TLDR
UK FDs and CFOs are:
- facing economic uncertainty
- getting to grips with AI (training, skills, integrating)
- worried about cash flow.
Their top priorities are:
- growth
- efficiency
- keeping the finances under control.
They make choices based on:
- organic search (i.e. Google) (40%)
- email (37.5%)
- word of mouth (35%).
And it’s important to know that FDs:
- want to grow, even when times are tough
- consider AI both a challenge and opportunity
- are always thinking about time management and productivity
- often want to be CEO and have a better work-life balance.
So if you want to help, you can:
- help them manage money better and work smarter
- give them AI support
- talk to them in different ways (SEO, email, social)
- speak to their career dreams.
Contents
- Challenges, priorities and opportunities
- Where do UK FDs get their news, opinions and insight?
- How are they using social?
- Which associations do they join?
- Where do they stand on events?
- How do they make choices?
- Inside the FD’s world
- Demographics
- Learn to speak FD
Introduction
We’ve been helping clients sell to top finance decision-makers for years. Here’s what we’ve learned about targeting UK FDs and CFOs.
We’ve gathered insights from UK FDs through one-on-one interviews and a survey of 200 finance leaders. Our specialist media relations and social media teams shared their know-how from years of raising awareness among FDs through media and social channels. And we’ve used audience research tools like SparkToro and AI to round out our research.
FDs are grappling with economic uncertainty, AI and cashflow management
Here, economic uncertainty means:
- high interest rates
- inflation
- cost management
- labour supply and cost
- elections and new governments.
And AI means:
- training and upskilling
- integrating new technology
- improving data handling for better insight and forecasting.
Every FD we spoke to brought up worries about the economy
- 29.5% are losing sleep about economic uncertainty generally
- 24% are fretting about rising prices
- 21.5% are apprehensive about keeping costs in check
- 20% are worried about:
- keeping cash flowing
- high interest rates
- finding (and paying for) good people.
Their top challenge according to Gemini
Gemini (Google’s AI, trained on massive datasets up to the end of 2023) also puts economic uncertainty in #1 spot when asked about challenges for FDs in 2024.
AI is well past the point of being a buzzword
It was cited as a challenge by 22% of FDs in the UK. Upskilling (18.5%), cyber security (17.5%) and adopting new tech (16.5%) followed.
Finance teams will use AI as a key part of their new tech. It’ll help with following regulations, automating tasks, analysing numbers and forecasting.
“AI can monitor real-time transactions and catch regulation breaches – as well as generating the reports and documentation needed to meet regulatory requirements.”
– Katy Bloomfield, MD of PR and fintech specialist at Definition.
“We’re actively enhancing our processes with solutions that automate tasks, guarantee data accuracy, and ensure security. We’ll be able to use AI to interpret customer and supplier contracts, interrogate and analyse historical financial data, and help with forecasting – all in the knowledge that our own private environment is keeping our data secure.
“It’s great for business but I’m not sure what it means for finance teams of the future. Most of my training involved tasks that can now be outsourced to AI, which raises questions about how accountants of the future will be trained.
“AI won’t replace accountants, but it will redefine their roles. Everyone in the finance sector needs to stay up to date with AI and incorporate it into their work, rather than resist it.”
– Rachel Griffin, FD at Definition.
As AI gets smarter and more common, finance teams need to keep up and learn the necessary skills to make the most of it.
Overall, FDs have their plates full.
“I don’t think I can pick just one! Cashflow management, improved forecasting, recruitment, training and upskilling the team in the new world of hybrid working and AI. Economic uncertainty particularly with elections coming up and the ongoing conflicts overseas.”
FDs are prioritising efficiency and growth
Despite all their worries, UK finance bosses want to grow – mainly by working smarter.
We asked them what matters most. Over 43% said making their business bigger is their main goal. But they’re not just after size. 41% want to do things better. And 38% are keen to keep a closer eye on the money.
When we sat down for a chat about priorities, they told us the same things:
“To ensure the business achieves its financial targets.”
“Undertaking a finance system transformation and driving system efficiency is the key priority.”
“Becoming more efficient.”
“Improving and automating processes. And cashflow management”
“Financial controls.”
Stability and keeping the cash flowing are also high on the agenda for more than a third of finance bosses.
But what about ESG? It’s at the bottom of the pile for most we asked. The priorities are growth, efficiency and keeping a tight grip on the numbers.
We’re not saying ESG doesn’t matter. But right now, it’s taking a back seat to the basics: grow, save, and count every penny.
Building a skilled team and boosting reporting represent the biggest opportunities
Top of the list? Getting the right people with the right skills. Over 41% of FDs reckon that’s the way forward.
But it’s not just about the team. More than a third want to nail their financial reporting. We’re talking clearer numbers to help make better decisions.
“Harnessing tech to improve efficiency and insight.”
Most of our one on one interviews followed a similar theme. And, they were really keen on using AI to make their reports better and more efficient.
“Benefits from AI. We use lots of tools to automate process but so much of the work in excel is still pretty manual. It feels like we should be able to move away from this with the improvements in AI and a number of new tools on the market.”
“Increasing efficiency through use of Al.”
“Using our AI and data to provide business insight, increased efficiency and improved member experience.”
How do UK FDs stay updated?
We’ve been working with the media that UK FDs follow for years. Here are some top targets from our specialist media relations team on where to share your news, products and services if you want to grab an FD’s attention:
- Harvard Business Review
- Serves up articles on finance strategies and insights for financial leaders.
- CFO Magazine
- Covers everything from financial planning to risk management and emerging trends.
- Professional Adviser
- News, analysis, and insights to keep financial advisers, wealth managers and paraplanners in the loop. Topics like retirement planning, investments, tax planning, and regulatory updates.
- FT Adviser
- Part of the Financial Times group. Covers financial products, regulation and industry issues.
- Accountancy Age
- Financial and accounting news, plus chats with industry experts.
- Money Week
- Offers investment advice, market analysis and personal finance tips for individuals and professionals.
- McKinsey Quarterly
- Shares insights on finance and strategic management, industry trends and best practices.
- Journal of Corporate Finance
- An academic publication that focuses on finance research and articles for corporate finance professionals.
- LinkedIn
- LinkedIn has heavily invested in its editorial team over the last few years, aggressively hiring B2B journalists across the world.
How to get journalists at those publications to notice you
“Trade press journalists are particularly receptive to concise, timely comments that they can incorporate into news stories. Or, well written byline articles that share an opinion.
“Profile interviews are less common in trade publications, so if you’re using them as a channel, quick-fire commentary and thought leadership pieces are the way to go.”
– Katie Chodosh, Head of Media Relations at Definition
Platforms, organisations and accounts
“Because a lot of FDs are using it, you might think X is a must-have for your marketing strategy. Be careful though. The platform’s changed a lot lately, and you should weigh up the pros and cons before committing.
““First, look at how much time and money you’re putting into X. What are you getting back? If you can’t point to solid results, be careful. There are issues to think about:
– trust and safety worries
– an unstable, unpredictable platform
– free speech controversy
– misinformation
– less control over your content
– a weaker verification process
– more difficulty to grow your following organically.
“You’re probably wondering why you’d bother at all. Well, X can still pack a punch. Some journalists and business brains have left, but plenty are still there. And it’s home to plenty of strong communities. But don’t just jump in. Look at the facts, weigh up the risks, and decide if X is right for your brand.”
– Louise Watson-Dowell, Head of Digital PR and Social Media at Definition
Associations
These are the biggest associations for senior finance pros in the UK.
They can be worth a closer look as each association has its own insights hub and runs its own thought leadership, networking events and awards.
To get your brand noticed, look into whether these associations offer ops for advertising, event sponsorship or contributing to their thought leadership calendar.
- ACCA
- 247,000 members
- ICAEW
- 158,000 members
- CIPFA
- 14,000 members
- CIOT
- 20,000 members
- ATT
- 9,800 members
- AICPA & CIMA
- 698,000 members
- 80,000 in the UK
Events
25% of FDs say that events influence them when it comes to picking software.
That’s a big chunk – but that also means 75% of FDs aren’t influenced by events. So weigh up the value of each event to make sure it’s worth adding to your mix.
Remember the country’s main finance associations all run their own dos – and it’s a safe bet that their members will be there. So that’s a good place to start for access to a high quality audience.
What influences them?
Overall? FDs cast a wide net before they decide to spend.
That’s good news if you’re trying to get their attention. Room to test, learn from and optimise different channels. On the flip side, your competitors are doing the same thing.
“FDs are drowning in marketing and sales content from you and your rivals. And the bar to stand out with B2B content keeps getting higher, with vendors investing more and more into creating it.
“The good news is that AI makes it much easier to create distinctive, on-brand content. As long as you prompt it right. That goes for anything in your marketing strategy – social posts, award entries, the structure for a webinar or a script for a new feature demo.
“As long as your AI is trained up in your tone of voice and fed with examples by good writers and prompt engineering, it’ll cut out a lot of the heavy lifting in your marketing and sales content. And you won’t sound generic and blend in.”
– Tom Pallot, Head of Marketing at Definition.
(Our language and AI teams can help with that ^)
Time drains, relationships and ambitions
If there’s one lesson to be learnt from this list, it’s that productivity is a never ending quest for FDs and CFOs.
Top time thieves are cash management and endless meetings – each cited by 23% of FDs. Very nearly on par is training and development.
Handling cashflow was also seen as both a top challenge and top priority by many. And building an upskilled team came back as the #1 priority for FDs. Which reflects why they are taking up so much time.
Want to help FDs solve some problems? Help them save time and improve efficiency in their cashflow management as well as develop their team. These are key selling points right now.
With accountants at the top of the list, partnering with specific firms could be your ticket to getting in front of FDs via a trusted source.
HR aren’t far behind, and over a quarter say IT consultants are vital to their success. Corporate finance experts, like banks, are also in the mix.
So given these are the closest most important relationships that finance leaders have, you need to ask: do these advisors know about your product or service? Can they recommend it to FDs?
If not, you might be missing a trick.
With a third of FDs keeping their eye on the top job, and nearly a quarter looking to be their own boss, there’s lots of potential to engage FDs by speaking to their ambitions.
Can your product or service can help FDs go after their goals? Tailor your messaging to tell them how. Are they eyeing up that CEO chair? Show them how you can boost their leadership cred. Dreaming of a better work-life balance? Explain how you’ll free up their time.
TLDR: Speak to the person, not just the job title.
Behind the scenes
UK FDs and CFOs are juggling a lot.
Economic headwinds, getting to grips with AI, and keeping the cash flowing are their big worries. But they’re not just fretting. They’re focused on growing their businesses and making things run smoother.
They’re getting their info from all over. They’re reading industry mags, scrolling through social media, and chatting with their networks.
Want to get FDs on side?
You need to know they’re short on time, care about their work relationships, and have their own career goals. They’re after ways to manage money better, teach their teams new tricks, and get more done in less time.
If you’re trying to catch their eye, you’ve got to speak their language and pop up where they’re looking. That way, they’ll see how you can help them do their job better.
Fancy some help getting your message in front of FDs? We know how to do it.
Give us a shout and we'll show you how.
