Fiscal Responsibility in Uncertain Times
Written by: Errol White B.MGT, DBA
In today’s current uncertain economic and political climate, fiscal responsibility carries more significance now than at any time since the COVID-19 pandemic. For me, as Chief Financial Officer at Solution Services, it means that for our clients, our vendors, and our employees, Solution Services can be looked at as the “anchor in rough seas.”
All three of those groups – clients, vendors, and employees – have different needs but ultimately realize the same expectations. Our clients need to know that the investment they are making in us is returned with industry-leading equipment, exceptional people, and fair, consistent pricing. While our operations team provides the field solutions our clients need, the finance side of our business works to develop long-term pricing initiatives that ensure steady and consistent rates that don’t fluctuate with the market. When projects are awarded twelve to eighteen months in advance, this pricing stability is critical.
This same strategy is applied with our vendors and subcontractors. Our vendors need to know that we will work together to find common-ground solutions to new problems and that we will stand right beside them in volatile markets to ensure every new hurdle is met with a promise – that we will meet our obligations to them.
And finally – perhaps most importantly – our employees need to know that when they look to the future, they can count on Solution Services to be there. Whether it’s buying their first house, planning for their children’s education, or looking forward to retirement, our people rely on us. While Solution Services at its core is a business, it’s the work our employees do here that enables them to achieve their goals and dreams. We need to make sure that opportunity continues to exist tomorrow, next year, and hopefully for decades to come.
Managing these three key stakeholder groups can only be done by looking at the big picture. We understand that only by reinvesting in our people and our relationships can we provide that security to our clients, vendors, and employees. We want our clients and vendors to know that we aren’t interested in working together on just one project. We want to be someone they can collaborate with on a variety of projects for years to come.
The only way to consistently achieve this is by understanding that some ideals are so deeply ingrained in our culture that the costs associated with them are untouchable. We will not compromise on our people or our equipment to improve the bottom line. We will always conduct ourselves and our interactions with respect and integrity.
That said, we are always looking for ways to be more cost-effective in our commitments. As a finance team, I expect everyone to put just as much effort into reducing costs and bringing efficiency to the forefront as our operations teams do in the field. They set the bar incredibly high – but if we match them, work with them, and collaborate with them, we can continue to provide the stability our clients, vendors, and employees are looking for. Initiatives like JIT inventory management, zero-based budgeting, or moving to paperless operations are just a few examples of how we can continue delivering excellent service while making every dollar stretch a little further.
Even with a great team and the best intentions, these goals can still be challenging. The biggest challenge I face? It’s the same one we all face – what is going to happen tomorrow? What will change over the next six months? Where will we be in three years?
Whether we’re looking at our own personal finances or charting a path forward for a company like Solution Services, it’s in our best interest to focus on what’s important and what we can influence. Federal monetary policy and commodity pricing will always be beyond our control. But how we plan for various outcomes is something we can control. The future isn’t nearly as intimidating when you’re prepared for any outcome. We have to remain aware of threats on the horizon, but we can’t let fear of the future paralyze our decision-making. We can dream of better days, but we also need to plan for the speed bumps along the way.
And finally, the most important piece of the puzzle is staying in touch and communicating this message to our clients, vendors, and our people. This message comes through in both our words and our actions. We want all of our stakeholders to know that we are here and we are working to provide them with a sense of stability and reassurance. We are here to identify the problems, work together to find the answers, and ensure there is confidence that – even through turbulent times – we will all get through it.
Together.