{"id":605328,"date":"2023-02-06T20:49:24","date_gmt":"2023-02-07T02:49:24","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/06\/us-business-leaders-anticipate-rampant-budget-cuts\/"},"modified":"2023-02-06T20:49:24","modified_gmt":"2023-02-07T02:49:24","slug":"us-business-leaders-anticipate-rampant-budget-cuts","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/06\/us-business-leaders-anticipate-rampant-budget-cuts\/","title":{"rendered":"US business leaders anticipate rampant budget cuts"},"content":{"rendered":"<div>\n<div>\n<p>First published on<\/p>\n<p><a href=\"http:\/\/www.cfodive.com\" target=\"_blank\" rel=\"noopener\"><br \/>\n    <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/dive_static\/logo\/publications\/cfo_black.png\" alt=\"CFO Dive\"><br \/>\n<\/a><\/p>\n<\/div>\n<div>\n<h3>Dive Brief:<\/h3>\n<ul>\n<li>\n<p>Nearly all business leaders (99%)\u00a0in a recent survey said their organizations are preparing to cut costs in 2023 amid economic uncertainty.<\/p>\n<\/li>\n<li>\n<p>The survey of 500 U.S.-based executives and managers \u2014 both in finance and non-finance roles \u2014\u00a0suggests that companies are planning as if a recession will happen, even if there are mixed views about the economy.\u00a0<\/p>\n<\/li>\n<li>\n<p>The possibility of an economic downturn is forcing business leaders to make tough choices, <a href=\"https:\/\/www.cfo.com\/resources\/2023\/02\/cfos-2023-outlook-cautious-optimism-amid-recession-cost-cutting-workforce-challenges\/\">according to the study<\/a>,\u00a0which was conducted by CFO.com. Sixty-one percent of respondents anticipated cuts to hiring or talent retention investments. Yet, at the same time, 83% said they will face critical hiring needs in the first half of 2023.<\/p>\n<\/li>\n<\/ul>\n<h3>Dive Insight:<\/h3>\n<p>The study revealed that finance departments are far more optimistic about the economy than their non-finance counterparts. About one-quarter of finance respondents expected a recession versus 42% of non-finance corporate executives.<\/p>\n<p>&#8220;A potential 2023 recession remains on peoples\u2019 radars, though likelihood and duration remain a question mark,&#8221; the report said.<\/p>\n<p>Marketing and advertising topped the list of key areas where companies might be looking to cut costs. Other such areas include hiring and retaining talent; expanding products and services; and adding production capabilities.<\/p>\n<p>Technology ranked high as an area that will receive priority treatment from finance departments, regardless of the economic outlook. Three-quarters of CFOs anticipated an overall increase in tech spending, and 84% said they will be more involved in developing a tech strategy in 2023 than they were in the previous year.<\/p>\n<p>Respondents continued to rank inflation as a top business concern, with 78% of CFOs and 76% of non-finance executives looking at cutting costs or products to help fight higher-than-normal price increases.\u00a0<\/p>\n<p>However, the poll found that inflationary pressures may not be completely crippling, at least on the revenue side. Fifty-six percent of non-finance executives believed that inflation could positively impact revenue in 2023. This is most likely due to companies\u2019 ability to increase prices to keep pace with inflation, the report said.<\/p>\n<p>The study also found that CFOs and finance departments are particularly confident heading into 2023, with 82% expecting revenue growth, though with modest expectations.\u00a0\u00a0<\/p>\n<p><em>CFO.com is owned by Industry Dive. It is a sister publication to Construction Dive.\u00a0<\/em><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/www.constructiondive.com\/news\/us-business-leaders-anticipate-rampant-budget-cuts\/642034\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Alexei Alexis<\/p>\n","protected":false},"excerpt":{"rendered":"<p>First published on Dive Brief: Nearly all business leaders (99%)\u00a0in a recent survey said their organizations are preparing to cut costs in 2023 amid economic uncertainty. The survey of 500 U.S.-based executives and managers \u2014 both in finance and non-finance roles \u2014\u00a0suggests that companies are planning as if a recession will happen, even if there<\/p>\n","protected":false},"author":1,"featured_media":605329,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[378,160],"tags":[],"class_list":{"0":"post-605328","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"category-leaders"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/605328","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=605328"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/605328\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/605329"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=605328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=605328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=605328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}