Is your Finance team ready?
“I need to make quick decisions but can’t seem to get straight answers and insights from my Controller.”
Commented a very frustrated COO of a food industry supplier recently.
COVID-19 significantly disrupted their business.
He turned to his Controller for information to make decisions and was very disappointed!
The Finance team was unable to provide accurate, even credible, cash flow analyses and forecasts.
When the COO finally prepared it himself, they discovered that their runway before running out of cash was very short.
Instead of being able to calmly and logically review options and make informed decisions, they had to go straight into panic crisis management mode.
Unfortunately, this is a common occurrence.
Finance teams get mired with compliance work and are not geared to provide timely insights to help management make strategic and tactical decisions.
The pandemic identified a serious gap in the Finance team for this food industry supplier.
How timely and credible insights do you get from your Finance team?
Let me know in the comments.