➡️ 5 FP&A Predictions for 2024 You CAN'T Afford to Miss ⬅️

A pending recession. Massive tech developments. Good and bad, 2024 will be a year of uncertainty—so you can’t afford to miss a beat.

Despite the looming turbulence ahead (and endless possibilities), we’re sure 2024 will be a year for the books. This is why Vena’s CFO Melissa Howatson and VP of FP&A, Tom Seegmiller joined forces to give you exactly what you need to kick the year off right.

Prediction 1: Broad Economic Uncertainty

Fluctuating inflation and interest rates have plagued the past few years. Unfortunately, we don’t see this trend slowing amidst the potential recession.

We also have a warning for startups—the funding climate will remain tight. Investors will be careful with their funds, meaning competition for seed rounds will be tough. This uncertainty makes forecasting more important than ever.

Prediction 2: Geopolitical Instability

The state of the world is wildly unpredictable. While we hope tensions will calm in the coming year, CFOs and finance leaders must be prepared for continued geopolitical instability.

Political unrest and pressure on natural resources further increases the potential for inflation and interest rate increases.

Prediction 3: Artificial Intelligence

ChatGPT was all the rage in 2023, sparking numerous tools and innovations that tangibly increase productivity and business performance.

If the previous year was one of exploration, the coming year will be one of decision-making and productivity. Automation promises to ease the strain on finance teams—it’s time to figure out exactly what AI means within your business and for your teams.

Prediction 4: Efficiency Focus

Cash may always reign as king, but Finance is the trusty advisor. This year we’ll see finance teams step to the forefront as leaders, company decision-makers and critical advisors to drive efficiency and optimize operations using what your organization already has.

Prediction 5: Ongoing Focus on Org Design

There are a lot of things you can’t control. Organization design isn’t one of them.

The war for talent has slowed—but the attention to finding (and holding onto) the right talent will be critical in the coming year, as will designing the ideal work model. Make sure you have the right number of ‘doers’ in the best positions across your organization.

What it means for you…

A combination of uncertainty and instability sparks numerous challenges you won’t be able to control. The very best thing you can do is forecast, scenario plan, and most importantly, start today.

Focus on what you can control—workforce design, people development and skilling and calculated evolution in the face of obstacles. Stay tuned as the year rolls in. If one thing can be certain, it’s that nothing is promised in 2024.

In case you missed it…

How can you run your team like a Super Bowl Champion? We broke down the components of a winning finance team with Dan Crumb, CFO of the Kansas City Chiefs, starting with the power of a great coach.

P.S. That’s you.

What’s next…

The transition from private to public is riddled with challenges—do you have what it takes to succeed? We’re going to dive into the transition and share everything you need to know after the IPO. Stay tuned…

We share everything you need to catalyze your career and revolutionize your business. To hear the best advice from today’s finance visionaries, tune into The CFO Show today.