Written by Beatriz Santos
on 5 December 2022
Generally, time flies. When you work in a fast-paced environment, sometimes you don’t even realise how fast it goes and, suddenly, you’re entering a new fiscal month yet again. CFOs might remember how they started this year — wondering how the last 2 years of COVID-19 lockdowns and pandemic restrictions would affect this year as the world move to return to some sort of normal. Sound familiar to anyone? Sooner than we expect, we will be celebrating the start of a new year.
It’s time to review some challenges that financial officers can expect to face in 2023 so you can be prepared to overcome them:
1. Future income
Some of the biggest worldwide economic magazines agree that the economy will slow its growth significantly in 2023 with some even predicting it will move into recession. How will this affect businesses?
The focus for CFOs is based on increasing revenue by promoting organic growth. To do this, CFOs should have strategies in place that are cost-effective and give them the highest return on investment. From focusing on your differentiators to targeting a specific niche, you will need to find the right strategies for you, your business and your employees. Just ensure that you have the right data as well, so your budgets are on point.
2. Finding alternatives to traditional Budget
Planning the annual budget can be an immensely frustrating task. Often, due to the time and complexity involved in the process, you find things have changed between starting and completing the task. So how do you save your time and end up with accurate budgets for when they’re required? The answer is very simple: rolling forecasts.
Properly maintained rolling forecasts increase the visibility of your finances and let you tackle those that are not performing as well. In the end, it’s all about making your company more accurate, driver-based and agile.
Finding the right software that allows you to securely and accurately execute your continuous planning can be tricky. There are countless vendors in the market but choosing the right one for your organisation that allows you to integrate all parts of the business (while running reports and sharing data) is an integral decision for your company.
3. Nurturing Talent
Your team and their roles change as fast as your company grows and technology plays a large part in these changes. To stay ahead of the game and retain your employees, you need to provide them with the right tools and help them gain skills. Not only will that have an impact on your team, but your company will benefit from it as well.
When employees feel that they’re valued and that the company invests in them, they are more likely to be loyal and remain in their positions. No one wants to see their top finance talent running to competitors!
If you’re looking for a technology partner that can help you embed some of these key steps, talk to us today. We have the expertise to ensure your business remains resilient through the coming challenges.
