To end our week, we want to bring you a survey done by the Financial Executives Institute or FEI. They do this periodically. It’s “what’s keeping CFO’s up at night.” This survey captures three things, and it’s probably impacting your business as well.
The first one is the uncertainty and isolation of the new normal. This encapsulates almost everything that’s happened in the last 12 months: people working remotely, some people not working remotely, what to do with office space, how do you build a culture of people when they’re not together… That’s why Google and a lot of other bigger companies have already said everybody’s going to be expected to be back in the office by a certain date here in the future, not too far away. Why are CFO’s worried about this? Because inefficiencies cost resources. If you are changing how you’re gonna use office space, that impacts finances, of course, and generally it impacts the culture and the productivity of the business all around. CFO’s are mainly charged with forecasting the results of operations, and all of that has an impact on the operations.
The second thing: CFO’s are looking at difficulties in accelerating a digital transformation. We’ve actually touched on this before. Every business on the planet is in some stage of digital transformation, even if you’re just using quickbooks and looking to figure out a way to have digital files, so you might start using something like Dropbox. Whereas other companies are further along the scale, and they’ve got artificial intelligence processing digital documents. There’s been a lot of accelerating in digital transformation during COVID-19. It had to be done. It’s one of those things that’s easy to get started, but you get about 80% done and then you’ve got to finish that last 20%, and it’s critical that it be done well and done correctly, so this is also on the minds of CFO’s everywhere.
The last thing is the concern about changing consumer profiles. This one we found really interesting, because not only has everything in our businesses changed in the last year, but consumer behavior has changed too. This is something that business models themselves, the very way a business does business, are based upon consumer behavior and how that’s impacting your business. It’s costly to change models. It takes a while to figure out what the new model should be, so how that’s impacting your future short term or long term is critically important to most CFO’s, and one that CEO’s and CMO’s are all trying to figure out together.
So we found this really interesting! FEI is a great institution that you might want to take a look at and check out the article we linked above. We would love to discuss any of this with you, so reach out and give us a holler!