Mid-Market CFOs Surprisingly Bullish on 2023 Performance, even in the Face of Rising Recessionary Concerns
PHILADELPHIA, PA USA January 26, 2023 – The CFO Alliance, the leading Peer Network for CFOs and finance leaders from emerging and mid-market enterprises from around the globe, has released its 2023 Global Mid-Market CFO Sentiment Report. The report highlights the surprising confidence of finance leaders from emerging and mid-market enterprises as compared to their CFO peers from larger enterprises and details their commitments to increase investments and spending to drive growth, even in the face of growing recessionary concerns.
This benchmarking report was produced in collaboration with Workday using data from a survey of emerging and mid-market enterprise CFOs and finance leaders from around the globe and outlines the current and projected financial outlook for mid-market companies in 2023 with a particular emphasis on the intersection of four key areas: people, business strategy, technology, and risk on their individual, team, and enterprise performance goals in the year ahead.
Analysis of data captured from over 450 global finance leaders representing 20+ industries between December 2022 and md-January 2023 indicates that:
- While recessionary fears are real, most CFOs from emerging and mid-market enterprises have a brighter outlook on 2023 than their larger enterprise CFO peers.
- Even as finance leaders deal with ongoing volatility and complexity, the 450+ survey participants have an average 80% CFO Confidence Rating in their enterprise’s ability to hit their revenue and margin targets in 2023.
- In 2023, the majority of participating CFOs are more optimistic about their organizations’ top and bottom line performance than their own roles.
- Recessionary fears will not stop CFOs from making career moves in 2023. 1 out of every 4 of the survey participants are considering a new job, consulting or career move in 2023.
- Recessionary fears will not stop CFOs from investing to drive growth in 2023, most often in upgrading systems, technology, and data capabilities.
- CFOs are increasing spending to drive organic growth, with 75% of the participants making double digit increases in spending in 2023.
- CFOs are shifting their attentions and investments from Talent Acquisition to Talent Optimization in 2023.
While inflation and continued talent gaps are the most widely cited macroeconomic concerns, emerging and mid-market enterprises have a surprisingly high 80% CFO Confidence Rating (on a scale from 1-100) in their enterprise’s ability to hit their revenue and margin targets in 2023.
“In a time when the sentiment of their larger enterprise peers is clearly trending negative, the majority of CFOs from emerging and mid-market enterprises are taking bold steps so that finance functions as a dynamic capability that enables them, their teams, and their enterprises to do more and to perform better in the year ahead,” says CFO Alliance Founder, Nick Araco JR.
Download the report HERE.
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