Being a finance professional can be a tough ask at the moment – but what is it in particular that’s keeping them up at night? And more importantly, how can these issues be tackled head-on, and shift from a worry to a win?
Recent research from CFO Research and American Express, The New Era of Value Discipline, listed the biggest concerns for finance professionals in various sectors – government, policy or regulation changes topped the vote as the biggest worry according to 46% of respondents, with ongoing financial threats close behind (30%). Significantly lower down on the worry list was production and delivery-related threats to growth (16%).
I was interested to see the biggest perceived threats within each of these categories – in terms of government and policy, the biggest worry for finance is new and expanded regulatory requirements; for financial threats, it’s a greater exposure to changing currency exchange rates, and for production and delivery, its (perhaps unsurprisingly) rising prices.
But finance professionals may be giving themselves more headaches than they should. The easiest way to negate these worries? Get ahead of the curve; use the old Boy Scout motto “be prepared”.
Now I’m not talking about hoarding cash like aggrieved Barclay’s customers recently, or trying to think of every eventuality, but to think more in terms of the end eventuality. Part of the business problem is that these issues are being viewed separately, and treated as such, when in fact they are all interlinked and should be seen as part of a bigger picture.