By Darren Upson, VP of Europe at Tipalti
We’re in the midst of the ultimate summer of sports and have been treated to history-making moments of agility, strength, perseverance, endurance and consistency – Jude Bellingham’s overhead goal against Slovakia or Keeley Hodgkinson winning gold at Paris 2024 Olympics to name just two.
Such athletes, and many more, have showcased skills we can take inspiration from beyond the pitch or sports arena, both personally and professionally. For example, when it comes to businesses – specifically finance teams – cultivating similar qualities place them in a great position for the complexities of today’s economy.
The turbulent economic climate of the last two years, characterised by persistent uncertainty, high interest rates and the UK having just exited its third recession in 16 years indicates that the UK business landscape has been far from smooth sailing. However, new research shows a change of tide as CFOs gear up for growth.
But the race to survive isn’t over yet, our report showcases how businesses can get finance fit.
Implementing strength
Athletes need to remain physically and mentally strong to beat their competitors and reach their personal best. It’s no different for businesses in the competitive landscape today. They must implement strategies that strengthen their position in the market.
A big part of this is down to the finance team being equipped with the right technology to understand the key areas of opportunity and strength over competitors. Introducing technology can help finance teams minimise admin, with a recent survey finding that 71% of CFO’s admit to using technology to streamline processes – think of technology as the protein in any athlete’s diet.
The perseverance to keep going
Perseverance is a key ingredient for any sport, but also an essential quality for finance professionals. Although England didn’t win the Euros, they kept morale high throughout. Moments of perseverance displayed in the England games can boost a team’s morale. Think Jude Bellingham’s 95th minute overhead kick in the England group games, or Ollie Watkins’ semi-final, last minute goal for England.
Tired footballers are subbed for well rested players to increase efficiency, so finance teams need to also recognise when their team is burnt out. Almost three quarters (73%) of finance staff say that productivity and morale is a concern because of inefficient finance processes. Streamlining back-office processes through automation increases efficiency and reduces error, freeing up finance teams time to focus on thought-provoking strategic work, keeping morale high.
Achieving peak performance for the sprint ahead
Team GB 800m runner Keeley Hodgkinson won gold this year at the Paris Olympics. Her success is driven by robust tactical strategy, and efficient management of speed and stamina. All skills that can be adopted by finance teams to drive success.
Recently, many businesses have adopted the strategy of slowing down to speed up, realigning their growth ambitions by cutting costs. Shifting towards a leaner business structure enhances agility. Additionally, there is a greater emphasis on technology and automation to drive efficiency.
Leaders need to be agile enough to effectively respond to regulatory and legislative changes, fraud, tax requirements or the need to enter a new market. For example, when paying new oversea suppliers, finance teams need to navigate a range of payment options, each with its own restrictions, costs and FX rate. Having technology and automated processes to identify the most cost-effective way to proceed is crucial.
Keeping the momentum going
This summer of sports has provided a wealth of inspiration, showcasing the power of agility, strength, perseverance, endurance and consistency. As businesses emerge from a period of turbulence, marked by high interest rates and recessionary worries, an agile structure becomes vital.
Just as athletes meticulously track their performance metrics and adjust their training regimes, finance teams can use data-driven insights to anticipate market trends and make informed decisions to improve their performance. As businesses continue to strive for gold in an ultra-competitive business landscape, being finance fit will ensure long-term success.