Orchard Growth confirms findings from ACCA survey regarding the increased role of financial directors in strategic planning

In a recent survey of more than 450 Chief Financial Officers from around the world, the Association of Chartered Certified Accountants (ACCA) reported that 72 per cent of survey respondents agreed that finance now works more closely with business units in strategic planning than before the credit crunch. Furthermore, two thirds agreed that the CFO has more involvement in the creation of a medium and long term corporate strategy. Orchard Growth Partners confirms this observation following a review of feedback from finance directors working for the company.

“There has definitely been a shift in the role of the financial director since the economic downturn,” commented Ash Mehta, CEO of Orchard Growth Partners. “Our clients tend to be innovative companies that have been affected by the downturn, but not as badly as some sectors of industry. Nonetheless, Orchard’s finance directors are reporting that they have been providing clients with assistance at the strategic level as companies deal with the recession. For the last twelve months, they have been working hard at reducing costs, optimising cash flow and ensuring that the businesses are fit and ready for the upturn. Now the entrepreneurs we work with are depending on the corporate experience that our FD’s provide, to produce a sound strategy for growth.”

When asked why financial directors seem to be involved more at the strategic level, Ash replied; “I can’t speak for the respondents in the ACCA survey, but in our experience, our clients genuinely appreciate having a financial director who has significant corporate experience with whom they can consider options and discuss strategy. Entrepreneurs are realising they need to involve financial directors sooner than they have before, and now that the recession has forced companies to get into better shape, they know FDs will help them make the most of the upturn.”