Finance flash: the TOP-10 articles of week 24, 2020
Want to stay up to date with the latest developments in finance, but short on time? Don't worry. CFO South Africa weekly collects 10 of the most important articles from international media for your convenience.
1. Powering up sustainable energy
Can the power industry simultaneously decarbonize generation, propel the transition to electric vehicles, and keep the lights on?
2. The Importance of Workforce Planning
For many companies, the task of workforce planning falls solely on the shoulders of the chief human resources officer (CHRO), but I believe it should be shared with the CFO. In fact, workforce planning is one of the most strategic exercises CFOs can undertake.
3. Jim Kwik: 3 Tips for Improving Your Memory
"'I forgot' are two of the most costly words in our lives and in our businesses," Kwik said during the latest session in Inc.'s Real Talk: Business Reboot streaming event series, on June 12. Forgetting conversations or even someone's name can have a negative effect on your livelihood, he added.
4. 4 ways to rebuild public trust after COVID-19
The coronavirus crisis is forcing businesses of all sizes to replan and reposition. The issues range from decisions on furloughing and redundancies to supply chain difficulties and coping with heavy financial losses. However, the biggest challenge may lie in maintaining customer loyalty.
5. Finance basics to beat the coronavirus
As London-headquartered global pharma giant GSK collaborated with former competitors to develop a COVID-19 vaccine, the company's finance team focused on getting the basics right, informing decisions in a constantly changing environment, and looking after each other's wellbeing.
6. 6 experts on how capitalism will emerge after COVID-19
We have an unprecedented opportunity to rein in capitalism’s excesses and reshape our democracy. Here’s how experts from MIT, Harvard, and more would tackle the biggest problems.
7. To Navigate Office Politics, Map Out Your Friends and Foes
In organisations, there are three challenging situations that are highly politically volatile. First, when the organisation is facing a crisis, and leaders need to make swift decisions that would require support from its powerful players. Second, when you are leading organisational change or executing a new strategy, and some members are resistant to change. And third, when you are being evaluated for promotion to senior leadership. These situations can drastically shift the power dynamics in the organisation. Navigating such intricate terrain requires a map.
8. Short-Term Cash-Flow Forecasting: Metric of the Month
Over the last two months, the need to prepare an accurate short-term cash flow forecast for my board of directors and CEO has never been greater. The ability to prepare or adjust these forecasts quickly has allowed us to make better and more informed decisions about our cash needs, investments, and expenditures in a time of crisis.
9. Consumer sentiment is evolving as countries around the world begin to reopen
As the COVID-19 crisis continues and geographies around the world begin to reopen, consumer behavior has started to change. We see six trends in consumer sentiment and behaviors globally. While there are certainly differences by country and region, overall, these trends hold in countries we studied:
10. Businesses Must Reclaim Prudent Accounting Principles
To survive a crisis like this, a business must be both efficient and resilient. Prudent accounting had for generations helped businesses balance these two pulls. In turn, businesses were better prepared for an unpredictable blow. Then, at about the turn of the 21st century, accounting rulemakers did away with prudence. We are living the consequence today: The economy is teeming with crappy balance-sheets that necessitate gargantuan bailouts when crises hit.