COVID-19 has reinforced the importance of cash, as many organizations are dealing with cash flow disruption. Some organizations have seen demand slow as social distancing and government mandates have had significant impact on their industries. Others have sent nonessential employees home and no longer have people in place to process receivables or payables.
It will take smart, decisive action on the part of CFOs and their partners in the business to ensure their organizations can manage their cash needs during COVID-19. Explore the key first steps in responding to this challenge.
Levers to manage cash needs during COVID-19 and 6 questions for CFOs
Assess your capability to put cash at the center of your decisions
Boost visibility
CFOs must quickly determine whether their organizations have adequate visibility into their cash positions, determine their cash needs, and address any shortfalls.
Put cash at the heart of decision-making
Designate “cash champions” to infuse cash thinking into every spending decision or create a cash desk through which all cash expenditures must be vetted.
