Focusing on stability rather than looking solely at growth
High inflation rates and rising interest rates were major challenges for businesses in the UK in 2023, and the situation remains complex for many organisations. If you look at information from the Office for National Statistics (ONS), you can see that challenges remain for many businesses in the UK as we progress through 2024.
Overall growth is expected to be slow despite expected falls in interest rates and inflation. This means that although experienced Finance Directors always have growth in mind, in 2024, the focus must also be on maintaining stability and withstanding disruption.
Understanding how technology is changing the landscape
Modern Finance Directors know that technology has changed the world around them and continues to do so. They understand the importance of investing in data analytics, automation, AI, and machine learning.
This type of investment is a priority that will continue in 2024. Attending to this priority helps finance professionals ensure their organisations remain competitive as new tools and startups enter the marketplace.
Promoting digital transformation
Finance Directors play an integral role in business strategic planning and finance. This puts them in the perfect position to promote adopting new technology within a company. Given the financial climate, this is an ongoing priority, as transforming digitally improves efficiency, creates flexibility, and increases resilience.
For example, digital technology provides access to large amounts of real-time data. This data allows finance directors to strategically plan the best way forward for the business effectively.
Creating value for customers and the organisation
In the past, Finance Directors were associated almost solely with the numbers and operated at a distance from the company’s customers. However, this situation has changed in recent years. Understanding customers is now a priority for finance professionals and will continue to be throughout 2024 and beyond.
The reason for this is that understanding the company’s customers allows Finance Directors to allocate resources in a manner that helps the business to survive and thrive.
The priorities we have highlighted all feature in the business life of Finance Directors for 2024. Top professionals know that combining these priorities gives them the best opportunity to promote strength and growth in the organisation. Given the current difficult financial climate for companies in the UK right now, supporting the business in this way is an essential aspect of the role of a Finance Director.
