Every company is going to deal with unforeseen circumstances. When companies fail to maintain some level of flexibility, these issues tend to present a larger problem. Using the following tips can allow your company to avoid a pitfall:
- Frequent forecasting – Don’t limit yourself to yearly budgets. Traditional business models are not flexible enough to account for unseen risks.
- Maximize efficiency by automating data collection – Managing data takes away from the actual metrics and analysis.
- Communication within the workplace – Create a self-sufficient network within the company so that there are no surprises. Know what risks lie ahead and adjust accordingly. When a network of information is developed and maintained, opportunity will present itself.
- Streamline processes – Efficiently condense time consuming processes. One of them is creating financial reports. The quicker those reports get out, the quicker you are informed, and the quicker you can neutralize the competition.
Read the entire article and learn more about turning uncertainty into a competitive advantage at entrepreneur.com.