Mon Mar 20, 2023 | | Contingency Planning

What Is Contingency Planning In Risk Management?

contingency planning in risk management

Risk is one of life’s certainties, and managing it is an essential part of any successful venture. Whether you are starting a business, investing in a real estate project, or simply wanting to ensure the security of your personal finances, understanding and appropriately utilizing risk management strategies is key. One of the most important parts of risk management is contingency planning, which lays out what to do in the worst-case scenario. But what is contingency planning, where does it fit into the overall risk management strategy, and how can it be effectively put into practice? Let’s dive in and explore these important questions in our Risk Management 101: What Is Contingency Planning?  What is Contingency Planning? Contingency planning is a vital element of risk management. It is a plan of action for reducing the effects of possible events or uncertainties that could affect how an organization works and how well it does. Planning for what could go wrong means figuring out how likely it is that something will go wrong and then making plans for what to do if something does go wrong. It can provide organizations with the necessary tools to properly assess, plan for, and manage risks to prepare for any potential adversity.People have both positive and negative things to say about the importance of planning for the worst. Supporters say that with more competition and better technology, business operations are becoming more uncertain, so it’s important to have a well-thought-out backup plan. Adversaries state that it can […]

Read More

Sat Mar 18, 2023 | | CFO Services, General

Virtual CFO Services: A Smart Choice

Virtual CFO Services

These days, business owners, managers, and investors are seeking any way possible to reduce overhead and make every dollar count. And as businesses look for ways to curb unnecessary spending, many are now turning to virtual CFO services as a money-saving alternative to in-house financial leadership. So, what are virtual CFOs, what do they do, and how can they help your small business? We look at what a “virtual CFO service” is and why hiring an outsourced financial professional may be your organization’s best strategy. What Are Virtual CFO Services? Virtual CFO services are outsourced, cost-effective financial management solutions tailored to your specific business needs and financial goals. Depending on what you’re looking for, outsourced or remote CFO solutions can provide the bookkeeping, monitoring, consulting, and other deliverables needed to rein in expenses, identify opportunities and achieve long-term financial health for your company. In short, the right virtual professional can perform the same analysis, management, and reporting functions of a full-time CFO but without an on-staff financial executive’s payroll and salary costs. What Does a Virtual CFO Do? Virtual CFOs typically perform various specific, ongoing tasks to ensure that you’re operating at maximum efficiency. These include, but are not limited to: Metrics analysis and financial reporting, including key performance indicators (KPIs)  Controller services and accounting system oversight Annual budgeting Cash flow management and controlling costs Debt planning and labor cost management Participation in board meetings  More broadly, seasoned virtual CFOs provide various finance-related solutions to ensure that you make the […]

Read More