Bohemia, NY (PRWEB) September 12, 2013
Lawrence Teicher, founder of CFO Consulting Services, LLC, comments on an article published by CFO.com, which details how the financial crisis changed the way businesses develop budgets and strategic plans.
According to the article published by [CFO.com on August 29th titled “New Strategies Around Strategy,” most companies develop an annual 5-year strategic plan, as well as an annual budget. However, most companies also didn't prepare for the financial crisis, which turned most 5-year plans into “worthless scraps of paper,” the article says.
In the article, Ken Esch, a partner at PwC says, “We’d never seen such change happen with such velocity, and we’d never realized just how connected we were to the global economy.”
While many strategic plans are now deemed useless, Lawrence Teicher, founder of CFO Consulting Services, says companies still need to develop new strategies to fuel them through the next five years. “After the recession, it became apparent that all companies, big and small, were affected severely by the decline of the global economy,” he says. “It happened quickly and no one was really prepared. Now, in the recovery process, business owners and CFOs must develop more flexible strategies.”
Teicher says strategic plans are always subject to change due to the changing market. “In order to prevent another economic disaster, companies must protect themselves by testing out their plans periodically,” he explains. “When you develop the plan, make sure you are accounting for change. This will help make your strategy more flexible and dynamic. Hiring an experienced CFO could help you create a plan with the ability to survive changing economic cycles.”
[CFO Consulting Services, LLC provides outsourced, part-time CFO services on an as-needed basis to both small and mid-sized businesses located in the NY metropolitan region. Founded by CPA and financial expert Lawrence Teicher, CFO Consulting Services follows four main principles: independence, objectivity, competence and confidentiality. These core values have led its clients to achieve lasting success in their businesses.