Looking ahead to a world altered by COVID, investing in the right things is what will allow companies to begin recouping their losses from being closed, reallocate funds to get back to being fully operational, or invest in new ways to reinvent their business.
However, smart investing is easier said than done. As a leader, you are more concerned than ever about how your company spends its money. You realize that every dollar you spend should yield a return on investment (ROI). And you know that without an ROI your spending could have repercussions beyond decreasing the company’s profit and loss statements.
Employees that were furloughed, or now have to take on added responsibilities, may keep a more watchful eye on how their company spends money. They will wonder if the sacrifices they had to make to save the business money is being used correctly or being wasted. If it’s the latter, it can have negative effects on their morale, demotivate them, or worse yet, cause them to quit.
As a leader, you’re in a precarious position, in which you can have an impact on how your company spends its resources, but the decisions are not entirely up to you. However, to ensure your company not only survives but thrives in this ‘new normal’ business world, you have to ensure your company is investing wisely in the ‘right’ things.
These are not the same.
In the short term, businesses should find ways to reduce expenses. In the long term, leaders prepare for new opportunities by making the right investments in their business.
To position their organization to rebound quickly, leaders need to work collaboratively to invest wisely.
1. Find New Ways To Cut Old Expenses
2. Invest In Skills Development (a.k.a. ‘upskilling’)
3. Track And Optimize Your Employees’ Productivity.
Cash flow and cash reserves have always been an important part of business best practices. Now more than ever, your attention needs to be focused on ROI.
I help leaders and organizations think differently so that they can be more confident in their spending, make better use of resources, and experience higher returns on their investments.
Let’s discuss how I can work with you and your organization to make sound investment decisions so that company resources are wisely spent.
Let’s turn conversations into outcomes.
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