The UN has warned that approximately $ 2.5 Trillion will be required to revamp economies out of the recession caused by COVID-19; it is no longer news that businesses, economies and personal incomes are going to be affected.
As an individual, business founder, CEO, CFO or leader, there is need to prepare for the future, align your vision and create resilience beyond this season.
Here are a few pointers:
Re-visit your vision, see if it is still consistent, or needs to be adjusted taking note of what is likely to change about your products, supply chains, customers and overall business atmosphere because of this situation.
Review the re-defined vision in line with relevant stakeholders and get support. These may be business partners, customers, family, friends, business advisors etc….their additions, or positive criticism cannot be under-estimated.
Define the resources required to realize the re-defined vision, both financial and non-financial and where possible, the sources.
Develop a financial strategy; think in terms of time value of money, what it will cost.
Based on the outcomes of the financial strategy, prioritize and make critical investment decisions .For example if you are a business that relied on walk-in clients ,and now its eminent that online trade is the way to go, investing in related digital tools would be essential now.
We will get through this, Stay Safe.
Catherine Asiimwe, a Consulting Associate of the CCOE, is an experienced Certified Public Accountant (CPA) with over 9 years of finance, tax, audit and governance experience. She holds a Master’s Degree of Business Administration (Finance), Certified Public Accountant (CPA), Project Management Professional (PMP) a member of Project Management Institute, USA. She completed a Leadership in Public Management and is a Mandela Washington Fellow.