As the coronavirus continues to devastate our livelihood over the past 6 months, we are forced to emerge with a strong economic solution for our business to be up and running.
During this pandemic, we have visualized “Organization of the future”; which shows us to adapt to the new trend i.e., Work from home! Even Though work from home was there before, many organizations have not given importance to this work mode. But we have no option left other than this now!
This pandemic has exposed our economic vulnerabilities quicker than expected. When we plan on reimagining the economic future of our business, it is important to address how and where the damage occurred in your organization.
86% of jobs in America are exposed to layoffs and pay cuts during the pandemic for workers making less than $40,000 per year.
To adapt to the new normal, a few changes should be made to run the financial plan of businesses.
The first action to be taken now is to create a robust Liquidity Management for your business. Conduct frequent assessments and introduce a funding plan especially for the unexpected shortfalls.
Remodel your working modalities to manage the Operational and Organizational risks that arise during the pandemic with the best investment plans. Make sure you follow the risk management effectively throughout because continuity is the key.
Review business plan and risk tolerance of the organization vigorously, assess the profit measures constantly. Also, the business plan should be aligned with the capital and funding plan of the organization.
Have a Recovery plan ready at all times to manage the crisis that occurs unexpectedly. These recovery options ensure solvency and can restore your business during tough times.
This pandemic affected many small and medium business owners and the rest of the world. We are adapting to the new normal way of living, digitalization is the only thing that made everything possible during the lockdown period.
Digital Now, Digital Always is the growing trend of current times. Convert your business digitally possible from creating your financial plan, budgeting, and forecasting in a way that suits the pandemic. PivotXL an updated excel spreadsheet with features lots more to unravel and less time to spend on reports. Go Digital!
Though finding an investment advisor or financial planner at this time is difficult, searching for certified financial planners online or software will be helpful in this situation. Get expert help for better analysis and results.