The COVID-19 pandemic forced companies of all sizes to scrap their business plans for 2020 and attempt to come up with new ones even though so much is unknown and changing so fast.
Indeed, many companies are now faced with scenario planning at a level they’ve never done before. That’s not surprising given how much is unknown about what will happen when states reopen for business, the coronavirus remains unchecked by a vaccine, and consumers and workplaces settle into perhaps new norms. Still, finance teams have to surface meaningful data so critical business decisions can be made. Based on our conversations with FP&A experts, we have learned how companies can adjust and keep adjusting to the “next new normal”.
- Anticipating pent-up demand and make strategic investments to capture growth upon reopening
- Recalibrating for the changing face of the workplace and managing spend in the interim
- Process efficiencies to facilitate rolling forecasts and create dynamic what-if scenarios