Gary McGaghey, a private equity expert and CFO at Williams Lea Tag, predicts the future of chief financial officers (CFO) for 2021. In his recent article on PwC’s website, he outlines what we can learn from today’s CFOs to prepare for tomorrow. Even though there are many unknown factors that will come into play in the coming years, there are certain things that we can do now to prepare ourselves and our business for these changes.
McGaghey is one of the most respected experts in finance with over 25 years of experience as an executive and advisor. He has been featured as a keynote speaker by Forbes magazine and has authored articles on topics such as private equity and the future of CFOs.
One of the things that McGaghey emphasizes is the importance of adaptability. The role of a CFO is constantly evolving and businesses need to be prepared to face new challenges head-on. Technology is having a massive impact on how businesses operate and those who are able to keep up with the latest trends will be well-positioned for the future.
McGaghey recognizes that companies need to move fast and take risks in order to stay competitive and attain optimal profits, but also warns against overestimating these changes and underestimating the impact they can have on business. It is important to accept that change is inevitable and figure out where your company wants to go rather than worrying too much about where your competition is headed.
Another important lesson that McGaghey shares is the importance of increasing transparency within businesses. The recent focus on government regulation forces companies to be more accountable for their actions than in previous years. This can take place in many ways, including using social media to engage with the public. Transparency is the best way to protect your company against any possible negative consequences that may come from new age technology.
Companies will also have to adapt to an increase in competition, especially with large companies looking to expand their influence throughout the world by purchasing smaller international businesses.