Coronavirus outbreak has come to make big changes in business life too.

Coronavirus outbreak has come to make big changes in business life too. Business activities almost stopped in our countries, similar to when you were driving at +100 miles per hour and suddenly, something crossed out the road, forced you to downshifted & applied in full brakes, to end with your vehicle close to cero speed. This pandemic was a much-unexpected event that we were not even remotely prepared to confront.

Is common sense to conclude an era after our current crisis, will be highly different and something never seen in the past. Business owners have to decide between wind down operations or reinventing income streams to survive in the following two to three years, adding that Banks, Government, and Financial Institutions will be creating more and more barriers for small and medium business, preventing them to reach the required operating funds. Therefore, taking care of companies’ own revenues and resources, will be the most valid avenue to operate for medium and small business in the near future.

Owners and CEOs have to understand in depth the finances of their companies, work closely with CFOs and finance controllers. Owners and CEOs have to get involved, in overall daily finances, such as collections and payments, in order to better create weekly, monthly, short/long term cash flows and forecasting, hence to protect full operations. Owners will also be pushed to plan for savings, all the way down in their actual organizational structures, performing restructuring activities where applicable, to just surviving.

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