As the new year approaches, many chief financial officers (CFOs) are looking for ways to improve their performance and drive success for their organisations.

Predictions point to another challenging year this 2023, and more than ever, the CFO will play a critical role in helping their organisations weather the storms and maximise profitability. Here are the top 10 resolutions for CFOs in the new year:

Top 10 resolutions for CFOs this 2023

1. Focus on driving growth

As the financial team leader, the CFO plays a critical role in driving growth for the organisation. In the new year, CFOs should focus on identifying and pursuing growth opportunities and developing strategies and plans to achieve growth targets.

2. Build strong relationships with key stakeholders

As a CFO, you manage relationships with key stakeholders, including investors, board members, and executive leadership. In the new year, focus on building solid and productive relationships with these stakeholders and communicating effectively to keep them informed and aligned with the organisation’s goals and strategies.

3. Enhance financial planning and analysis capabilities

Effective financial planning and analysis are critical to the success of any organisation. In the new year, CFOs should focus on enhancing their team’s capabilities and using data and analytics to make more informed data-driven decisions. A customer’s business credit score information, for instance, is one of the practical ways you can use data to add more predictability to your cashflow budget planning.

4. Optimise working capital management

Working capital management is a crucial driver of financial performance, and CFOs should focus on optimising this area in the new year. This can include managing cash flow, reducing accounts receivables and inventory levels, and improving accounts payable processes.

5. Invest in technology and digital transformation

Technology is transforming how businesses operate, and CFOs should be at the forefront of this transformation. As a champion of business data, CFO‘s will help  businesses to create a framework to enable digital transformation. In the new year, focus on investing in technology and automation that can improve financial operations, drive growth, and enhance the organisation’s competitive position.

6. Strengthen risk management and compliance

As a CFO, you are responsible for managing risks and ensuring compliance with financial regulations. In the new year, focus on strengthening risk management and compliance processes and developing a culture of compliance throughout the organisation.

7. Develop talent and leadership skills

As a leader, the CFO is responsible for developing the financial team’s talent and leadership skills. In the new year, focus on providing opportunities for professional development and learning and coaching and mentoring team members to help them grow and succeed.

8. Improve financial reporting ad transparency

As a leader, the CFO is responsible for developing the financial team’s talent and leadership skills. In the new year, focus on providing opportunities for professional development and learning and coaching and mentoring team members to help them grow and succeed.

9. Drive sustainability and social responsibility

As a CFO, you must consider the organisation’s long-term sustainability and social responsibility. In the new year, focus on integrating sustainability and social responsibility into financial decision-making and supporting the organisation’s efforts to be a positive force for change in the world.

10. Continuously learn and improve

The role of the CFO is constantly evolving, and it is important to stay at the forefront of industry trends and developments. In the new year, focus on continuously learning and improving and staying up-to-date with the latest developments in the field.

Manage your cashflow better this new year

The role of the CFO is continually evolving beyond their traditional responsibilities. As enablers of change in your organisation, careful mangement of financial plans for the year ahead will shape and drive strategies that detemine business success.

AR automation software can help you manage your cashflow, so you can focus on what you do best – growing your business. Speak with one of our AR experts today to learn about options for your business.