During the beginning of 2020, your business may have been following a strategic plan based on the previous year’s data and assistance from your finance consultants. Looking at the information related to sales and profits likely offered a greater understanding of the elements driving your revenues. While this can help an economic environment without any major disruptions, your strategies may not have been suited to a world facing a highly significant crisis. COVID-19 and its harsh effects on businesses required many companies to change course quickly.
During this type of disruption, businesses familiar with the theory of leadership in transformation tend to perform better and can actually find ways to grow.
Leadership in Transformation
COVID-19 has caused a level of economic destruction and disruption to the public’s health not seen since World War II or the Spanish flu pandemic. Surviving and thriving in this type of environment requires agility to keep up with the transformation. Taking action and creating operational and financial goals should set the groundwork needed to implement the changes.
Highlighting a common purpose and getting your whole team focused on participating in changes made to your business model can create a vision of where your business would like to be in the future. Having a mission and a clear vision are vital aspects of leadership in transformation. At a basic level, this type of leadership can be used to inspire your workforce to focus on the greater good of your business and function with a common goal you’d like to reach.
For instance, you may find a niche market or two to target that you haven’t thought of before the pandemic, or find there’s a market that exists because of the pandemic. To make a change of course easier, you can use software to help you find a few niche markets to target and then track your progress to ensure that you stay on track.
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Set Targets
Creating high aspirations and inspiring your workforce realize these goals can help facilitate synergy between everyone in your company. Setting incremental targets can help your business reach goals quicker and evaluate your progress.
We have found that diving into your different departments and measuring critical factors using scorecards is important when your team is taking on new tasks. Scorecards give you real-time information that provide more insight into how the team is managing with every detail of your business.
Getting assistance with this type of analysis may make transformation more straightforward. Staying on top of everything can be overwhelming for managers, so we recommend teaming up with a business advisor that can give them confidence in using tracking tools. It also helps to get objective guidance on what to do if your data is not completely reflecting of what you’re trying to achieve.
How Finance Consultants are Paving the Way
Evaluating your business at the end of the year and coming up with a business plan for the future requires a keen understanding of the financials related to your costs and sources of income. Most businesses try to slash their expenses as part of a strategy to survive. However, it’s probably not going to be enough to help you thrive in a business environment under pressure.
Receiving a finance consultation from an experienced financial adviser is the best action to take. Finance consultants are familiar with implementing KPIs and other strategies that can be used to boost performance.
Tracking and measuring various departments in your business should provide specific metrics that you can use to improve each area and formulate a business model with goals and objectives. Receiving a thorough finance consultation can get your business started with this type of analysis and help create a business plan for the next few months and years.
COVID-19 has shown how essential it is to review every element of your business and implement changes where you find opportunities for growth or unneeded expenses. Clarifying this vision can be easier to accomplish when you get assistance from an experienced CPA who specializes in providing a breakdown of numbers and the solutions required to help your business thrive. Contact us to take advantage of the experience and knowledge we offer in helping you balance crisis with opportunity and the creation of a vision that’s rational and easy to communicate to your team.
This blog article is not intended to be the rendering of legal, accounting, tax advice, or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.
