Priorities and Strategies in Light of COVID
This month’s news and insights include articles on building business resilience, leveling up organizational intelligence, and committing to change.
News and insights to keep you up to date and on track—building business resilience, leveling up organizational intelligence, and committing to change.
Strategies for Building a Resilient Business
Alexa Collins for Inside Intercom | @InsideIntercom
The “five horizons” framework that can help companies navigate times of crisis: resolve, resilience, return, reimagination, and reform.
“Near-term issues of cash management for liquidity and solvency are clearly paramount. But soon afterward, businesses will need to act on broader resilience plans as the shock begins to upturn established industry structures, resetting competitive positions forever.”
More insights from seasoned leaders, including Center’s co founder Steve Singh: Advice from CEOs on Navigating an Economic Downturn
Nine CFO Priorities in the Time of COVID-19
Mohit Bhasin for Moneycontrol | @moneycontrolcom
Demand collapse and destroyed cash flows have many CFOs struggling with productivity and revenue. A seasoned CFO shares the nine areas of focus that have helped his company stay on course.
“As the profit and loss (P&L) of businesses throughout the country is severely impacted by the pandemic, the role of the CFO becomes all the more critical in driving corrective actions to limit damage while supporting business continuity initiatives to kick start operations.”
Go deeper on how finance can help organizations emerge from the downtown stronger than ever in Staying Nimble: Corporate Controller Q&A
PNC pledges $1B, joining U.S Bank, PayPal, BofA in fighting inequality
Anna Hrushka for Banking Dive | @bankingdive
Prominent financial institutions are committing to countering systemic racism through Black American community financing, neighborhood revitalization, small business support, more inclusive hiring practices, paid time off for social justice volunteering, and more.
“If we are truly going to draw strength from diversity, we have to do better. We have to create opportunities that bridge gaps, that generate economic prosperity, and that allow people to achieve their potential.”
Influencing Through Story
Nancy Duarte and and Patti Sanchez for Duarte | @Duarte
From the mechanics of stories to their neural benefits, storytelling goes hand in hand with transformation. Duarte shares four powerful ways that stories are foundational to change.
“We are living through a defining moment right now, in our companies, our careers, even our society. It couldn’t be a more important time to influence people—and story is a powerful tool to do just that.”
Good Leadership Hinges on “Organizational Intelligence”
George Yip and Nelson Phillips for Harvard Business Review | @HarvardBiz
How would you rate your organizational intelligence (OI)? Five OI competencies that exemplify strong leadership in challenging times, with real-world examples.
“To rebel from the top, leaders must strike a difficult balance. They need to recognize what aspects of the status quo need to be challenged — and they need the discipline to avoid wasting time rebelling in ways that are not strategic and won’t move the organization forward.”
Strengthen organizational intelligence by getting your team on the same page about spending: Fiscal Culture is Company Culture. What’s Yours?
FP&A in the Post-COVID-19 World
Douglas Yeung for FP&A Trends
From modifying scenario planning to examining the business cross-functionally, practical strategies to help finance make informed decisions during a time of extreme uncertainty.
“It’s up to FP&A professionals, especially ones who are in business partnering and supporting frontline functions, to balance helping customers and distributors with not overstretching the financial health of the company.”
More advice from Center’s Controller Brian Maslen: Navigating Through an Economic Downturn
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