Now, may be a good time to rework your “Financial Dashboard”. With all the changes going on, your ratio parameters may have changed. You may be working with your suppliers to get them paid which has your payables higher than your norm. Or clients may need been extended terms and so your receivable ratios are off, and your collection process is longer.
Clients may have gone under or shuttered their business temporarily. This will impact your client percentages as a whole of your business. Your business may now be lopsided, and one or two clients may be a higher majority of your business than you are comfortable with.
With a recalibration of your financial dashboard, now is the time to review all of your measurables to ensure that they are still relevant and achievable. You may want to put new ones in place.
There may have been a radical impact change in your business and now other lines of business may be becoming more relevant to the bottom line. You should be reviewing practices and procedures as well as the measurables.
There should be a thorough review top to bottom of your business to make it more effective and efficient.
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