Organisations that have agility built into their budgets are better equipped to pivot when needed, as when major events such as the spread of the coronavirus occur. They also will be more prepared for the next crisis, according to Steve Player, CPA, CGMA, the owner of consulting firm The Player Group. “This won’t be the last pandemic we face,” Player said. (This podcast was recorded on Thursday, March 19.)
What you’ll learn from this episode:
- Key focus areas for companies in the near term.
- The value of having a pandemic provision included in scenario plans.
- Why organisations need to be more like motorboats and less like ocean tankers.
- Why the traditional annual budget can hold companies back.
- Advice for forecasting for the rest of this year and beyond.
Play the episode below:
For more news and reporting on the coronavirus and how management accountants can handle challenges related to the outbreak, visit FM’s coronavirus resources page.
To comment on this podcast or to suggest an idea for another podcast, contact Neil Amato, an FM magazine senior editor, at Neil.Amato@aicpa-cima.com.