OK, you can argue what did the survey exactly mean by financial strategy, which is more medium-range and broader in scope than a financial plan.
Also, how many respondents were from smaller vs larger businesses? However, any growing business with a turnover of £1m+ can have a financial strategy.
The reasons for the high statistic will be varied, but can include:
1️⃣ Data overload and complexity
2️⃣ Outdated technology and systems
3️⃣ Lack of data integration across different systems
4️⃣ Skills gap in data analysis
5️⃣ Time constraints in decision-making
To address these challenges, Finance Directors can take the following steps:
1️⃣ Deploy advanced analytics tools such as PowerBi
2️⃣ Drive digital transformation initiatives
3️⃣ Foster a real-time information culture
4️⃣ Turn the data into financial and operational insights and communicate these to the Board, shareholders and other stakeholders.
By tackling these challenges head-on, your Finance Director, whether In-house or Outsourced Part-Time, can be the driving force behind smarter money decisions. They’ll make sure your company’s financial game plan is built on solid numbers and real insights. The result? A stronger bottom line and a clearer roadmap for your business’s future.