Ioana Arsenie, Financial Strategist: 80% of SMEs in Romania do not have a financial strategy adapted to the context of the pandemic
How does one approach financial strategy in a risk context? The former financial approach of the company is no longer up to date and is by far obsolete, and the company does not have the ability to operate in unstable environments such as the current context caused by the coronavirus pandemic.
The new financial approach implies multiple scenario-based planning in limited numbers but carefully tested. Financial Strategist Ioana Arsenie inputs ideas on dynamic financial reporting:
- Quickly identifies stakeholders – the key people in the organisation who have access to essential information and help with fast decision-making: Sales, Marketing, the Supply-chain, HR. The top management need input from their team, whether from the administrative area or the field.
- Sets the essential factors in the current situation – examples including the number of outlets, the price and products mix, labour force productivity, changes in consumer needs, operational costs.
- Reviews the data collected from various sources: quantitative and qualitative data, internal and external sources.
- Gives more weight to numbers as a whole, not only to P&L, cash-flow or assets and liabilities. An expert specialising in various industries may agilely add value by making correlations and optimisation.
Generally speaking, large and very large companies have adapted their plans to the current context, by relying on the available resources and on the organisation structure, which allow for the immediate application of plans in risk situations.
“80% of companies, largely SMEs, face problems with financial reporting because internal resources are precarious and do not allow for information and financial processes to be updated in major risk situations”, Financial Strategist Ioana Arsenie, Trusted App Owner, claims.
At the beginning of July, the Trusted Advisor team launched Trusted App, an application for the digitalisation of SMEs, a technological product for emerging entrepreneurs, based on a EUR 10,000 investment.
The application can set the reporting categories (income/expenses) in a custom-made manner, for each company, starting from the balance sheet review. Every month, data are imported and automatically mapped and reported as per the set categories. Clients can also view financial results as a chart. The app is a way of assisting the business and decision-making review processes.
In the 4 months since launching, Trusted App is already used by SMEs from over 60 different industries and has been accessed more than 600 times during this period.
Thank you for accessing it!
https://start-up.ro/trusted-app-80-din-imm-uri-nu-au-strategia-actualizata-la-contextul-pandemiei/
80% dintre IMM-urile din România nu au o strategie financiară actualizată la contextul pandemiei
80% dintre IMM-uri nu au o strategie financiară adaptată la contextul pandemiei
Cca 80% dintre IMM-urile din România nu au o strategie financiară actualizată la contextul pandemiei
80% dintre IMM-urile din România nu au o strategie financiară actualizată la contextul pandemiei
