Financial Outlook 2024: CFO Survey Findings & Growth Strategies
We recently polled over 100 industry-leading CFOs and financial experts regarding their top expected risks, challenges, and growth strategies for the coming year. This blog explores the top findings from the report alongside some brief recommendations for driving growth and efficiency as we approach 2024.
For a more detailed look and expert insights into how to make 2024 your most impactful year yet, download your copy of our 2024 Financial Outlook: Perspectives from CFOs here.
Top Findings from Bridgepoint Consulting’s 2023 CFO Survey
Labor and staffing among top challenges in the office of the CFO
Finding high-quality talent is a major issue for over three-fourths of finance leaders, alongside market competition and time. To face this, almost all survey respondents (98%) are planning to increase wages in 2024, with the majority planning for a 3 to 4% increase.
CFOs are prioritizing fixed income streams for capital
Due to a slowdown in growth investments and capital spending and uncertainty surrounding the economy, many CFOs are holding steady on their investments for strategic initiatives, real estate and technology. In addition, 63% are relying on internal cash flow as their major source of capital.
AI is rising in priority on the list of CFO technologies
One-third (33%) are gearing up for an AI investment in 2024, highlighting the need to focus on process optimization and automation to save time and cut down on overhead spend in the midst of staffing and economic concerns.
CFO Recommendations & Growth Strategies for 2024:
- Enhance EBITDA: Focus on implementing measures to increase EBITDA: reduce business expenses, improve inventory management processes, conduct audits to identify costly issues, and automate business processes to save time.
- Optimize Technology Systems: Prioritize systems optimization versus implementation to help maximize the value of your current configuration and ensure financial planning and analysis measures reflect current market trends.
- Hire Fractional/Interim Roles: Consider hiring interim or fractional support to strategically execute key initiatives and set the stage for future growth.
- Invest in Employee Support: Empower people by investing in their career growth, development and other areas of importance to them so they are motivated and incentivized to represent their organization.
Final Thoughts on CFO Survey Findings & Growth Strategies for 2024
For more information regarding what CFOs and financial leaders are doing to address their toughest challenges and drive innovation in 2024, download your copy of our 2024 Financial Outlook: Perspectives from CFOs here.
About Bridgepoint Consulting’s 2023 CFO Survey
The purpose of this study was to better understand the current challenges CFOs are facing and what measures they are taking to ensure growth and success. The primary research was conducted online from August 2023 through October 2023 across 100+ respondents in the United States.
Approximately 90% of the respondents came from organizations with over $100 million in annual revenue. The respondents came from a variety of industries, including industrial, technology, healthcare, real estate, consumer services, manufacturing, distribution, energy, finance, transportation, cultural institutions, consumer services, travel, non-profit, environmental engineering, construction, advertising and marketing, and pilot training. A team of Bridgepoint CFOs with industry experience developed the survey.
Disclaimer: Results from this study do not represent global findings or the market as a whole but reflect the sentiment of the respondents and companies surveyed.