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CEOs and the future of finance

In times of global economic uncertainty CEOs are looking for innovation. This can be technology-based, or it may come through service offering or new priority markets. Whatever the field or sector, innovation is required for business growth and survival. And it requires long-term thought into how to best advantage all stakeholders including customers.

AMP CEO Craig Meller told the AFR recently, “Our economy needs certainty to remain prosperous and grow, underpinned by a stable environment.”

Yet the environment for some businesses, particularly those in SME sectors, may not be conducive to growth and these businesses could find growth difficult if the economy continues to slow.
Meller says, “The slowdown in the Australian economy is one to watch in 2015. With interest rates at historical lows and no longer a constraint on growth, it’s clear the economy needs stimulation.”

In the same article Andrew Mackenzie states, “Federal and State Governments and minor parties all need to work cooperatively to maintain a competitive and stable policy framework which supports the competitiveness of Australia. Australia has experienced 23 years of consistent economic growth, with trade and an enabling policy environment at the heart of the country’s success. But current global economic conditions show we must never become complacent. We need to ensure we sustain our track record of economic reform for Australia to overcome a structural decline in productivity and to ensure we can continue to grow national income and standards of living. Those challenges include addressing tax reform, flexible workplace arrangements and investing in our people and capability. Critical to this reform agenda will be the capacity of governments – Federal and State – to work cooperatively.

Critical also is the government’s support of small business, which is improving but still leaves some businesses struggling through red tape to find legitimate funding options.

Divestment of assets is one financing option, but this is a timely pursuit and many small businesses don’t have the resources to undertake a proper divestment strategy. Nor do they have the assets.

The smart CEOs have predicted many changes in social, financial and economic behaviour. Most telling from a financial services point of view is that customer behaviour is rapidly changing and financial institutions need to reinvent themselves or risk becoming irrelevant.

Brett King CEO of Moven says, “The rules of engagement have changed. Cheques are disappearing and cash is next. Mobile phones will replace wallets; consumers and their behaviours have shifted. The industry has to evolve alongside these changes.”

And so disruptive change is necessary. Invoice financing is part of this change. It is disrupting the status quo amongst financial services organisations. It is giving small businesses a leg up so that they can further contribute to the country’s economic bounty and it is creating the climate of cooperation that is so necessary in future business dealings. 

Give your business the leg up, contact Timelio and find out how we can help grow your business.

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