• Pradyumna Nag

As a CFO charged with managing the COVID-19 response, what steps are you taking?

As a CFO charged with managing the COVID-19 response, what steps are you taking?

|

I hope they have not been blanket cost-cutting exercises.

|

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.

|

> Pump up R&D budgets to 2x

> 1.4x more M&As with 21% larger deals


2

Get the whole business’s buy-in

|

> Equip all internal stakeholders to contribute with ideas


3

Spend more time with customers.

|

> High-functioning CFOs spend ~5% of their time working with customers – now doubling to 10%


4

Protect competitive advantage at any cost

|

> Even if it means taking a contrarian approach to market


5

Add new check-posts & advance exit triggers

|

> Advance/ Pre-pone triggers to evaluate ROI on current non-strategic investments

> Get ‘stop-loss’ points on investments


6

Dial back your products/ services.

|

> 24% lesser products/ services


7

Keep strategy coffers flowing.

|

> Make available additional resources if required to expedite strategic initiatives


8

Remove obstacles with clarity & culture

|

> Make teams ok with ‘experimentation’


9

Mix up budgeting systems

|

> ZBB/ KVD based budgeting systems can clarify what cant lose steam


Do you have any other tips?


#CFO#finance#planning#budgeting


[ Source link ]


[ View on LinkedIn ]