“Change is a constant in business. But when faced with exceptional events, leaders need to take a hard look at their tools, systems, processes and—most important—strategies.”
The Importance of Visibility, Control, and Agility
In a new guide released this month, NetSuite provides a framework for navigating change and uncertain times. The framework focuses on the importance of visibility, control, and agility for businesses today. Read a summary and download the full guide below.
Visibility – Understanding Your Situation
The guide offers a helpful checklist for key considerations on:
- Total assets
- Liabilities
- Short-term cash needs
- Accounts receivable
- P&L impact scenarios
The key take away is make sure you have access to the numbers you need, now. With accurate information you can better simulate “what-if” scenarios and identify next steps.
Control – Identify Your Immediate Priorities
To do this, examine your process, performance, and people. The guide includes three additional helpful checklists for this exercise. A quick summary of each of the three areas includes:
- Process: for most, there’s been a shift of operating on a yearly budget cycle to focusing on immediate priorities. Communication and efficiency are more important than ever when it comes to improving processes today.
- Performance: “You can’t manage what you can’t measure.” Access to real-time insight into how your business is performing is vital.
- People: Frequent communication and other tactics to keep employees engaged and productive is recommended. The guide also offers some advice for the unfortunate event of layoffs.
Agility – How to Embrace Change
To do this, examine your process, performance, and people. The guide includes three additional helpful checklists for this exercise. A quick summary of each of the three areas includes:
- Process: for most, there’s been a shift of operating on a yearly budget cycle to focusing on immediate priorities. Communication and efficiency are more important than ever when it comes to improving processes today.
- Performance: “You can’t manage what you can’t measure.” Access to real-time insight into how your business is performing is vital.
- People: Frequent communication and other tactics to keep employees engaged and productive is recommended. The guide also offers some advice for the unfortunate event of layoffs.
Once you tackle the short-term, use creativity to better position the company moving forward. What new ideas can you implement now? What can you take advantage of in the current situation, what opportunities exist? Download the guide to leverage the Agility Checklist.
Download Your Guide to Managing Business Uncertainty
