We’re operating in extraordinary times. The disruption of the past few years has redefined uncertainty.
Fortunately, there are ways to adapt what we know and practice in our businesses to address the impact of such uncertainty. The key differences will be the speed at which we need to calculate and act, the flexibility with which we assess and forecast, and the scale at which we apply our approach. Most importantly, as we adapt what we know, we must be prepared for massive change moving forward.
In this environment, leaders must remain strategically focused on cash flow management and cost containment to ensure they are successfully navigating the waters and coming out stronger than ever.
Cash flow management involves looking closely at funds that move into and out of your company to identify inefficiencies and make changes that improve the flow. Good cash flow management is a challenge even during the best of times, when money is coming in and going out at a sustainable enough rate to continue and/or grow your business.
Cost containment involves taking short-term actions to reduce expenses in order to keep your organization viable for the long-term.
We’ve developed a step-by-step guide to help you walk through cash flow management and a cost containment plan for your organization.
The guide discusses areas of importance for these key financial metrics including:
Are you ready to move your organization forward? Use these steps to assess where you’re at and where you want to go. Then use the cash flow and cost containment tips to help make a plan for now and the future.