As COVID-19 took keep of the worldwide financial state, most CFOs went straight into crisis administration manner. The focus was vigilant monitoring of cash balances and running a number of circumstance strategies to make certain suitable liquidity in the brief expression. Now, a couple months into the pandemic and ensuing economic uncertainty, it is time to start shifting our concentrate earlier fear and reactive cash-conservation tactics to resilience and, ultimately, to resurgence.
Below are seven techniques to help you and your business make the transition.
Maintain your gross margins.
- Despite the fact that it can be tempting to slash prices to accomplish volume, protecting your gross margins will be critical for the lengthy-expression prospective customers of your company.
- Sustain tight pricing controls and sacrifice volume for margin wherever it would make sense. Small business volume will return margins might not if you slash them early.
- Use analytics to greater realize