CEO Blog #3: Coronavirus - one of the biggest challenges your finance team has faced yet?

No matter what industry you work in, the likelihood is that your finance department is one of the most critical areas of your business right now. The processes that they have in place and the efficiency of how they operate will directly impact how well they are able to handle changing situations.

Every organisation across the globe is being impacted by the effects of the Coronavirus in one way or another. Perhaps your business is dealing with an unexpected surge in demand, meaning requirements for additional staff, an increase in inventory requirements, investment in additional equipment etc. Or maybe your business is operating at significantly reduced capacity and cost saving is the finance team’s key priority. Or you could be somewhere in between.

Some finance teams may be ready to navigate their way through the situation that Coronavirus has put their organisations in. Some of them may struggle.

That isn’t to say that this is the time to put your teams to the test and see how well they deal with it, or to lay the blame at their door when this is over. Quite the opposite actually. Your finance teams are undoubtedly working tirelessly to ensure that your business can navigate its way through this situation and emerge in as healthy a condition as it can. This situation is completely unprecedented and the impact that it will no doubt have could never have been predicted, no matter how much you have scenario planned.

But the future success of any business, and indeed any team within an organisation, is determined by how well we learn from the past. What this situation will undoubtedly give all of our businesses the opportunity to do will be to assess how well current processes hold up under stress. By doing so, businesses could identify opportunities to strengthen the finance function. It will help to identify and fix areas of weakness and understand where gaps in resource are putting pressure on teams. Ultimately, that will not only help to make the finance team stronger, it will help them to do their job more efficiently, making their lives easier too.

When this is all over and done with, you might find yourself in need of a professional interim to help deal with the aftermath, or you may have identified the need for additional resource in your team. Or you might just want some help and advice.

We understand the position your business is in right now - we are right there with you. To find out more about how our Accountancy and Finance team can help you now and in the future, contact Andy Bath, Senior Director on 07966 580 691 or email This email address is being protected from spambots. You need JavaScript enabled to view it..

In the next blog in our CEO series, Greg discusses whether the need to recruit is proving too big a challenge with the current working from home demands. Visit our news page to see the other latest blogs in the series.

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