If the COVID-19 crisis of 2020 has taught us one valuable lesson, it’s the need for preparedness when it comes to our business operations, in particular our business cost base, and how we all need to understand how to quickly increase efficiently, manage risk, ensure compliance and rationalise our procurement costs.
The Risk Dashboard has created new modules to allow business owners to process ways of identifying unwarranted expenses from a business to increase profits without having a negative impact on business quality
One example would be a business looking to upgrade its office premises, a decision which has now been put on hold. Not because of the reduced cashflow the outbreak has caused, but because the situation has shown them that remote working is now a feasible option for their workforce and they no longer believe a large office is necessary.
With many business owners isolated in their homes and many offices closed for business, revenue has decreased for many, resulting in a great number of firms struggling. The Finance function of most businesses now has tremendous part to play when it comes to operational survival.
The Risk Dashboard solution is to help you make agile finance decisions now which are not necessarily final.
Two important decisions that a business needs to make to protect its organisation are how you’re going to handle your cash and what you’re going to do about your costs;
CASH: You now need to laser focus in on your cashflow!
COST: When it comes to your costs, think – what can we stop, what can we rein in, what is the quantum of expenditure that we can get by with?
So, we have made it easy for you in developing 4 new modules based on the Risk Dashboard’s advisory platform;
- Finance
- Outsourced Suppliers
- Office & Infrastructure
- Transport & Logistics
The content built into these 4 new modules easily identifies 50+ idea’s, helping you to streamline your business across a range of services.
Look at your budget from a zero-based budgeting perspective. Where you think you can cut costs, you can. It requires creativity and trying out new ideas that you may never have considered.
The steps you take to cope with the situation now could also improve your long-term resilience and agility.
The experience of the team here at the Risk Dashboard, provides clarity of though using our industry leading advisory and compliance platform, agile infrastructure, and expert content writers.
We see these new modules as the equivalent of your ‘money saving expert’ online audit, whether you run a large corporate or a small business (SME), expenses are something a business is always looking to cut down. We have also built a large number of useful links in the resources section to help you.
At the Risk Dashboard we also suggest that you should consider business forecasting and timescales whilst reviewing your operating costs, looking at six weeks, three months and six months. With circumstances changing so quickly, it is vital that you also start modelling for more than one scenario.
If you would like to learn more about these new modules contact your Accountant / Business Adviser or local Chamber of Commerce and ask for a licence or contact Neil Campbell, Commercial Director at Risk Dashboard on neil.campbell@riskdashboard.co.uk or info@riskdashboard.co.uk.
In the meantime: Stay at Home > Protect the NHS > SAVE LIVES