Lockdown 2.0: The Challenges Facing Finance

As we revert back to stricter lockdown measures following a drastic increase in cases throughout the UK, it’s clear that the COVID crisis will linger well into 2021. As our daily lives continue to be impacted by this virus, how will these prolonged restrictions effect businesses?

The pressures on existing business models and their finances are only set to increase as lockdown measures persist, and business leaders will need to ensure that all organisation members are fully focused on the absolute priorities. But how should your finance department proceed in this new environment?

Focus on the Positives

Finance professionals and their teams will need to develop information and metrics that only drive the right behaviours. The key requirement will be focusing less on the numbers and more on the key businesses ‘value adds’ that are driving activities and behaviours.

Clear Objectives

Clear and concise KPIs that align with the overall business strategy will be instrumental in keeping your business moving forward during these uncertain times. By simplifying the objectives, you will be able to produce dynamic and interactive reporting. From these reports, you will be able to deliver summary dashboard information that anyone within the organisation can benefit from.

Create Business Uniformity

Simply put, make sure that everyone within your financial department are singing to the same tune. Creating a uniformity within the business function will allow for a productive and focused workforce.

Achieving this synchronicity within traditionally large and complex finance functions will be particularly challenging, especially within this new remote working environment.

To aid in this, and to help gain real insight into how to achieve this transition, join Finance experts George Fildes and Mark Thomas, on their new “Navigating out of the Storm” webinar.

Published on Nov 09, 2020 by Lauren Fowles