Introduction
This article is an analysis of strategies for businesses to raise cash and find ways to lend. The authors present five main ways for businesses to act in an unstable financial situation. The purpose of the article is to explore what organizational and strategic steps will allow the company to optimize financial processes and minimize the impact of the crisis.
Discussion
The intended audience of the article is managers of different levels and owners of small, medium, and large businesses. It is important to note that the information provided by the authors is relevant for directors of companies not necessarily in crisis. The steps described by the authors allow readers to conclude what preventive measures can be taken to overcome the crisis with minimal losses.
The usefulness of the article for managers is obvious, as it describes specific measures to optimize cash collection and obtain credit in accessible language. In addition to practical recommendations, the authors provide examples of common mistakes that can lead to the deterioration of a company’s financial stability (Wimley, 2009). The provisions described in this article are useful for accountants since it is their actions that largely determine the success of overcoming crises. How fast and painless the overcoming of problems will depend on the promptness of identifying them. A crisis can only be overcome if the preconditions for its emergence are found (Wimley, 2009).
Conclusion
The tasks of an accountant are to analyze the effectiveness of the current strategy, as well as to analyze the strengths and weaknesses of the company. Moreover, it is important to evaluate the competitiveness of the company’s price and costs and to adjust the decision-making process on this basis. In order for such functions of the accountant to be performed qualitatively, many of the tips given in the article are useful.
Reference
Wimley, C. J. (2009). Managing during the credit crunch. Business Credit, 111(6), 54–57. Web.