The 2017 CFO Spotlight Survey attracted respondents from a number of industries in Phoenix and Tucson. We will highlight the financial & professional segment here in terms of growth, risk factors, strengths and trends.
Financial and Professional CFOs is a new category in the Survey this year, so we do not have contextual data to compare from last year. We do know that respondents were split pretty evenly between Tucson and Phoenix, and they felt that the economic climate of the state and their city would be the same or better than 12 months ago. Types of companies categorized as financial or professional included banking and investment groups, media, engineers, and consultants. A consistent tax structure and better tax incentives were a concern by just over half of respondents. They also craved skilled talent, regulatory cost reductions, and technology incentives. Competition was the biggest concern for 2017, and therefore CFOs in this industry did not foresee raising rates for services.
Financial and professional companies are open to accommodating for diversity in their employee base and are concerned about reputation management. Eroding profits have an impact on their reputation, and they are turning to increased marketing and technology to efficiently attract and keep business.
AVERAGE SIZE: 266 employees
AVERAGE REVENUE: $33 million
CFO Says: “I am trying to lead with a steady hand. There are lots of moving parts with people wanting to make changes.”
Revenue in 2017
Will increase significantly: 43%
Decrease slightly: 14%
Optimism? 40% very optimistic
20% somewhat uncertain
Access to Cash? Some concerns
Border Security? 73% very little impact
Environmental Issues? 60% small impact
Top Areas of Focus:
Traditional and Online Engagement Tools
CFOs in financial and professional firms are constantly focused on their brand and expanding their client base. Respondents are more open to hiring outside experts than those in other industries.