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Is your house in order in tough economic times AND ready for the future?
| Guest post by: Lourdes Elardo-Gant |
Article Overview: Given the global economic changes, downturn and risks, now is the best time to conduct a business review so that your business is prepared for the challenging and unpredictable times ahead. In fact, PriceWaterhouseCoopers, LLP is advising that audits of organization systems, policies and procedures in a number of key areas is more critical now than ever before. A sound and thorough audit can ensure you are doing everything you can to manage through the U.S. and world economic situation and be prepared for the future with a focus on cost containment – but not cost containment at any cost.
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Free Download - Is Your Communication System Working For You And Your Business? By Lourdes Elardo-Gant |
Is your house in order in tough economic times AND ready for the future?
Given the global economic changes, downturn and risks, now is the
best time to conduct a business review so that your business is prepared
for the challenging and unpredictable times ahead. In fact,
PriceWaterhouseCoopers, LLP is advising that audits of organization
systems, policies and procedures in a number of key areas is more
critical now than ever before.
A sound and thorough audit can ensure you are doing everything you
can to manage through the U.S. and world economic situation and be
prepared for the future with a focus on cost containment – but not cost
containment at any cost.
Here are some of the areas recommended for in depth reviews with an eye on both cost containment and future needs:
Review contracts with suppliers of goods and
services with an eye on cost savings, but before cancelling present
contracts and finding new suppliers, ascertain the full financial
impact. Try renegotiating rates with current suppliers if you are happy
with their services.
Credit is hard to come by these days, so a really clear financial assessment
of liquid and non-liquid investments, current and anticipated cash
position, accounts payable and accounts receivable processes is a
critical financial audit task.
In your human resource strategy it becomes
incredibly important to evaluate potential layoffs in terms of the
expense to replace the most experienced people when the economy upturns.
Looking at the cost now only can be a hazard when your business needs
to grow.
It just makes sense that business can expect more fraud over the next
few years due to both the financial situation of individuals and the
broader scope of work tasks for employees and contractors. Audit
activities will have to include a close look at company antifraud measures especially in high exposure areas
Promoting an eco-friendly and green business can be a
cost-effective strategy to attract client attention in an environment
that is concerned with the environment and global warming. Your auditor
should be able to review your status in this area for possibilities.
If you are halting any major projects to save money,
be sure to audit this strategy to make certain it makes sound economic
sense and is not based on a short term reaction. Review what plans you
have made to be sure you can leverage the past work when your projects
are restarted.
Foreign exchange exposure for international
businesses is a critically important area to review so that you can
reduce your exposure to the constantly changing value of foreign
currencies.
Carefully evaluate any plan to sell off assets as it
may end up costing you much more later to replace in a better economy,
and don’t neglect necessary maintenance on current assets as the cost to
repair or replace may be prohibitive.
Search for innovative ways to manage and move products and raw materials so that you can manage inventory with cost containment in mind.
Now might be the time revisit credit limits for higher end customers and to study what credit policies provide the most safety for your business.
(Note: This article is a synopsis of PricewaterhouseCoopers, LLP
Advisory Risk Group entitled “A New Strategic Position: Redefining
Internal Audit In An Economic Downturn”)
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Referred by: http://www.LeadingEdgeCoaching.com
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About the Author: Lourdes Elardo-Gant RSS for Lourdes's articles - Visit Lourdes's website It was a pretty intense job and I was pretty intense about it. But it got me thinking... Both before and after my move to North America seven years ago, I began reading and learning more about how our thoughts and the way we look at our circumstances can change our circumstances. I began the study of how to use our minds in a positive and dynamic way to reach our goals.
Qualifications and Expertise
Click here to visit Lourdes's website   Law of Attraction Million Dollar Man (Chapter 1) Coaching System |
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