Three Business Foundations that Remain the Same
It’s an uncertain time to say the least. Leading a successful organization has always meant dealing with ambiguity, and navigating unknowns. So, while a lot has changed (at least for the moment) some key foundations for business remain the same. Below we share some ideas on moving through this time of uncertainty.
Having an adaptable strategy is not a new trend, and is relevant during both times of economic growth as well as a slowdown. Whether you’ve been in business for a year, or 20 years, you likely have ideas of how your business can potentially pivot. Now is the time for those ideas.
- Are there online business opportunities you haven’t explored yet?
- What value can you provide clients and prospects, that you are not yet offering?
- What initiatives have been on hold, that you now have the time and capacity to tackle?
Reporting & Visibility
Visibility into how your business is doing now is always critical. You need to know the numbers that matter, and have access to accurate information regarding your cash flow and other crucial aspects of the company. This includes being able to track key performance indicators from anywhere and in real-time. Leverage business intelligence to answer these questions:
- What can you see right now?
- What can you control now?
- Where is there room to adapt now?
- What can you forecast for the next 3, 6, 9, 12 months?
The importance of improving cash flow is nothing new to anyone leading a business. Two areas you probably often evaluate are:
- Reducing costs
- Lowering DSO
While ways to reduce costs might be more clear, lowering your DSO could be difficult right now amid the uncertainty. Below are a couple of tools to leverage to help reduce DSO:
- Notifications – if you haven’t already, how can you automate the process of receiving alerts on past due invoices or other important events? This will help shorten response time.
- Financial dashboards – do you have one central interface where you can view real-time financial information? This can help you prioritize next steps more efficiently.
For more information, download this new guide from NetSuite: Managing Business Uncertainty.