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2021: 5 Top tips for CFOs

As we leave behind a chaotic 2020(!) and look forward to a better(?) 2021, here are my 5 Top tips for CFOs:

1. This is a marathon not a sprint

So, plan accordingly and pace yourself and your business. Review your business strategy continuously and don’t be afraid to tweak if/when necessary 2. Look after your teams

Anxiety and mental health issues are on the rise. Ensure adequate support and contact with home workers to avoid burnout. This is part of the matrix that will get you out of the current crisis

3. Build a cash war chest

Have robust Forecasting and delivery mechanisms for adequate working capital in both the short term and longer terms. Explore internal as well as external sources. A number of shareholders have been injecting cash; State assistance should also be investigated 4. Pivot / shape shift The pandemic has thrown up threats as well as opportunities. Can you pivot? An Engineering company I know whose order book had dried up entered the PPE arena early on and is currently quite successful in their new skin 5. Quick and dirty Up to date info is crucial. 80% accuracy on day 1 is far better than 100% accuracy a week later, as you may not have a week. Engender the culture as it might well save your business one day

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