As a business manager, you are already aware of how much goes into operating a successful company, and one of the most challenging aspects of business management can be organizing the firm’s finances. Under normal conditions, such functions can be a burden, but when a business manager is duty-bound to clean up after a financial disaster, it is easy to quickly become overwhelmed. The following organizational tips will go a long way toward helping a business manager in distress right their ship after a serious financial mishap.
Focus on Cash Flow
A financial disaster scenario is a call-to-action for throwing away mere perceptions of what success means. It is a time for management to roll up their sleeves and focus on cash and cash returns. This entails bringing the focus of the business back to its core element, bringing in money rather than spending it. The post-disaster landscape is not a time for brand building or long-term strategic planning. It is a time for generating cash flow and taking a second look at company investments to see which generate and which burn cash.
Change Your Bookkeeper or CPA Firm
Major events bring about the perfect time to re-evaluate your needs with respect to accounting services and tax advice. Over time, your organization may have outgrown its present level of service without you ever noticing the need. New professional advisors can provide you with fresh insights useful in helping you understand what went wrong in the first place.
Update Your Technology Solutions
When you install a fully organized system to ensure your business finances are no longer subject to the flighty whims of happenstance, you then begin to free up more of your time, and can drill down into more pressing and demanding aspects of your business. One way of doing this is to update your existing software tools and technology solutions. For example, if your organization relies upon grant awards for its cash flow, then it may be time to consider making investments in grant accounting software that will enable you to track the authorizing mandates or legislation that makes grant funding possible. Companies like IT Works can recommend and help implement these kinds of systems, taking some of the load off you.
Business managers often submit to the temptation of delaying a response to a serious financial setback. They do this in the hopes that certain issues may work themselves out, but could do you a lot of harm this way. Real disasters are not self-solving problems, and financial setbacks are an opportunity to act immediately to acknowledge and correct things that allowed the situation to occur in the first place. In so doing, you can neutralize the after-effects of secondary problems that often spring from the original problem.
Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most her time hiking, biking and gardening. For more information contact Brooke via Twitter @BrookeChaplan