How to control spending responsibly during an economic crisis
Your business can control spending by putting in proactive purchase approval workflows It’s one of the easiest ways for companies to adjust to an unplanned economic downturn while still managing for growth.
Is your company ready to control business spend during an economic crisis?
This downloadable handbook, Control in a Crisis, covers four strategies your company can implement proactively to minimize a downturn’s negative impact on the business. Those strategies include:
- Lockdown spending. Firstly, how to make sure all spend is proactively approved. This ensures business spending is controlled, rogue spending is minimized and managers have real-time budget visibility.
- Over-communicate with your team. How to keep the team aligned to budget fluctuations during an economic crisis. This includes suggestions on how to communicate new changes and processes around the spend control of your company.
- Reforecast and defer costs. The questions you should ask around your key strategic initiatives to reforecast and defer costs. This will allow you to refocus the business strategy as a whole.
- Increase accountability and responsibility. Lastly, we’ll cover how you can automatically track purchase requests, approvals, and real-time costs to ensure discretionary spending does not get out of hand.
To get the guidebook and some quick wins you can consider to control business spending just click the image or link below.
