New 2023 ProCFO Partners Survey Notes Florida CEOs Rank Staffing and Supply Chain Issues Ahead of Economy
Feb 28, 2023
Florida CEOs Concerned About the Economy, But Say Staffing and Supply Chain Bigger Issues
What’s keeping Florida CEOs up at night? According to a recent survey by ProCFO Partners of 45 of its CFOs, economic uncertainty remains an ongoing concern, but more pressing issues are hiring and retaining the right employees and managing ongoing supply chain issues.
The ProCFO 2023 Survey mirrors a recent Gartner Business Quarterly 2022 Q4 Survey reporting that amid a triple-squeeze of sustained inflation, talent scarcity, and continued global supply chain disruptions, 76% of corporate leaders say they will need to make significant pivots in strategic plans more frequently in what it dubbed the “Weird Economy.”
Positioning clients to plan and pivot, ProCFO Partners says 2023 isn’t an outlier, but in fact, provides SMEs with significant opportunities to achieve sustainable growth. In fact, notes Juan Ramirez, Managing Director of ProCFO Partners South Florida Region, we think calling 2023 a weird economy is a misnomer. Rather it’s an Opportunity Economy. This year, like any other, smart businesses will be focusing on sound financial growth strategies.”
While a recession still poses a threat, 2023 is a time for business leaders to be nimble and hyper-vigilant, Ramirez says, adding that “ProCFO Partners is addressing our clients’ needs – in Florida and nationally – to developing market-appropriate pivot strategies for improved cash flow, better compensation models to retain and recruit talent, as well as for improving financial and operating systems and processes to minimize supply chain disruptions.”
For savvy businesses that recognize their vulnerabilities and are willing to create a nimble strategic plan, 2023 will be a year to leap ahead of the competition, says ProCFO CEO Nelson Tepfer. “In South Florida particularly, clients are feeling acute pressure in their supply chain logistics. So we are helping them build sound financial strategies that support cash flow requirements, anticipate risk, and forecast market shifts to establish opportunities and competitive advantage in their unique marketplaces.
“Recently,” adds Tepfer, “We secured a large line of credit for a client, enabling them to place a substantial and essential material order with a vendor. The order size prioritized the vendor’s fulfillment and, in turn, enabled our client to deliver to their customers ahead of the competition.”
In times of uncertainty and crisis, businesses need to pivot their strategies to survive and thrive. As the financial backbone of a company, a CFO plays a crucial role in this process. According to the 2023 Coupa Survey of 600 CFOs, CFOs report that the top three strategies for 2023 to increase profitability include:
- Increasing efficiencies
- Increasing digitalization
- Retaining employees
ProCFO Partners conducted a survey of its 45 CFOs to dive deeper into what keeps CEOs awake at night. Respondents expressed that CEOs are worried about the economy and a recession but 63% of those that identified the economy as a top worry also shared that this is a constant worry because it hasn’t really changed recently. The bigger story is cash flow management: Not only whether SMEs have enough cash for economic dips but also, is excess cash working for them correctly?”
The #1 concern keeping CEOs awake at night are personnel challenges. Josefina Garcia, CFO and Principal at ProCFO Partners elaborates, “CEOs are worried that, for where they want to go, they need expertise that are not currently present in their team.” CFO Joe Shake agrees, “Personnel is huge right now! Finding good people and then retaining them is tough!”
Scarce talent at the leadership level doesn’t mean businesses should skimp on strategic direction. A fractional CFO helps businesses navigate through critical periods by providing financial analysis, cash flow strategies, and critical strategic planning. ProCFO was created to provide access to an expert CFO for companies that don’t need, don’t want, or can’t afford a full-time CFO.
Sources:
- Gartner Business Quarterly, Q4 2022
- Coupa CFO Survey, 2023
- ProCFO Partners CFO Survey, 2023
ProCFO offers distinctive fractional CFO services that harness the proven leadership of the team across every industry and strategic business scenario. ProCFO is the only financial management think tank with a powerful collective intelligence and expertise of over 45 highly accomplished CFOs. Since 2020, ProCFO has helped over 150 SMEs surpass their top financial management and growth priorities. Learn more at https://www.procfopartners.com. Follow ProCFO Partners on LinkedIn using #ProCFO to gain the latest expert insights and key trends shaping corporate finance. Subscribe to the Create the NextTM podcast to explore strategies and ideas for financial management and growth to help today’s businesses put their financial picture in context.
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