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 discussing how data protection would affect the income of 2018 when GDPR came into effect. Familiar to anyone? That may seem like eons ago, but GDPR began only 5 months ago.
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 2019 so you can be prepared to overcome them:
- Future Income
Some of the biggest worldwide economic magazines agree that the economy will slow its growth in 2019. How will this affect companies?
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.
- Finding Alternatives to Traditional Budget
Planning the annual budget can be an immensely frustrating task. Often, you start creating the budget but, as it is a very long process and ties up heaps of resources, things have changed by the time it’s completed. 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.
- Nurturing Talent
Your team and their roles change as fast as your company grows; technology plays a large part in these changes. To stay ahead of the game and keep 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 to a company and remain in their positions. No one wants to see their top finance talent running to competitors!
As mentioned at the beginning of this article, the new year will arrive before we even realise. Surprises are not always favourable, so remember to be prepared for various challenges that may come your way next year.