The idea of a business world without the restrictions of Covid-19 may seem like a far-off dream for many, but with the recent vaccine breakthrough we might expect to be back to some sort of normality by Summer 2021. Business owners will know very well that we aren’t out of the woods yet, and the thought of kick-starting a business after the shattering effects of Covid seems almost as daunting as the current challenge of keeping ourselves afloat.

For these reasons and many more, we must address the critical post-Covid role of Chief Financial Officers (CFOs). At this point we should highlight that small business owners often play the unofficial role of CFO, CEO, CCO and so on, so don’t ignore the importance of changing roles just because your company doesn’t have a CFO or finance director.

It is paramount to the prosperity of your business that all businesses understand the changing role of good financial management.

A survey carried out by EY showed that around 86% of CFOs believe they will be required to “protect their organisation today, while enabling future growth”. 84% also agreed that they need to strike a balance between short-term results and creating long-term value.

In the wake of Covid and Brexit, we now face a level of unpredictability and relentless change for businesses that we haven’t seen for decades, if ever. Business owners and managers need to adapt to the uncertainty and predict their future while also bearing in mind the short-term needs of the business. Businesses need up-to-date performance reporting and forecasting. New systems and integrations are making this easier.

The finance function of businesses is moving to the front line, with financial advisors playing a crucial part in helping businesses navigate the labyrinth of 2020 and beyond.

At RB+ we take pride in providing bespoke advice to our clients and helping them take steps to protect and grow their businesses, especially during uncertain times. If you are worried about the future or would like to know how you can grow your business, get in touch by emailing  info@rossboyd.co.uk  or call 02895320155 and find out how we can help

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