Transformation is the need of an Hour. Are you ? In the scenario of lockdown and post lockdown, companies specially MSME (Micro, Small and Medium Enterprises) are facing critical situations of 1) lower demand 2) increase costs and overheads 3) Increase in usage of digitization.
Companies should work aggressively and immediate action is required to completely overhaul the way they do business activities and transform things to align and fight with this battle.
Following are the key areas where companies should proactively work or get guidance from experts to meet the financial targets and budgets:
Companies should work aggressively and immediate action is required to completely overhaul the way they do business activities and transform things to align and fight with this battle.
Following are the key areas where companies should proactively work or get guidance from experts to meet the financial targets and budgets:
- Review SOP: Almost all companies prepare and follow pre-defined Standard Operating Procedures (SOP) applicable to them. Current situation forces companies to review and change the SOP across departments be it at Manufacturing Plant level or Services Providers, Vendors, HR/Admin level etc. All departments need to Review, test and implement new SOP’s to take the company to the next level.
- Budget Analysis & Review: Key aspect of every company is Budget Preparation. Most of the companies prepare Budgets one year in advance to meet the deadlines in the coming year. Current situation compelled companies (Specially MSME) to give a thoughts to review Budgets
- Financial re-engineering and cost optimization measures: Finance is the back bone of any business entity. Timely adopting of best financial resources along with cost optimization measures would help to achieve Financial Goals.
- Increase of Insurance coverage for staff: Current pandemic situation is providing Employers to provide increased insurance coverage to enable fight with unforeseen circumstances. A Health Insurance plan provides timely help to employees at the time of hospitalization, accident-related treatment and pre-decided diseases for a pre-specified limit.
- Prepare for Regulatory changes if any:
- Vendor transformation:
- Strengthen IT Infrastructure:
- Training to staff:
- Research & Development:
About Author:
Amit Khimesra: Amit has over 10 years of experience in financial services industry. He has worked into Equity Research and Investment Banking industry and has interacted Companies and Entrepreneurs to understand their Views and Strategies. His interests includes writing articles on Corporate Strategy, MSME's, Financial Services apart from spending time with family and playing with kids.
Disclaimer: His view on above articles are his personal and may vary or change according to company to company.
He can be reached at Linkedin
Disclaimer: His view on above articles are his personal and may vary or change according to company to company.
He can be reached at Linkedin
