes to help our customers drive transformation and growth, turning ideas into action. Like everyone else, we are trying to navigate this unprecedented, unforeseen uncertainty, ensuring our employees are safe while keeping our commitments to our partners.
Safely from home, our Client Services Directors are staying close to our clients, collecting feedback on how life will look like for Finance & Accounting professionals post COVID-19. What are the focus areas when the economy starts slowly re-opening, and how can CFO boost their company’s recovery journey?
Re-opening might mean different things for different industries. Few industries didn’t have to slow-down, and focus was more on revenue assurance and how to prevent leakage. Others, not as lucky, COVID-19, put a complete stop to their business with no sight of how the future will unfold. Last year, our own Andrew Chambers predictively posted two articles around Business Continuity Management (BCM) and why every CFO should have a BCM plan, and the cost of catastrophe and how CFO’s can protect their company value. Must-reads if you haven’t done so already. It is never too late to have a BCM plan!
Our directors identified a few common areas that most companies have to address as their business cautiously returns to normal.
In the short term, CFO’s will focus on:
- Solvency and liquidity analysis
- Debt covenant compliance
- COVID related to finance & accounting implications and
- Shortening forecasting and reporting cycle times for timely decision making
In the mid to long run, we will see a shift towards the following:
- Demand planning and supply chain optimization
- Finance transformation: standardizing, simplifying and automating processes and operations
- Mergers & acquisitions targeted activities
- Divestments and carve-outs of non-core businesses, and
- Restructuring and re-organizations
Stay tuned as we cover each area, and we share tips and how-to recommendations from our subject matter experts.
We are ready to help.
As always, be safe, keep your morale up and do not hesitate to ask for help, our consultants are ready to step in and make a difference. The current business environment requires change, and we are experts in change. DLC’s dedicated team of consulting professionals is here to help you navigate this dynamic landscape from revamping your business strategy to executing key finance and cash management initiatives. Check out our full suite of services here. Ready for a solution? Need some guidance? Let’s have a conversation.
By Hosni Ziadi
Hosni is a Finance and Accounting Consultant with DLC for the Chicago market.