A chief financial officer’s (CFO) work might involve both art and science.
That holds true, for instance, when macroeconomic conditions deteriorate and the CFO must decide how far an organization can help consumers who might be struggling.
Cooper Anderson, CFO of Florence Healthcare, said in an interview, “We invest in people in the sense that, ‘We know you’re having a tough year, we value the relationship, and we’re willing to bend on price this period or do some discounting here or there,’ to try to make it work for them and hopefully get that back in goodwill and higher retention over time.
In August 2020, Anderson started working there. Today, 10,000 research sites in 45 countries are served by Florence Healthcare, a provider of clinical trial software that aids in managing papers, data, and workflows.
Customers are nonetheless feeling pressured even if the industry is less cyclical than others, he claimed. For example, several biotechs are beginning to experience a lack of funding. And Florence Healthcare is currently operating at roughly 80% of its annual objective following years of exceeding its new booking targets.
As a result, Anderson has made several changes, including establishing a cash flow objective and putting in place management strategies that will enable the business to react rapidly to issues.