The top 6 business challenges for a fractional CFO to solve

Every business on the planet faces challenges. No matter the industry, the size of the business, or how good the management team are – there will always be challenges alongside the good times.

From staffing issues to operational glitches, and even your marketing plans, the challenges faced by business owners can really stifle growth and success, if not tackled correctly.

To really see what is challenging businesses right now, we took a deep dive into some of the data from our business survey.

In this blog post, we will explore the implications of these challenges and provide insights into the answers received

 

How a fractional CFO can help with the key challenges faced by companies today

1. Capacity/Operations/Systems

This is a common issue with many businesses, yet thankfully easy to fix with the right CFO resource in place.

Our data showed that 13% of respondents identified these areas as one of their key challenges.

This is because often businesses grow and are busy filling demand, but then there are inefficiencies and bottlenecks.

It’s vital that businesses continually evaluate their infrastructure and implement robust systems that can accommodate growth.

 

2. Expansion

While expansion is an exciting milestone for so many businesses, expanding into new markets or scaling existing operations can be a daunting task, requiring careful planning and execution.

The 22% of respondents who identified expansion as a key challenge highlight the ambition and aspirations of many businesses and shows that companies should focus on developing a solid growth strategy, conducting thorough market research, and assessing potential risks to ensure successful expansion.

 

3. Management

Effective management is crucial for any organisation’s success, and 9% of respondents recognized this as a key challenge. Managing teams, aligning goals, and ensuring efficient communication are critical aspects of effective management. To overcome this challenge, companies should invest in leadership development programs, foster a positive work culture, and implement strong management practices to drive productivity and employee satisfaction.

 

4. Marketing

Marketing has never evolved at such a fast pace as now! The strategies that worked 10 years ago or even a year ago might not be effective today.

There are new channels of advertising being added almost every day with the rise of new social media platforms, streaming services, digital capabilities, and changes in the way we consume “traditional” media such as radio, print, and TV.

Yet effective marketing is critical to business success. Even word of mouth marketing or a strong repeat customer base needs to be nurtured in new and different ways.

The 15% of respondents who identified marketing as a challenge highlight the need for companies to continually adapt their marketing strategies to reach their target audience effectively.

By embracing old and new strategies, analysing data, and staying abreast of industry trends, businesses can overcome this challenge and drive growth.

 

5. Sales

Sales are the lifeblood of any organisation, and the 17% of respondents who recognised this as a key challenge emphasize its significance. Companies face various obstacles in closing deals, meeting targets, and retaining customers. This data underscores the importance of investing in sales training, developing strong customer relationships, and continuously refining sales strategies to enhance revenue generation.

 

6. Team/People:

Businesses are only as strong as their teams, and the 15% of respondents who identified team/people as a key challenge recognise the importance of human capital.

Building and retaining a skilled workforce, fostering a collaborative environment, and addressing employee satisfaction are critical to overcoming this challenge. Companies should prioritize employee development, offer competitive compensation packages, and create an inclusive work culture to attract and retain top talent.

 

Ready to overcome your business challenges?

The insights gained from our business survey highlight the diverse range of challenges faced by businesses today.

Whether it’s optimizing operations, expanding into new markets, or strengthening marketing efforts, leaders must address these challenges strategically to achieve sustainable growth.

We encourage you to take our Scale-up & Exit Business Assessment™ to gain valuable insights into your own company’s challenges and develop actionable strategies to overcome them.

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