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As businesses emerge out of the novel coronavirus pandemic, a survey shows that only 41 per cent Chief Financial Officers (CFO) of companies globally were prepared for the long term impact of the pandemic on their business and operations.

More than two-third of CFOs reported a decline within their industry in 2020 compared to 2019, showed the Stanton Chase CFO Survey.

"Only 41 per cent of CFOs were prepared for the long-term and financial impact of the pandemic while 40 per cent were uncertain and the remaining 19 per cent were not prepared at all," it said.

Short term survival against long term growth followed by financial constraints and cash flow, lack of human capital resources and inadequate contingency or business continuity plans, were major factors, as per the survey.

About 86 per cent of the CFOs cited that adapting existing business model to thrive within future economy should be the priority for the next five years. For the same, 58 per cent indicated investment in emerging technologies and systems and 54 per cent stated talent management strategies and practices including recruitment, retention and succession planning.

Around 36 per cent pointed towards supply chain redesign and modernisation while 28 per cent believed in environmental sustainability and social responsibility as the future priority.

Amit Agarwal, APAC Leader CFO Practice, Stanton Chase noted that the role of CFOs and their priorities have changed over the past 12 months.

"The unprecedented 2020 highlighted some additional responsibilities assumed by CFOs, and in their role as the corporate nerve centre they cited the need to focus on managing costs and liquidity, supporting strategic changes, leadership, and management all while maintaining a focus on communication with key stakeholders and providing a sense of stability and calm," he said.