After guiding their companies through one of the worst economic periods in history, finance executives at small and midsized businesses are have achieved stature around the office, new research reveals.
In a survey conducted by CFO Research Services and Expense Reductions Analysis (ERA), 72 percent of finance managers said their influence in the workplace over the past two years has been enhanced.
Ken Hagerstrom, President and CEO of ERA-USA, said the numbers show that in the wake of the recession, finance executives are getting additional support for the initiatives they deem important.
"CEOs are using their CFOs like they used to, as their top business advisor," Hagerstrom told BusinessNewsDaily.
But with the economy beginning its rebound and businesses showing signs of growth, Hagerstrom said CFOs shouldn't get too comfortable with their increased power.
"I think this is going to be a short-lived cycle for CFOs," Hagerstrom said. "I think sales and marketing teams will regain their dominant influence."
The survey also revealed that businesses' dominant growth strategy for the near future will be increasing market penetration for existing product lines.
Only 13 percent of the respondents indicated their companies would pursue riskier, capital-intensive growth strategies, such as developing new products and service lines or diversification.
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