2020 has already shown us that nothing is certain. However, knowing where you stand, being ready and able to pivot, and keeping your eyes fixed on the future can put you on a path for success even in uncertainty.
Bounce Back? Or Bounce Forward?
Business will get back to normal, but why stop at normal? For the modern CFO, the goal shouldn’t just be to bounce back—but to set his or her business up to bounce forward.
We’ve already seen years of economic growth over the past decade, and despite the hiccup of 2020, there is a surprising level of optimism among leaders—at least considering the fact that we are in the midst of a recession and a pandemic. Both of these will pass, and if you’ve made it this far, you already have an edge on some of your competitors.
A recent Acumatica blog titled The Decisive Distributor: How the Cloud Puts Distribution Leaders in Control asked this very question, highlighting the value of cloud ERP in providing connectivity, intelligence, and flexibility for business leaders. As we approach recovery, CFOs need the ability to act on the right information at the right time—and for some, the right option might be to reenter the growth mindset you had less than a year ago.
Planning for 2021: Making Decisions with Big Growth Energy
Though initially written for the challenges of growth in 2018, the Acumatica blog titled Top Technology Challenges for the Modern CFO: Planning for Growth explored just how much of a challenge that developing a growth strategy is. However, this article also provided valuable insights for leaders, discussing how the right technology can help CFOs take control of their growth and forge the path to success. Here are some of the takeaways.
Setting Goals and Financing Initiatives: The CFO is There to Support and Facilitate Growth
As a CFO, you have influence over everything. New sales? It’s on you to run the planning and budgeting meetings. Exploring new markets or releasing new product lines? Your team needs to explore the financial impact. Figuring out how to streamline or transform your business model? Again, just another part of your job.
As a CFO taking charge of your company’s growth strategy, you not only need to have the right information, you need to remain flexible. In turn, this means putting the people, processes, and technologies in place ready to grow and evolve as your organization changes.
Technology can help, and new advances in financial reporting and products can help uncover information that not only identify past successes and losses but also identify proactive steps to improve the company’s performance.
Even better, an embrace of technology can streamline processes and empower decision makers to focus on high value activities. By reducing the time it takes to gather and process information, you and your staff can spend more time interpreting and advising on the data.
Remaining Adaptable in the Face of Change
Growth means change. Paired with the recent changes that have taken place over the past year, even minor growth will likely rely on or require significant change. Change is constant, and CFOs need to continue to evaluate the business and ensure processes are improved to continue to be efficient and effective.
Understandably, for many organizations, change is rarely simple. Whether internal or external, you need to understand the impact that change will have on your industry, your company, and your financial staff. Whether it’s people fighting back against new workflows or competitors attempting to outmaneuver you, it’s vital to lead with purpose and vision while keeping your organization flexible and adaptable.
A Variety of Tactics to Achieve Greater Strategic Goals
As mentioned above, growth strategy is a strategy. Strategy requires tactical success as well. What starts with goals needs to funnel down into steps needed to achieve those goals. With a clear organizational focus, the CFO can help lead the company in implementing specific growth strategies that support each identified goal.
In this, achieving these goals requires knowledge of how well you’re progressing and what steps you need to take to correct course. Decisions can’t wait, and need to be made with the right information. Financial management software with modern financial reporting capabilities that allow you to capture the kind of data that leads to insights and puts you in a position to make better decisions faster.
Recovery or Renaissance? Leading Your Business into the Next Decade
If you’ve felt like 2020 has felt like a dark year, you’re not alone. However, 2021 is coming, and if you’re looking to establish your company as one that is resilient and ready for whatever is next, the right solution can help.
As a mainstay in the business management and ERP software industry for the past three decades, Kissinger Associates has helped companies just like yours to increase productivity, improve decisions, and empower your staff. From implementation to training, the right partner can help you on your journey.