According to Deloitte’s 2022 European CFO Survey, a lot of CFOs are realising the extent of the financial and economic uncertainty that they are facing. In fact, 57% of those asked are feeling pessimistic about their company’s financial prospects. It’s easy to see why 2023 is expected to be a turbulent year for CFOs, but there are things that they can do to prepare. By taking note of the likely challenges, CFOs can put everything in place to weather the storm. 
1. Navigating Complex Systems - Until now, CFOs would be dealing with one or two systems at once, but 2023 is a year in which everything is happening at the same time. Political uncertainty, supply chain issues, rising energy costs and climate change are all hurdles that need to be overcome. For CFOs, it’s impossible to know how long the threat of recession will go on for, which makes it difficult to plan ahead and manage the company’s finances correctly. 
2. Raising Much Needed Capital - With rising interest rates and a high cost of borrowing, a lot of CFOs are struggling to raise capital. Simply, lenders are not offering the appealing terms that they once were. The high-interest rates will impact company cash, and CFOs are going to have to look at long-term borrowing by looking for potential investors. CFOs might have to postpone planned dividends, or save money through energy efficiency. 
3. Coping with Margins and Balance Sheets - The Bank of England is predicting that the recession will last well into 2024, meaning that high costs, contracting growth and rising interest rates are not going away any time soon. This is leading to a growing number of markets changing their prices, and CFOs will need to find a way to balance things. This could involve securing long term supplier agreements or cutting unit costs. CFOs will need to focus on cash flow and margins more than ever. 
4. Hiring and Retaining Top Talent - For many CFOs, the biggest challenge in 2023 is going to be finding and retaining talent. A lot of CFOs have had to cut back this year due to financial challenges, which has created a lot of uncertainty within an organisation. There are a lot of ways to boost employee retention, including creating an open and honest team environment, and letting employees know that you can weather the financial storm. Even CFOs who didn’t have to cut back on hiring are now facing employee retention problems, especially in light of the obvious skills shortage. In 2023, it will be important for CFOs to reassess their recruitment efforts, and ensure that critical roles are prioritised. Plus, a focus should be placed on finding undiscovered talent already working in-house. 
5. Utilise Limited Resources - As many resources are now limited, CFOs need to better utilise what they have. A good understanding of the business’ processes is key, and investment software could be something that many companies benefit hugely from. As we learned from the 2008 recession, investment can help a company to grow rapidly once things return to normal. CFOs will need to manage performance information better - this can be done by strengthening partnerships between products and supply chain management - in order to grow profits. 
It is clear to see there are many challenges for CFOs in the year ahead, if one of your key challenges is hiring and retaining talent that is where we can help to alleviate the pressure. We are true experts in helping companies attract top talent, if you would like to have an explorative chat to see how we can with your help with your hiring strategy get in touch today
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