登录查看更多内容

How can you adapt your financial management skills to a crisis?

由人工智能和领英社区提供技术支持

Financial management skills are essential for any business or individual, but especially in times of crisis. A crisis can be anything that disrupts your normal operations, cash flow, or budget, such as a pandemic, a natural disaster, a cyberattack, or a market crash. How can you adapt your financial management skills to a crisis and ensure your financial resilience and sustainability? Here are some tips to help you.

此文章中的业界达人

由社区从 8 条内容中精选。了解更多

Vedant Vakil

A CA drop-out turned Personal Finance Professional, on a mission to help people build a better financial life.
Abhijit Das

Investment Banking & Asset Management
Clint Engler

CEO/Principal: CERAC Inc. FL USA..... ?? ????????Consortium…

1 Assess your situation

The first step is to assess your current financial situation and the impact of the crisis on your income, expenses, assets, and liabilities. You need to have a clear picture of your cash flow, your financial obligations, your savings, and your investments. You also need to identify any potential risks or opportunities that the crisis may create for your finances. For example, you may need to adjust your budget to cope with reduced revenue, increased costs, or deferred payments. Or you may find new sources of income, grants, or loans that can help you survive the crisis.

添加您的观点

Vedant Vakil

A CA drop-out turned Personal Finance Professional, on a mission to help people build a better financial life.
举报内容
It is important to be agile and flexible when it comes to managing your finances. Although the investment strategy might be long term, it is important to review it regularly, especially in abnormal situations like a crisis. For example, in case one loses their job, they might have to cut back on unnecessary expenses or defer certain goals like purchasing a bigger house or a fancier car. Assessing the situation is the key.

已翻译

赞
Clint Engler

CEO/Principal: CERAC Inc. FL USA..... ?? ????????Consortium for Empowered Research, Analysis & Communication
举报内容
Adapt your financial management like a chameleon in a storm: increase agility by embracing scenario planning, diversify income streams, ruthlessly prioritize expenses, optimize cash flow, leverage technology for real-time insights, communicate transparently with stakeholders, and prioritize self-care for resilience. Remember, flexibility and clear-sighted decision-making are your superpowers in turbulent times.

已翻译

赞

加载更多内容

2 Plan your actions

The next step is to plan your actions based on your assessment and your financial goals. You need to prioritize your essential needs and obligations, such as paying your employees, suppliers, taxes, and debts. You also need to allocate some funds for your emergency or contingency fund, which can help you deal with unexpected expenses or losses. You may also need to revise your financial projections, forecasts, and scenarios to account for the uncertainty and volatility of the crisis. You should also consider your long-term objectives and how the crisis may affect them. For example, you may need to postpone some investments, diversify your portfolio, or renegotiate some contracts.

添加您的观点

Rafael Lopes Rodrigues

Diretor Financeiro (CFO) | Executivo Financeiro | Planejamento Financeiro | Turnarounds | Gest?o Financeira para Alta Performance| Mantiqueira Alimentos | Consultor Empresarial | LinkedIn Top Voice
举报内容
Planning is one of the most important in difficult scenarios of changes and crisis. Make a list of actions you should, make a rule of prioritization and respect this rules to make things done. If you are organize and keep the focus in your list, for sure you gonna be fast in take decisions.

已翻译

赞

3 Execute your plan

The third step is to execute your plan and monitor your results. You need to implement your budget, cash flow, and risk management strategies and track your financial performance and indicators. You should also communicate your plan and progress to your stakeholders, such as your customers, employees, partners, and lenders. You may need to adjust your plan as the situation changes or new information becomes available. You should also evaluate your outcomes and learn from your experience. For example, you may discover some inefficiencies, gaps, or strengths in your financial management system that you can improve or leverage.

添加您的观点

4 Seek advice and support

The fourth step is to seek advice and support from experts and peers who can help you improve your financial management skills and cope with the crisis. You may benefit from consulting a financial advisor, accountant, or auditor who can provide you with professional guidance and insights. You may also join a network, community, or association of other businesses or individuals who face similar challenges and can share best practices, resources, or opportunities. You may also access online courses, webinars, podcasts, or blogs that can offer you valuable tips, tools, or trends on financial management.

添加您的观点

Syed Ali Jawed Akhtar

Strategic Planning | Financial Management | Risk Management | Audit | Digital Transformation | Sustainability | Data Analytics | Investigations & Inquiries
举报内容
More than external advice, internal collaboration can also be beneficial in such scenarios. A crisis can lead to immediate strategic and operational risks, these need to be adequately assessed, and cross functional teams need to be taken into confidence in order to come to a best-case scenario in the prevailing situation. The plan may not be in line with the long term strategy, but it needs to be such that it ensures short-term to immediate results.

已翻译

赞
Vedant Vakil

A CA drop-out turned Personal Finance Professional, on a mission to help people build a better financial life.
举报内容
Taking advice from an expert might cost you a fee, but the value addition might help you end up saving a lot more. It is important to understand that each person has and lacks certain skillsets. If you do not have the required expertise it is always better to seek advice from someone competent.

已翻译

赞

5 Review your skills

The fifth step is to review your skills and identify any areas that you need to develop or update. You may need to learn new skills or refresh your existing ones to adapt to the changing financial environment and regulations. You may also need to enhance your skills in areas such as data analysis, digital literacy, problem-solving, decision-making, or communication. You may also seek feedback from your stakeholders, mentors, or peers on your financial management performance and areas of improvement. You should also celebrate your achievements and recognize your strengths and contributions.

添加您的观点

6 Keep learning and improving

The sixth and final step is to keep learning and improving your financial management skills and be prepared for future crises. You should always stay updated on the latest financial news, trends, and innovations that may affect your business or personal finances. You should also review your financial plan and goals regularly and adjust them as needed. You should also seek new opportunities to learn, grow, and network with other financial professionals and experts. You should also embrace a growth mindset and a positive attitude that can help you overcome any financial challenges and achieve your financial success.

添加您的观点

Dustin Wright

Founder of Portfolio Commercial, Director of Commercial, Business Consultant
举报内容
It’s so critical that we keep learning. Not only is the tax code constantly changing, we need to raise our financial thermostat to keep up with the markets, the evolution of business and to plan for scale on growth. All require a sharp knowledge of financial execution.

已翻译

赞

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

添加您的观点

Abhijit Das

Investment Banking & Asset Management
举报内容
The biggest factor to consider in any crisis situation is to keep a cool mind. All the steps mentioned above work when the mind is at rest and thinking straight. Unfortunately, it's great to write here but impossible to implement. The only best course of action is to possibly get the thinking done by someone who may not be directly impacted by the crisis. Hence most firms engage external consultants to do crisis planning. Moreover, identifying those people who are good at firefighting and engaging them in simulations would also go a long way in building such preparedness.

已翻译

赞

Financial Management

+ 关注

给文章评分

我们借助人工智能创建了此文章。您认为这篇文章怎么样？

很棒不太好

举报此文章

查看全部

How can you adapt your financial management skills to a crisis?

1

2

3

4

5

6

7

1 Assess your situation

2 Plan your actions

3 Execute your plan

4 Seek advice and support

5 Review your skills

6 Keep learning and improving

7 Here’s what else to consider

Financial Management

给文章评分

感谢您的反馈

更多Financial Management相关文章

更多相关阅读内容