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We know talking politics is risky, but we’re going to do it anyway, because it’s definitely on CFOs’ minds.
According to Grant Thornton’s Q3 CFO survey, which gathered responses from 238 CFOs between July 25 and Aug. 9, six in 10 said it’s “possible” the US presidential election will modify their business strategy.
What’s more, a majority said they’re already making investment decisions ahead of Nov. 5. Nearly a quarter (23%) said their organizations are scaling back or holding off on some investments until after the election, and 31% said they were increasing certain investments ahead of time.
And how exactly do CFOs expect the election will impact their businesses? As political consultant James Carville famously said, “It’s the economy, stupid!” Nearly half (45%) of respondents indicated “overall economy” was the biggest election-related factor that will impact the business environment. Roughly a quarter of respondents said the biggest factor was tax policy (23%), and 22% named regulatory policy. One in 10 said trade policy was the biggest factor.
Cool your jets. Grant Thornton’s Paul Melville, national managing principal of CFO advisory services, “cautioned against getting too caught up in election concerns” when making business decisions.
“You’re still going to invest in AI to drive improvements through technology,” Melville stated in the report. “You’re still going to make sure your cybersecurity protections are strong. The business fundamentals like efficiency in the finance function and the basics for growing your business aren’t going to change regardless of who is in the White House or the government.”