Financial Challenges in 2017

create your monthly budget2017 and beyond seems to be a difficult time for businesses. With the global financial situation affected by Brexit, by a divisive and embattled new presidency in the US and an upcoming General Election in the UK, it’s difficult to plan beyond the immediate weeks or months.

For reassurance and reflection, here are some of the bigger challenging issues facing businesses at the moment, and some tips to help.

Financial Management

With changes in government, both at home and more broadly, we can expect new financial regulations to come into force. Donald Trump has announced various high level reforms he intends to make to businesses, and at home in the UK, there are likely to be many new rules brought in to cushion or capitalise on our withdrawal from the EU and the Single Market.

At times like this, large firms need a good CFO, and smaller businesses would benefit from an experienced Financial Consultant. As Jon Burr puts it, “the convergence of ecosystems within financial services across banking, capital markets, asset management, insurance and professional services, all in an environment of increased technological innovation and regulation, is creating a new paradigm”.

This is a lot for a single individual to keep track of, and CFOs in this new ecosystem need to be exceptional individuals. It’s worth consulting a specialist recruiter like Savannah Search to make sure you have the best person for the job in your business.

Technology and Change

The pace of change in technology is only accelerating. Knowing when to jump aboard a new trend, and when to watch carefully is one of the best skills you can cultivate.

A good CIO can help you here, providing updates and expert opinion to aid your judgment. You can also bring a common sense balance check to suggested innovations from your tech experts. Remember, just because something is new doesn’t mean it will automatically be worth doing.

Always remember to check if you are filling a real gap in the market and remember the example of the feature rich, ruinously expensive juicer, which nearly wiped out the founder’s business when it was found the bespoke fruit packs could be squeezed by hand, without investing in the $400 machine. Don’t be a Juicero.

As long as you apply your practised business instincts to each new proposition, you can avoid sinking too much investment into an idea which may never return it.

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