What’s behind the post-holiday rush? At the Florida CFO Group, we’ve seen how the day after a holiday becomes crunch time for CFOs. Discover why it happens and how businesses can stay ahead of the curve. #FloridaCFOGroup #FinancialLeadership #BusinessStrategy
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A #CFO's job is evolving and its mission impossible. What will it take to survive as a modern CFO as isolated decision-making isn't a part of the future? No longer just the financial gatekeepers, today's CFOs are thrust into an unforgiving landscape where the stakes couldn’t be higher. With the entire fiscal health of their organization resting on their shoulders, they must make critical decisions in the face of economic turmoil, shrinking #margins, and escalating #laborcosts. In this high-stakes environment, where every misstep can be costly, is the modern CFO’s role becoming unmanageable? Our finance editor Marie DeFreitas found out in our October #coverstory, where you can hear from several executives, including Pat Keel, CFO at St. Jude Children's Research Hospital, Brandon Williams MBA, ACHE, CFO at Providence, Doug Watson, CFO at Allina Health, Kurt Barwis, CEO at Bristol Hospital and Health Care Group, Inc., Tom Quinn (He/Him), senior partner at WittKieffer, Kyle M. Wilcox, VP, finance, at MercyOne, and Rick Gundling, senior VP for content and professional practice, and Healthcare Financial Management Association (HFMA). Read the story here: https://lnkd.in/gn2uzZZx
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Hello and welcome to Wednesday. McDonald’s is extending its $5 meal deal after 93% of its restaurants voted in favor of it. Take that, greedflation. Future Forward This year, more CFOs are setting their sights on the future. At least, that’s according to McKinsey’s latest CFO pulse survey, which showed that far more CFOs are prioritizing long-term and strategic planning this year than in 2023. More than half (55%) of the 126 global CFOs polled said that long-term planning was top of mind for their finance functions, up from 30% last year. And 6 in 10 said strategic planning was a priority, versus 38% a year ago. This year, CFOs are taking a more measured stance toward investment. Nearly half (46%) said their companies’ level of investment would remain “unchanged” over the next 12 months, twice the percentage (23%) who said so last year. Only 4 in 10 said they’d be investing more, versus 57% who did last year. Supply chain issues have come to the fore as a key risk. Nearly half of the CFOs surveyed (49%) chose supply chain disruptions as a pressing risk, more than twice the percentage who did so last year (20%). Respondents also viewed economic volatility as an important risk. AI’s still in its infancy: Only a fifth of respondents said they were using generative AI, and of that group, about half (49%) said their AI projects were in the pilot or experimental phase. What comes around... Imagine laying off thousands of employees, only to turn around and have to hire nearly as many back… Well, Sasan Goodarzi, CEO of financial software company Intuit, announced performance-related layoffs affecting roughly 1,800 employees in a company-wide email last week—but plans to hire nearly the same number of employees, many for AI roles, Business Insider reported. Meanwhile, Tesla, just a few months after announcing layoffs affecting 10% of its staff, recently posted nearly 800 job listings, many also for AI jobs. Today’s top finance reads. Stat: $1.8 billion. That, reportedly, is how much Amazon’s willing to pay for the media rights to a package of NBA games. Warner Bros. Discovery, whose contract with the NBA ends next season, has offered to match the deal. (CNBC) Quote: “If you’re a lawyer for CrowdStrike, you’re probably not going to enjoy the rest of your summer.”—Dan Ives, tech analyst for Wedbush Securities, on what may prove “the largest IT outage in history.” (CNN)
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UH Chief Financial Officer Bradley Bond, CFA, CPA, MBA, was named one of Becker's Healthcare's 160 CFOs to Know for 2024. According to Becker’s, the chief financial officers featured on this list are helming financial functions for health systems and hospitals throughout the U.S. and are instrumental in strategic financial planning, expansions and joint ventures for their organizations. In selecting Brad for the list, Becker’s noted that “Mr. Bond plays a pivotal role in implementing the organization's mission investment strategy, which is focused on community health initiatives and addressing inequities. Amidst challenging economic landscapes, Mr. Bond's leadership has steered UH through financial crises, including navigating the recession and addressing post-pandemic challenges like supply chain disruptions and workforce shortages. Under his guidance, UH has exceeded financial targets, with ongoing initiatives to deliver care at lower costs and maintain credit ratings. With over 30 years of finance executive experience, Mr. Bond's tenure has seen successful debt restructuring, bond issuances and strategic acquisitions.” Brad assumed the role of CFO at University Hospitals in February 2024 and was recognized as a "Notable Leader in Finance" by Crain's Cleveland Business earlier this year. Read more: https://lnkd.in/gFj9JgEG Congratulations, Brad! #UHProud #healthcareleadership #leadership #financialsustainability #strategicplanning #financialplanning #missioninvestment
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Great article from Chief's Courtney Connley on the importance of prioritizing company goals. Great marketers know the importance of ensuring that brand equity is part of the conversation. That’s how you build resilience to thrive before, during, after financial storms. Multiple studies connect it to financial outcomes. CMOs and CFOs must collaborate to balance short-term and long-term goals to create sustainable value for brands in uncertain times.
From inflation to budget cuts and hiring freezes, financial challenges can easily throw a wrench in company productivity. To help executives navigate it all, we spoke with Chief Financial Officers from Blue Cross Blue Shield Association, BrightAI, and Brinkmann Constructors about their best advice for hitting organizational goals during moments of economic instability.
Chief | How to Prioritize Company Goals Amid Economic Uncertainty, According to 3 CFOs
chief.com
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The Accounting Profession is witnessing a Changing of the Guard 💂♂️ ♻ 💂♀️ Barry Melancon, the CEO of the AICPA, is retiring after ~30 years of leading the governing body of the accounting profession. 3 decades of servitude is a long time and should be applauded. Barry was 37 when he became CEO, maybe it's time for another 30 something to take the reigns? ------------------- Facts: 👉 Millennials make up the majority of the workforce 👉 Senior citizens make up the majority of CPA’s ------------------- Torches are being passed in all corners of the accounting profession. We're in the midst of a modern makeover. 💂♂️ I welcome the Changing of the Guard. 🤔 Anyone else excited for the new era of leadership? #Accounting #Finance #AccountingandAccountants —------------------------------------------------------------------------------ 🚀Check the No Flux Given playbook and Sketchy Business Practices course at MikeFromAccounting🚀
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Finance chiefs are on the move. In just the first quarter, a total of 82 new CFOs were appointed at public companies—matching the record turnover seen in Q1 2021, according to executive search firm Russell Reynolds Associates’ quarterly index. Taking a look at the S&P 500, for example, 4.8% of CFOs left in the first quarter, compared with 2.8% who did so at the same time last year, meanwhile the incoming figure of 5.8% was markedly higher than last year’s 3.8%. However, when a CFO eventually ascends to the CEO seat, there is usually an interim step between CFO and chief executive, such as being the COO, president, or the general manager of a division. Read more in the #CFODaily newsletter:
Why CFO turnover at public companies just hit a 3-year high
fortune.com
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What North America’s top finance executives are thinking—and doing 2nd quarter 2024 results with a focus on CFO succession planning & board roles #SidetradeALeader #SidetradeDataLake
Deloitte publishes its Q2 2024 North American CFO Signals survey
deloitte.com
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"When CFOs Become the Saviors: 23andMe’s Gamble or Masterstroke?” 23andMe’s recent move to appoint three former CFOs as independent directors after an entire board resignation is raising eyebrows in the business world. The board's mass exit came after disagreements with CEO Anne Wojcicki over her plans to take the company private, highlighting serious leadership friction. Add to that a recent data breach affecting 7 million customers, resulting in a $30 million settlement, and it's clear the company is navigating turbulent waters. With a valuation down 98% since its 2021 debut, plummeting revenues, and cash reserves dwindling, this bold pivot feels like a last-ditch attempt to steady a sinking ship. Offering $1 million in cash compensation to each new director while trying to survive past 2025 seems like a risky move. Can these seasoned finance chiefs really revive a company battling steep losses and a tarnished reputation? Or is this just another reshuffling of the deck on a tilting ship? Is bringing in CFOs a wise move to instill financial discipline and strategic redirection, or is it simply a costly, short-term fix for deeper-rooted issues? Let’s discuss. #Leadership #Finance #CorporateStrategy
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For CFOs interested in ascending to the CEO office, what does it take to get there? See my latest article contributed to Forbes CFO Network, "Says One Who Has Traversed The CFO-To-CEO Ascent: It Starts With Strategic Thinking." See https://lnkd.in/gTF6bDQV. #cfo #ceo #strategicthinking
Says One Who Has Traversed The CFO-To-CEO Ascent: It Starts With Strategic Thinking
forbes.com
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As we continue our 'Winter of Consolidation,' let's tackle a seasonal challenge many of us face – the inevitable slow season. It's a time when customers might be scarce and patient appointments might dwindle, but the opportunity for strategic financial planning shines brighter than ever. 🌟 During these quieter periods, effective cost management and budget adjustment can ensure your practice not only survives but thrives, ready to welcome busier times on a stronger footing. Here are some strategies to consider: 1. Review and Adjust Your Budget: Use the slow season as a chance to review your finances. Look for areas where you can reduce non-essential expenses without compromising the quality of care. Sometimes, small tweaks can lead to significant savings. 2. Invest in Staff Development: With a lighter schedule, it's the perfect time to invest in your team's development. Training and professional development can be seen as long-term investments, enhancing your business's capabilities and efficiency. 3. Optimize Resource Allocation: Analyze your resource usage and adjust accordingly. This might mean modifying staff hours to reflect patient demand or finding ways to reduce overhead costs like energy consumption during less busy hours. 4. Explore Revenue Diversification: Consider ways to diversify your business or practice's revenue streams. This could involve offering new services, conducting workshops, or leveraging networks to maintain customer engagement even during off-peak periods. 5. Plan for the Future: Use this time to strategize for the upcoming busy season. Whether it's marketing efforts, facility improvements, or process optimizations, planning ahead can set you up for success. Remember, slow seasons offer a unique opportunity to reflect, refine, and reinvent aspects of your practice. I'm curious, how do you navigate the slower periods in your business? Have you found any strategies particularly effective for managing costs or boosting efficiency during these times? Let's share our experiences and grow together. Here's to making the most of every season, busy or not! #CostManagement #SlowSeasonStrategies #WinterOfConsolidation #BusinessCoaching #AlaskaBusiness
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