Priorities for Finance Directors in 2024

March 4th 2024 | Posted by Dave

The role of a Finance Director naturally involves cutting waste in the organisation while ensuring improved return on investment and revenue growth. Within this remit, ongoing priorities change with the business and financial landscape.

So, top finance professionals understand how vital it is to ensure the basics of their role are attended to while keeping informed about developments in finance and the market that may influence their priorities. With that in mind, we will examine priorities for 2024 that will influence the planning of forward-thinking Finance Directors.

Remaining focused 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 in an uncertain financial environment.

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 companies currently operate in, this is an ongoing priority in 2024, 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.