Economic uncertainty and rising operational complexity are putting pressure on CFOs to build resilient financial infrastructures- especially in project-based industries where growth can be chaotic.
While demand is strong in IT services, construction, and business contracting, margins remain thin, cash flows uneven, and compliance burdens heavy. A recent PwC Pulse Survey found that 57% of CFOs are rethinking short-term strategy because of U.S. economic policy, while 58% are investing in AI and advanced analytics to adjust planning in volatile conditions.
“Companies often outgrow their financial systems before they realize it,” says Brian, CFO Worx CEO. “CFOs get pulled into firefighting- fixing errors, chasing data- when they should be steering strategy. The key is laying the groundwork early.”
Here’s how CFOs can build a financial foundation ready to handle growth before it hits.
Build Scalable Systems Before You Need Them
Scaling starts with systems. Many project-driven companies rely on fragmented spreadsheets or legacy accounting tools. This works, until it doesn’t. As revenue grows, so do the number of invoices, job cost reports, payroll runs, and audit requirements.
CFOs should evaluate:
- ERP and job costing integration: Ensure finance, operations, and payroll speak the same language. In construction and home services, tying time tracking to cost codes can prevent margin leakage.
- Cloud-based platforms: Modern cloud accounting systems allow real-time collaboration between project managers, field teams, and finance.
- Data governance: As automation increases, data quality becomes your foundation. Define ownership, validation rules, and audit trails.
Research from the Construction Financial Management Association (CFMA) shows that companies using integrated financial/operational systems achieve 20–25% faster month-end close times and report far fewer compliance issues.
“When systems can’t scale, you get data silos, reporting delays, and missed red flags. That’s when risk multiplies,” says Brian. “Investing in scalable systems upfront is cheaper than rebuilding mid-growth.”
Strengthen Controls and Compliance Early
As organizations scale, internal controls often lag behind. In project-based industries, where cash is constantly moving between jobs, vendors, and payroll, this can open the door to errors and fraud.
CFOs should:
- Map key risk points in billing, job cost allocation, procurement, and subcontractor payments
- Implement approval hierarchies for major expenditures and change orders
- Use segregation of duties in accounting systems to avoid conflicts
- Regularly reconcile project budgets vs. actuals to catch issues early
In addition, regulatory scrutiny is rising. The IRS has increased audits focused on worker classification (employee vs. contractor) a particular risk in construction and services. Building compliance checks into your workflows now will save costly remediation later.
“Growth amplifies risk,” Brian notes. “Controls are easier to embed when teams are smaller- waiting until you hit $50M revenue makes it ten times harder.”
Forecast for Volatility and Seasonality
Cash flow is king in project-based industries- and it’s often unpredictable. Seasonal demand, delayed client payments, and sudden material cost spikes can wreck even profitable companies.
Forecasting free cash flow accurately is one of the biggest challenges: only 28% of companies’ cash forecasts are within 10% of their actual free cash flow over a one-year horizon, according to EY. This lack of forecasting precision leaves many CFOs reacting to crises instead of planning for growth.
To build resilience, CFOs need forecasting models that reflect real operational dynamics:
- Scenario modeling: Forecast best-, base-, and worst-case cash positions
- Rolling 13-week cash flow forecasts: Capture near-term risks and opportunities
- Integrated workforce planning: Link headcount and subcontractor spend to projected backlog
A strong forecasting discipline not only improves confidence with lenders and investors- it also gives CFOs breathing room to make strategic moves (acquisitions, new markets) rather than being stuck reacting to shortfalls.
Turn Finance Into a Strategic Partner, Not Just a Scorekeeper
A foundational shift for growing companies is transforming finance from a back-office function into a strategic business partner.
As organizations scale, finance teams must evolve from recording history to influencing the future. That means:
- Embedding financial analysts with operational teams
- Building dashboards tailored to project managers and executives
- Training finance staff to interpret- not just compile- numbers
This shift can be culturally challenging. Many teams are built around transactional processing, not strategic insight. But it’s critical.
“The most successful mid-market CFOs I know don’t just report the numbers—they shape the conversation about where the business is going,” says Brian. “They sit side-by-side with operations leaders, helping prioritize the right projects at the right time.”
As your finance team becomes more strategic, revisit your talent plan. Hire not just for technical skills, but for communication and business acumen. Build a culture where finance challenges assumptions and brings solutions.
Establish Governance That Grows With You
Governance is the silent backbone of a scalable finance function. Without it, growth creates chaos. CFOs should establish:
- Clear financial policies — expense approvals, capital allocation, reserve policies
- Documented procedures — month-end close, project cost reviews, change order approvals
- Regular performance reviews — tie KPIs to strategy, not just budgets
Even simple governance moveslike forming a monthly finance-ops steering meeting—create structure and accountability that scale as headcount and revenue rise.
A common pitfall is skipping documentation in early stages, only to struggle later when banks, auditors, or buyers ask for controls evidence. Start building your “financial operations playbook” now.
Build Relationships With Capital Providers Early
As your company grows, so do its capital needs whether for equipment, acquisitions, or simply smoothing cash cycles. Waiting until you need financing to build relationships can be costly.
Recent Deloitte data shows 53% of CFOs say debt financing is now attractive, up sharply from about 18% a year ago. Yet less than one in four (23%) CFOs currently rate the North American economy as “very good or good.” The message is clear: be prepared to act quickly when conditions align.
Mid-market CFOs should:
- Develop relationships with multiple banks and credit partners early
- Keep financial statements audit-ready, even if not required
- Understand debt covenant implications on operational flexibility
This matters especially in volatile sectors like construction, where lenders scrutinize backlog and job cost controls. Establishing credibility and transparency early pays off when you need fast access to credit.
The CFO Worx Perspective: Build Before You Scale
At CFO Worx, we’ve seen too many growth-stage firms struggle not from lack of opportunity, but from financial systems that couldn’t keep up. They end up firefighting- fixing data errors, missing bids, scrambling for cash- while competitors surge ahead.
“Scaling safely is about discipline,” says Brian. “Build the infrastructure, the controls, the team, and the visibility before you hit hypergrowth. It’s the difference between riding the wave and getting pulled under it.”
CFOs in IT, business services, contractors, construction, and home services all face unique volatility but the fundamentals of financial scalability are universal: robust systems, disciplined controls, reliable forecasting, strategic talent, and strong capital relationships.
With these in place, finance leaders can stop fighting fires and start fueling growth.
Is your finance function built to scale?
CFO Worx offers a complimentary Finance Infrastructure Health Check to assess your systems, controls, and forecasting readiness for growth.
Content Disclaimer: The information shared in CFO Worx Insights is for general informational purposes only and should not be considered professional, legal, accounting, or tax advice. Each company’s situation is unique, and readers should consult qualified advisors before making business or financial decisions.