What Plans Are CFOs Creating Post COVID-19?

Even the best strategies are being altered to fit the new normal and stay afloat in a post-coronavirus world. So what are CFOs planning for the future?

COVID-19 changed the way organizations operate with non-essential businesses, daycares, and schools shutting down for the past few months. Many organizations were able to continue operating from home, but CFOs had their work cut out for them as they dealt with taking prompt action to minimize risks associated with shortfalls in supply and declines in revenue.

Organizations Must Adapt

As we’ve seen over the past few weeks, organizations that don’t adapt to the changing circumstances won’t survive. In fact, many large organizations are struggling to stay alive right now. But fortunately, it’s not about how large or strong your organization is, but instead, how agile you are. CFOs have a range of priorities right now:

  1. Collecting upcoming and overdue payments from customers
  2. Looking for various options to raise capital
  3. Assessing potential scenarios that impact finances
  4. Communicating with their investors and board of directors frequently

Going forward, it’s important to be realistic about the situation at hand – planning for the future rather than staying in survival mode. Gartner surveyed 317 CFOs and found that remote work is here to stay, despite lockdowns being lifted across the states:

  • 74% of CFOs plan to move previously on-premises employees to remote work post-coronavirus.
  • 81% of CFOs plan to exceed their contractual obligations to hourly workers via remote work to offer flexible schedules.
  • 13% of CFOs have already cut real estate expenses with another 9% planning to do the same.

Remote Work Is Key To Staying Afloat

As lockdowns are lifted, many CFOs plan to continue embracing remote work as a way to stay operational. Why? Because remote work, when done properly, has the potential to help organizations achieve:

  • Greater productivity as staff are more focused on their workloads
  • Less costs associated with maintaining an office space and supplies
  • More flexibility in terms of hiring without geographic limitations

However, many organizations were forced to transition to a remote workforce with minimal time and planning involved. This is especially difficult for organizations that don’t have experience navigating the remote work landscape.

Invest In The Right Guidance

For those that are new to the concept of remote work, it’s important to invest in the right guidance. Otherwise, you may find your remote workforce isn’t as productive or secure as you thought. Our team has been helping organizations embrace remote work for many years – creating strategies that ensure a high level of productivity while protecting against hackers. Here are our recommendations:

Speak Openly About The Importance Of Boundaries

You don’t want your remote workforce struggling to “shut off” at the end of the day, but many employees will struggle with separating home from work. It’s important to speak openly about the importance of boundaries. Encourage your team to set a schedule and stick to it. Remember, breaks are important and there should never be an expectation to answer emails or calls after-hours.

Enforce A Remote Work Policy

A remote work policy should be created to ensure your employees are aware of your expectations in terms of:

  • Hours and/or schedules
  • SIck days
  • Minimum acceptable technology specifications
  • Acceptable cloud and/or online services
  • Security expectations
  • And more

Make sure you speak with your technical support company to ensure they can assist with the right tools and/or settings to help you enforce your remote work policy from a technology perspective.

Take Advantage Of Cloud-Based Collaboration Tools

Microsoft 365 is a great example of a cloud-based collaboration tool. It offers access to email, calendar, contacts, and more. Plus, you have the ability to work together in real-time via access to:

  • Microsoft Teams
  • Word
  • Outlook
  • Excel
  • PowerPoint
  • And more

You may also consider investing in a VoIP business phone solution that gives your team the ability to make and receive calls over the internet. They will continue to use their usual workline and all applicable extensions with enterprise-grade features, such as:

  • Find-me-follow-me
  • Voicemail to email
  • Call forwarding
  • Call recording
  • And more

Implement Strong Cybersecurity Measures On Devices

Your employees should have strong cybersecurity measures implemented on their devices at home, including:

  • Anti-virus software
  • Anti-spam software
  • Firewalls
  • Virtual private networks

This is the bare minimum necessary. You may consider providing corporate-owned devices with these cybersecurity measures in place if possible. You should also invest in cybersecurity awareness training to teach your employees about the latest threats and how to avoid them.

Need help? We work with CFOs every day – helping them ensure their remote workforces are productive, secure, and successful.

Click here to get in touch with one of our representatives or call (800) 319-1878 today!