American Express surveyed Hong Kong mid-sized companies for the second consecutive year in the CFO Future-Proofing Survey to understand how they planned to future-proof their businesses towards using peer-based insights.
Accompanying the release of the survey is the whitepaper titled “Roadmap to 2020 – Making the Most of Hong Kong’s Advantages”.
The survey found that 74% of the companies said they do not have a specific game plan to future-proof their companies.
Based on the findings, there is also a marked difference in future-proofing preparations between larger mid-sized and smaller mid-sized companies. It is observed that smaller businesses do not yet have a roadmap and see themselves as innately agile with higher risk appetite.
Larger mid-sized businesses are advanced in future-proofing plans with nearly half of the surveyed CFOs with plans already implemented – but they see themselves as less agile in response to the volatile market.
Confronted with market uncertainty, CFOs and decision makers surveyed said they remain positive and still identify Hong Kong as having unique local advantages.
CFOs also shared their key future-proofing actions including: investing in new marketing approaches, improving cash flow and over-hauling billing and pricing practices.
The “American Express CFO Future-Proofing Survey 2016 – Hong Kong” was conducted in April 2016 with 467 chief financial officers of Hong Kong companies from a wide range of industries with annual revenues between US$2 million to $120 million.
The survey, which included in-person or over-the-telephone interviews, was executed for American Express International, Inc. in Hong Kong by East & Partners Asia.
Click here to download the full report of American Express CFO Future Proofing Survey 2016