Gary McGaghey: Matters Facing CFOs in 2023

Based on current trends, navigating economic uncertainty will continue to be a key priority for CFOs in the future. This includes working closely with legal and compliance teams to ensure their company is prepared for potential regulatory changes and cybersecurity threats.

CFOs will need to prepare their companies for potential economic shocks such as inflation, rising interest rates, geopolitical unrest, and recession. This will require a focus on building resilience through cost optimization, efficient cash management, and strategic investments that can help drive long-term growth, noted Gary McGaghey.

Overall, navigating economic uncertainty will continue to be a complex and ongoing challenge for CFOs. By leveraging their financial expertise and collaborating across functions, they can help ensure their company is well-positioned to weather potential risks and capitalize on new growth opportunities.

Gary McGaghey: Enabling growth will remain a key priority for CFOs in the future, even in leaner times. This will require a focus on balancing price increases with long-term customer demand and fine-tuning compensation strategies to attract and retain top talent.

M&A may also be a viable option for enabling growth. In addition, CFOs may need to invest in selective, strategic hiring to support growth initiatives. This will require a focus on identifying critical talent needs and developing a comprehensive hiring strategy to attract top talent.

Overall, enabling growth in a more selective spending environment will require a strategic and data-driven approach that leverages advanced scenario planning and modeling to inform capital decisions. By focusing on key growth drivers, such as M&A, hiring, and compensation strategies, CFOs can help position their companies for long-term success, and sustainable growth, added Gary McGaghey.

CFOs need to invest in building a team with the right skills to leverage digital tools effectively. Finance professionals with analytical skills and expertise in data analytics, artificial intelligence, and machine learning will be in high demand. These skills are essential to unlock insights from financial data and drive strategic decision-making.

In addition to technical skills, CFOs need to look for team members who are adaptable, curious, and collaborative. These soft skills are critical to building a successful team and navigating an uncertain and dynamic business environment.

Adopting digital technologies requires a holistic approach integrating technology, people, and processes. By investing in the right mix of skills, CFOs can build a finance team equipped to deliver value to their organizations in innovative and lasting ways. Read more on London Loves Business: