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Through this special research report conducted in November 2008, American Express collaborated with CFO Research Services to examine senior finance executives’ short-term cash management concerns, plans, and priorities in light of current financial-market realities to see how they prepare to support their companies’ growth over the next year.
The research report finds that finance executives are refocusing their attention in these difficult times. Focus includes wringing cash from their business, looking beyond conventional improvements in working capital management and making sure every opportunity for keeping their company well funded goes unexplored.
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Finance teams have prioritized spending more time on the following activities:
- 85% - Cutting cost of operations
- 83% - Improving cash management processes
- 81% - Developing better budgets, plans and forecasts
When asked about growth strategies in the face of a challenging credit market, nearly three-quarters of executives who responded to the question say they will pay more attention to the customer:
- Organic growth through improved customer relations
- Continued customer contact and service
- Focus on our core business, leveraging existing relationships
Download the CFO Report: No Stone Unturned
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"In the current climate, our clients are using our products, services and expertise to help them manage cash flow, monitor spending, drive savings, and improve process efficiency. We work with them to help them achieve their short- and long-term expense management objectives in a number of ways."
Sanjay Rishi
Executive Vice President, U.S. Commercial Card
American Express Company
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