There's no sugar-coating it - business has become significantly tougher. The fruits of 2021, 2022, and even the early parts of 2023 have well and truly shrivelled up. Many businesses are feeling the pressure, navigating a landscape that demands resilience, adaptability, and strategic thinking.
As an outsourced CFO, I find this period to be one where we really earn our keep.
While we always want out clients to thrive, there is something deeply engaging about working through these challenges alongside them. It's easy to step in when times are good and give a pat on the back.
But true value emerges in helping businesses stay afloat, adjust course, and emerge stronger on the other side.
Over the past six months, I've developed a simple yet powerful framework to help businesses stay focused and aligned. It serves as a guide for leadership teams and cascades throughout the organisation, ensuring everyone knows what needs to be done and how to get there.
Let's dive into this approach.
Success begins with structured, consistent communication.
A daily check-in, even if its just ten minutes, creates a rhythm that holds everyone accountable.
Team members should touch base on key points: what they committed to yesterday, whether they followed through, and what they plan to achieve today.
The goal is to ensure clarity, eliminate assumptions, and provide immediate course correction if needed.
Think of it like weight loss. If you have to report your food intake daily, you're far more likely to stay on track than if you only reflect at the end of the week. The same principles applies in business - small, frequent adjustments are far more effective than major overhauls after issues have escalated.
Communication alone isn't enough; it needs to be backed by measurable outcomes. Every department - sales, operations, finance, marketing - should have a clear scorecard that reflects their daily performance.
Sales and operations are the easiest to track: how much was sold and how much was delivered? But this applies across the board.
Finance teams should have daily processing targets.
Marketing should have campaign milestones. Even long-term projects should have check-ins to ensure progress stays on course.
By embedding performance tracking into daily communication, businesses avoid surprises and make proactive decisions based on a real-time data and rather than gut feeling.
In uncertain times, businesses need to be proactive. If there's work that can be completed now, even if its not due for another month or two, it should be considered.
While accountants and finance professionals typically advise against holding work in progress too long without invoicing, sometimes accelerating deliverables can smooth operational flows and ease future pressure.
Of course, this comes with risks, but in some cases, bringing forward production or service delivery can provide a crucial buffer.
A common pitfall in slower business periods is inefficiency creeping in. If an employee has only five hours of work in day but drags it out to fill an eight-hour shift, productivity takes a hit.
Managers need to ensure that work is being completed with the same level of efficiency as always.
There's no room for complacency; every task should be executed with purpose and urgency, ensuring that even in quieter times, teams remain sharp and performance-driven.
This is the toughest part of the framework. If the numbers don't stack up, difficult decisions will have to be made. If the business's breakeven point is significantly higher than projected revenue, leaders must decide whether to absorb the shortfall, reduce headcount, cut back on investments, or restructure operations.
Letting go of a loyal team member, reducing marketing spend, or delaying a promising project all have consequences. The challenge is balancing financial reality with long-term business needs. If demand rebounds in three months, will the team members you let go still be available? Are there alternative ways to structure costs without sacrificing core business function? This is where leadership is truly tested - making the best possible decision with the information available.
This five-step framework—communication, scorecard tracking, bringing work forward, maintaining efficiency, and making hard decisions—provides a structured approach to navigating uncertain times.
Business success isn’t just about thriving in good times; it’s about adapting, optimising, and staying strategic when challenges arise. By focusing on clear communication, measurable performance, and disciplined execution, leaders can guide their businesses through adversity and set them up for long-term stability.
Now is the time to take stock, implement a structured approach, and ensure that every decision is made with purpose. The road ahead may be uncertain, but with the right framework, businesses can stay resilient and emerge stronger than before.
Building a framework for business success isn't just about having a plan - it's about having the right expertise to execute it effectively. This is where an outsourced CFO provides immense value. In times of uncertainty, financial clarity is a business's most valuable asset, and a CFO ensures that every decisions is backed by data, strategy, and foresight.
An outsourced CFO brings a unique blend of objectivity and expertise that can transform how a business operates. They help leaders separate financial facts from emotional bias, ensuring that tough decisions are made with clarity and confidence.
By working closely with the team, they establish financial discipline and provide the necessary insights to drive sustainable growth.
Here's how an outsourced CFO can support businesses in building a framework for success:
For businesses navigating today’s challenges, having a structured framework isn’t just a competitive advantage—it’s a necessity. And with the right financial leadership in place, businesses can move forward with confidence, knowing they have a strategy designed for resilience and success.
For more tips on increasing revenue and profitability, sign up to our newsletter for business owners, leaders, and finance team managers. Each week, you'll get practical, no-fluff tips and insights in short, easy videos. No corporate jargon, no time wasting. Sign up now.