skip to main content
X

REPRIORITIZING YOUR BUSINESS TO DRIVE INNOVATION

REPRIORITIZING YOUR BUSINESS TO DRIVE INNOVATION

ISSUES BUSINESSES ARE FACING

The rate of change in today’s economic environment is overwhelming. During these times of chaos and economic shifts, being innovative and agile is critical to survival and long-term success. Driving innovation needs to start quickly, but how can you be innovative if your business is hemorrhaging cash? First, you need to stop the bleeding. Specifically, there are immediate issues that must be quickly addressed:

  • Negative cash flow
  • Clear identification of work priorities to address current market conditions
  • Proper reallocation of your work force to best meet reshuffled work priorities

A critical first step toward innovation is to control your costs to “stop the bleeding”. Toward that end, here are some steps to get you started:

  • Establish a Governance Structure and Disaster Response Strategy
    • Establish a Special Purpose Project Management Office (PMO) empowered to make decisions in partnership with the Executive Team
    • Engage with your functional teams to encourage ideation from the people doing the work and create a dialogue to support change management
    • Develop a short-term strategic plan to immediately improve cash flow, rebalance your work force, and generate an ideation pipeline for innovation
  • Inventory and categorize current projects
    • Complete an inventory of all active projects, the goals, resource allocation, and respective timelines
    • Assess the current health of all active projects
    • Evaluate all active projects against the short-term strategic plan and your company’s Vision Statement to determine which projects remain vital to your company’s operations and which do not
    • Leverage the Special Purpose PMO as a central hub for communications and change management
  • Project Work Recommendations
    • Immediately stop work on projects that do not align with either the short-term strategic or your company’s Vision Statement
    • Pause projects that are supportive to your company’s Vision, but that are not aligned to the short-term strategy including:
      • Quickly wrap up ongoing activities to bring the project to a stopping place
      • Gather and consolidate notes, files, and documents from all functional groups
      • Make a prioritized listing of startup activities to build a rapid redeployment plan to enact when recovery is underway
    • Reallocate resources, as required, to better support the implementation of your short-term strategic plan

SOLUTIONS AND SUPPORT

We assist the execution of time-critical projects through our proven methodology. Our team of certified Project Management Professionals serve as a project management office or on an “emergency response committee” to provide discipline, direction, and communication so that projects remain on-track and are completed successfully.

  • Crisis Assessment and Planning
  • Portfolio Alignment
  • Portfolio, Program, and Project Management Governance
  • Project Management Infrastructure Development
  • Project Manager – Resource Solutions
  • Special Purpose Project Management Offices (PMO)
  • Project Execution and Management
  • Stakeholder and Communications Strategy Planning and Management
  • PMO and Project Management Health Assessments
  • Project Management Training
  • Plant Planning and Move Services
  • Change Management: People, Process, Technology

Hide Firm Disclaimer

©2020 UHY LLP. ALL RIGHTS RESERVED.

UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of "UHY Advisors." UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP and UHY Advisors, Inc. are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. "UHY" is the brand name for the UHY international network. Any services described herein are provided by UHY LLP and/or UHY Advisors (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.

On this website, (i) the term "our firm", "we" and terms of similar import, denote the alternative practice structure conducted by UHY LLP and UHY Advisors, Inc. and its subsidiary entities, and (ii) the term "UHYI" denotes the UHY international network, in each case as more fully described in the preceding paragraph.