As a CFO charged with managing the COVID-19 response, what steps are you taking?
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I hope they have not been blanket cost-cutting exercises.
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Here’s what your peers – at efficient growth companies - are doing.
According to Gartner (1 – 5 are my picks too):
1
Double-down on bets.
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> Pump up R&D budgets to 2x
> 1.4x more M&As with 21% larger deals
2
Get the whole business’s buy-in
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> Equip all internal stakeholders to contribute with ideas
3
Spend more time with customers.
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> High-functioning CFOs spend ~5% of their time working with customers – now doubling to 10%
4
Protect competitive advantage at any cost
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> Even if it means taking a contrarian approach to market
5
Add new check-posts & advance exit triggers
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> Advance/ Pre-pone triggers to evaluate ROI on current non-strategic investments
> Get ‘stop-loss’ points on investments
6
Dial back your products/ services.
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> 24% lesser products/ services
7
Keep strategy coffers flowing.
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> Make available additional resources if required to expedite strategic initiatives
8
Remove obstacles with clarity & culture
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> Make teams ok with ‘experimentation’
9
Mix up budgeting systems
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> ZBB/ KVD based budgeting systems can clarify what cant lose steam
Do you have any other tips?
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