The challenges of the past year have reinforced the importance for CFOs and other finance leaders of small and medium-sized businesses (SMB) to balance business execution in the present while investing in capabilities for the future. Historically, finance has focused on strategies that protect value. Since CFOs and other finance leaders often sit at the center of the decision-making conversations, these individuals are in a unique position to create business value and spur growth.
SMB finance leaders wear many hats. They often assume the responsibility of other key operating areas and continually assess risks and opportunities for the business. When identifying opportunities to drive growth, finance leaders must think through the answers to these two questions:
- What can I do to create value?
- How can I influence decisions to foster a resilient and diverse organization?
Additional insights about how finance leaders can drive impact are captured in our latest Leading Through Change in Finance e-book.
When speaking recently with our SMB customers, many have shared their focus on maintaining remote work, cash flow, and staying connected in a secure way. Business continuity in a “work from home” model has been crucial. Many of them have been so focused on protecting the business that they have not thought about helping their companies invest in the future.
Here are three strategies that can help finance leaders adapt to a changing business environment, improve efficiency, and create capacity:
- Resource allocation matters now more than ever. As market trends and customer behavior continue to shift rapidly, finance can re-direct existing resources for optimal impact. Welcoming change with an open mindset enables you to see the opportunities as they arise and gives you the ability to decisively chart your path.
- Leveraging technology to advance digital transformation. Technology can help your business thrive in any environment. Implementing solutions that align with your business and organizational goals enables your team to turn financial data into insights that drive innovation.
- The right partnerships are key. Developing strategic business partnerships that provide your organization with access to deep skills and knowledge can fuel growth and enable your company to focus on its core areas of expertise.
A few weeks ago, we sat down to talk in-person about the role of CFOs and finance leaders have in SMBs today and how they can create value for their organizations. Here are some highlights from that conversation: