Have you future proofed your business?

Some CFOs don't have a clear vision of how to future-proof.

Are Australia's CFOs brave enough to guide their businesses for the next five years?

One in two financial heads of Australian companies fear business failure within five years if innovation and risk management isn’t prioritised, according to a recent survey commisioned by American Express.

But it seems many of the 285 CFOs surveyed may be overlooking their own crucial role in future-proofing their businesses.

“The appetite for innovation is definitely there. However many CFOs are still focused on ‘business as usual’ improvements, rather than transformational change that would make a real impact on their future,” says AMEX Global Corporate Payments vice-president Christine Wakefield.

“The businesses we talked to are financially successful now, but some CFOs don’t have a clear vision of how to build a future-proofing plan. It’s time to get cracking or face the repercussions.”

While a third of the CFOs surveyed had a high or very high appetite for risk, more than half said their companies lacked personnel dedicated to innovation. And only 7 per cent of those surveyed identified technology as the most competitive aspect of their business.

Read about CPA Australia’s Asia-Pacific Small Business Survey 2014 

This article is from the December 2014 issue of INTHEBLACK

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