The coronavirus pandemic is testing the ingenuity of American businesses as never before. Companies are conducting major overhauls of their business plans, profit models, operating procedures and even human resources policies. These changes would normally call for months of careful research and planning but are now being implemented in a matter of weeks, if not days.
While speed is of the essence, any changes your business makes in response to COVID-19 must still be rooted in solid financial insight and intelligence.
Inspiration Amid the Devastation
It would be easy to give in to despair in response to the daily onslaught of grim news. But each day also brings inspiring stories of business leaders who have made agile adjustments that have not only enabled their companies to remain open, but also preserved employees' jobs and provided the public with much-needed services and products.
Here are just a few examples:
Do The Right Thing and the Smart Thing
As eager as business leaders are to create new opportunities for themselves and their employees, it's still vital to follow best practices. Here are a few pointers to keep in mind.
Adapt Your Business With Bookkeeping and Financial Insight
Business leaders are responding to the challenges posed by the COVID-19 crisis with inventiveness and ingenuity. As you think creatively to find new solutions, use steadfast bookkeeping practices, financial analysis and cash flow forecasting to make informed decisions for your business.
Leslie is founder and CEO of Supporting Strategies.
This website is created by Supporting Strategies to provide general bookkeeping and accounting information only. Supporting Strategies does not provide tax, legal or accounting advice, and the information contained herein is not intended to do so. As such, the information provided should not be used as a substitute for consultation with professional tax, legal, and accounting advisors, and you should consult with a tax, legal and accounting professional before engaging in any transaction.
Supporting Strategies is not a CPA firm.