If the companies have learned anything from the COVID-19 crisis, it is that things can change almost overnight. Where once employees accepted working in the office, the necessity for remote workstations because of the pandemic were seen at every level of business. As we move into 2021, it needs to be recognized that COVID will have long term effects on the way business is conducted. Between all of the online meetings, we need sound business intelligence to succeed in 2021. The following are three trends all CFOs will need to consider in 2021.
Trend #1: Continued Remote Team Management
Nearly every company became, at least partially, a remote company in 2020. Business leaders that thought it would never work have found their operations running smoothly after working out the initial kinks. 2021 will still see many working from home. If your company is benefiting from lower utility bills at the office, consider that many staff could work remotely longer. After all, you should already have management tools and procedures in place to continue to work effectively with remote teams.
Trend #2: Tools & Automation
Many businesses found themselves scrambling to make the limited time they had in the office as efficient as possible. However, weeks, if not months, of lost productivity were also victims of COVID in 2020. Most of that was due to not being prepared with the proper tools and automation. The best plan to maximize efficiency in 2021 will be to automate as much as possible and to leverage the Cloud for team access to data and critical metrics. Now is the time to review processes to determine which need to be updated and what tools will help you integrate these processes to improve efficiency.
Trend #3: Cash Availability
One of the biggest takeaways from 2020 was learning that cash flow isn’t as predictable as in the past. You will want to create a crisis plan for cash management and to secure easy-to-access financial data. Be sure to maintain open communication lines with suppliers and research government assistance programs in case you need them. This will better prepare you for the good days and not-so-good days this year might hold.
At Strategic iQ, we help our clients to transform their business operations with proven project management methodologies, effective management techniques and the expertise to streamline all of your company’s operations to bring your actionable goals to fruition. Our solutions are tailor-made for all CFOs, as we leverage our combined industry experience, deep knowledge, and technical expertise. Please contact us, we look forward to speaking with you to learn how we can help you be even more successful in 2021.