Worcester Business Journal

18 Worcester Business Journal | September 27, 2021 | wbjournal.com toward re-integration? As you tackle the challenges ahead, remember the adage, "One day at a time." "One day at a time" is a great mindset to keep yourself in the here and now as you contemplate these next steps. When we stay in the moment and engage in here-and-now activities including meditation, yoga, tai chi, and prayer, for example, our brains begin to relax. e chemical response is to calm down our arousal center and experience decreased release of cortisol and adrenaline, two of the hormones at the root of stress. Whatever uncertainty and anxiety By James Jumes James Jumes, MBA, M.Ed., is a partner at Westborough accounting firm AAFCPAs. CFOs are ready for change when it comes to how they use data. An AAFCPAs survey of 200+ New England financial executives revealed they are seeking better ways to predict what is coming, in addition to the age-old practice of analyzing what has been. Their challenge lies in solving for people, process, and system limitations. 10) CFOs have fully embraced data. Finance executives seek to evolve their data management efforts to optimize the use of that data to cross over traditional boundaries of pure accounting. 9) CFOs see the big picture. The goal of the CFO is to provide clarity to the CEO, to ensure well-informed decisions. This effort suffers with a lack of visibility. 8) COVID changed the way we think about data. In 2021, CFOs believe a focus on the future is more imperative. 7) CFOs are asking the right questions … almost. CFOs reported progress in defining questions answering "What happened?" and "Are things within tolerance of contracts or statutes?" However, they are lagging in "What will happen?" and "What do we need to do to make things happen?" 6) The crystal ball needs better batter- ies. Predictive analytics have risen as the top priority. Unfortunately, more than 75% of CFOs say they don't have adequate data. 5) CFOs know the right path, but the con- straints are real. The most significant barri- ers to turning data into actionable information are a lack of sufficient tools and personnel. 4) People, people, people! In 2017, 33% percent of CFOs identified a lack of available human talent as the primary challenge. Today, that number is 49%. 3) To see is to believe. Data visualization tools, such as dashboards, are evolving quickly to help CFOs provide financial clarity. 2) The pandemic created a new emphasis on expecting the unexpected. Great data is the only way to modernize scenario planning. 1) The struggle is real – and has real consequences. Without the right data, CFOs have less visibility and insight, are held back from developing a full picture, and cannot present the most compelling points. This could lead to budget constraints due to un- certainty, and less investment in the talent. K N O W H O W Beyond COVID: Get your mind ready for business Y ou may not think you know what organizational development is if you weren't a business major, but if you've rolled out a new project- management soware system, created a vision statement, implemented lean management practices, or set up a compensation program at your organization, you're in the midst of it. Organizational development is moving an organization toward change with action-oriented practices, and it's rooted in a company's core goals or purpose. It's basically anything strengthening an organization from the inside out or motivates people to do so. It's a great way to lure and keep talent, says Entrepreneur.com Contributor Aytekin Tank. With Millennials and Gen Z employees expected to comprise 58% of the workforce in the next decade, we need to pay attention to how they best function. Younger workers expect more training from their employers than previous generations, such as organizational development offers. It highlights areas needing attention within your company. Problems in your organization become front and center, which is the first step toward finding solutions. "For example, you may discover that productivity declines at your workplace aer lunch, which jeopardizes projects with imminent due dates. To resolve this issue, you can front-load projects with important timelines at the beginning of the day, and backload projects with greater timeline flexibility to the second half of the day," writes Sampson Quain at SmallBusiness.chron.com. Effective change management programs would have difficulty getting off the ground without organizational development. It makes your firm more money via higher profit margins, which can then be re-invested into your organization to power more organizational development, says Andrew Greenberg at ContractRecruiter.com. ese higher profit margins are built with a combination of higher productivity, lower expenses, and higher sales. 1 0 T H I NG S I know about... ... How CFOs plan to use data BY SUSAN SHALHOUB Special to the Worcester Business Journal 101: O R G A N I Z A T I O N A L D E V E L O P M E N T BY LEIGH-ANN LARSON Special to the Worcester Business Journal T here is no denying the enormous financial and emotional toll COVID-19 has taken on business owners. Worries over the ability to keep their doors open, employee safety, and what their post-COVID business will look like are among the many stressors keeping entrepreneurs awake at night. e corner to a return to normalcy is starting to turn now that more than 65% of all Massachusetts residents have been fully vaccinated, according to the Massachusetts Department of Public Health, with some 59% of those living in Worcester County as of mid-September likewise protected against the virus. Live music events, art exhibits, and botanic garden venues throughout Central Massachusetts greeted a population hungry for social and entertainment sustenance this summer while businesses of all varieties are beginning to return to an in-person workforce. is return to routine is unquestionably positive, but it won't be without its challenges. So, how can business owners make the road forward a little less bumpy for themselves and employees as we move Leigh-Ann Larson is founder and CEO of Bellingham mental health provider Elevate Counseling Services. you as a business owner may feel about re-integrating to a more normal work environment, those feelings are probably shared by your employees. It's important to be thoroughly clear in communicating your plans. If you are shiing back from remote to in person, provide as much detail as possible. Listen to concerns employees may have and take positive steps to assure them they are being heard. When planning your company's re-integration, be as flexible as possible. It's important to consider your employees' childcare needs, and their own concerns about health and well-being. Take the time to genuinely listen and accommodate as you can. ese conversations provide an opportunity to address what the company has been through over the past year – and how it impacted your employees both professionally and personally. "We're all in this together" is much more than a cliché. One of the greatest gis I have come to embrace as a counselor is the realization I am never alone. I have never gone through nor will I ever go through anything someone else has not overcome. And right now, your employees may need to be reminded they are not alone. You are, indeed, all in this together, working toward a common goal. W W W

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