What are your business’ drivers?
How frequently are you measuring the potential impact that external drivers, like inventory constraints and labor disruption, will have?
““We’re increasing the frequency of discussing and evaluating our strategy and goals,” Grinwis said. “Each month we do pulse checks to evaluate if changes are needed to our planning based on a number of drivers, including the overall macro environment—COVID-related shutdowns, competitor trends, market demand—as well as company-specific challenges—inventory constraints, labor disruption.”
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The pandemic has made it very clear that yearly or quarterly reporting won’t cut it. Planful embraced a continuous-planning approach that allows the finance team to be more agile and adaptable.”
“As CFOs face the demands of year-end accounting and financial reporting, they’re pondering which issues need to be front and center and how to frame them.”
Here are the 4 issues that CFO’s need to think about:
- Forecasting and related impairment analyses
- Going concern analysis
- Internal controls
- Stakeholder communications