Skip to content
American ExpressAmerican ExpressAmerican ExpressAmerican ExpressAmerican Express
  • Card Accounts

    • Your Account
    • Activate a New Card
    • Register for Online Services
    • Amex Mobile App Features
    • Add Someone to Your Account
    • Moving Abroad? Transfer Your Card

    Business Owners

    • Your Account
    • Activate a New Card
    • Register for Online Services
    • Membership Rewards & Travel
    • Add Someone to Your Account

    Other Accounts

    • American Express @Work
    • Online Merchant Services
    • International Payments for Businesses

    Contact Us

    • Support 24/7
    AustraliaChange Country
  • Personal Cards

    • View All Personal Cards
    • Learn About Credit Cards

    Popular Personal Cards

    • The Platinum Card
    • The Qantas Ultimate Card
    • The Explorer Card

    Cards for Business Owners

    • View all Business Cards
    • Popular Business Cards
    • Manage Your Business

    Corporate Cards

    • View All Corporate Cards
    • Corporate Payment Solutions
    • Corporate Purchasing Card
    AustraliaChange Country
  • Online Travel

    • Book Travel Online
    • Book Fine Hotels & Resorts
    • Book The Hotel Collection

    Travel Resources

    • Destination Guides
    • Travel Insurance
    • Using Your Card Overseas
    • Card Member Benefits
    • Find a Travel Service Office

    Business Travel

    • Global Business Travel Solutions
    • Small Business Travel
    • Foreign Exchange Services

    Travel Money

    • Travelers Cheques
    • Qantas Credit Cards
    • Travel Rewards Credit Cards
    AustraliaChange Country
  • All Insurance Services

    • Insurance Home Page
    • Insurance with your card
    • Other Insurance

    Travel Insurance

    • Travel Insurance
    • Multi-Trip/Annual Policy
    • Single Trip Policy
    AustraliaChange Country
  • Membership Rewards

    • Use Points for Gift Cards
    • Use Points for Travel
    • Rewards Changes

    Rewards Programs

    • Membership Rewards Cards
    • Qantas Frequent Flyer

    Card Member Offers & Benefits

    • Explore Card Benefits
    • Amex Experiences
    • Refer Friends. Earn Rewards
    AustraliaChange Country
  • Merchants

    • Merchant Home
    • Accept the Card
    • Manage Merchant Account
    • Contact Us and FAQs

    Corporations

    • Corporate Cards
    • Purchasing Solutions
    • Customer Centre
    • Global Business Travel Solutions
    • Meetings & Events
    • International Payments for Businesses

    Business Owners

    • Popular Small Business Cards
    • View All Small Business Cards
    • Manage Your Business
    • Business Credit vs Charge
    • How to Apply for a Business Card

    Global Network

    • Home
    • Issuers
    • Acquirers
    • Service Providers
    • Developers
    AustraliaChange Country
  • Contact Us
  • Log In
      • Your Account
      • Activate a New Card
      • Register for Online Services
      • Amex Mobile App Features
      • Add Someone to Your Account
      • Moving Abroad? Transfer Your Card
      • Your Account
      • Activate a New Card
      • Register for Online Services
      • Membership Rewards & Travel
      • Add Someone to Your Account
      • American Express @Work
      • Online Merchant Services
      • International Payments for Businesses
      • Support 24/7
      • View All Personal Cards
      • Learn About Credit Cards
      • The Platinum Card
      • The Qantas Ultimate Card
      • The Explorer Card
      • View all Business Cards
      • Popular Business Cards
      • Manage Your Business
      • View All Corporate Cards
      • Corporate Payment Solutions
      • Corporate Purchasing Card
      • Book Travel Online
      • Book Fine Hotels & Resorts
      • Book The Hotel Collection
      • Destination Guides
      • Travel Insurance
      • Using Your Card Overseas
      • Card Member Benefits
      • Find a Travel Service Office
      • Global Business Travel Solutions
      • Small Business Travel
      • Foreign Exchange Services
      • Travelers Cheques
      • Qantas Credit Cards
      • Travel Rewards Credit Cards
      • Insurance Home Page
      • Insurance with your card
      • Other Insurance
      • Travel Insurance
      • Multi-Trip/Annual Policy
      • Single Trip Policy
      • Use Points for Gift Cards
      • Use Points for Travel
      • Rewards Changes
      • Membership Rewards Cards
      • Qantas Frequent Flyer
      • Explore Card Benefits
      • Amex Experiences
      • Refer Friends. Earn Rewards
      • Merchant Home
      • Accept the Card
      • Manage Merchant Account
      • Contact Us and FAQs
      • Corporate Cards
      • Purchasing Solutions
      • Customer Centre
      • Global Business Travel Solutions
      • Meetings & Events
      • International Payments for Businesses
      • Popular Small Business Cards
      • View All Small Business Cards
      • Manage Your Business
      • Business Credit vs Charge
      • How to Apply for a Business Card
      • Home
      • Issuers
      • Acquirers
      • Service Providers
      • Developers
  • Contact Us
AustraliaChange Country
  • Card Accounts

    • Your Account
    • Activate a New Card
    • Register for Online Services
    • Amex Mobile App Features
    • Add Someone to Your Account
    • Moving Abroad? Transfer Your Card

    Business Owners

    • Your Account
    • Activate a New Card
    • Register for Online Services
    • Membership Rewards & Travel
    • Add Someone to Your Account

    Other Accounts

    • American Express @Work
    • Online Merchant Services
    • International Payments for Businesses

    Contact Us

    • Support 24/7
  • Personal Cards

    • View All Personal Cards
    • Learn About Credit Cards

    Popular Personal Cards

    • The Platinum Card
    • The Qantas Ultimate Card
    • The Explorer Card

    Cards for Business Owners

    • View all Business Cards
    • Popular Business Cards
    • Manage Your Business

    Corporate Cards

    • View All Corporate Cards
    • Corporate Payment Solutions
    • Corporate Purchasing Card
  • Online Travel

    • Book Travel Online
    • Book Fine Hotels & Resorts
    • Book The Hotel Collection

    Travel Resources

    • Destination Guides
    • Travel Insurance
    • Using Your Card Overseas
    • Card Member Benefits
    • Find a Travel Service Office

    Business Travel

    • Global Business Travel Solutions
    • Small Business Travel
    • Foreign Exchange Services

    Travel Money

    • Travelers Cheques
    • Qantas Credit Cards
    • Travel Rewards Credit Cards
  • All Insurance Services

    • Insurance Home Page
    • Insurance with your card
    • Other Insurance

    Travel Insurance

    • Travel Insurance
    • Multi-Trip/Annual Policy
    • Single Trip Policy
  • Membership Rewards

    • Use Points for Gift Cards
    • Use Points for Travel
    • Rewards Changes

    Rewards Programs

    • Membership Rewards Cards
    • Qantas Frequent Flyer

    Card Member Offers & Benefits

    • Explore Card Benefits
    • Amex Experiences
    • Refer Friends. Earn Rewards
  • Merchants

    • Merchant Home
    • Accept the Card
    • Manage Merchant Account
    • Contact Us and FAQs

    Corporations

    • Corporate Cards
    • Purchasing Solutions
    • Customer Centre
    • Global Business Travel Solutions
    • Meetings & Events
    • International Payments for Businesses

    Business Owners

    • Popular Small Business Cards
    • View All Small Business Cards
    • Manage Your Business
    • Business Credit vs Charge
    • How to Apply for a Business Card

    Global Network

    • Home
    • Issuers
    • Acquirers
    • Service Providers
    • Developers

AustraliaChange Country
Small Business Cards
Cards
American Express® Platinum Business Card
American Express® Qantas Business Rewards Card
American Express Business Explorer® Credit Card
View All Cards
Compare Cards
International Payments
International Payments
American Express AccessLine™
View All International Payments
Manage Your Business
Business Benefits
Why Amex for your Business?
Business Credit vs Charge
Business Rewards
Business Cash Flow Management
Business Travel Rewards
Existing Customers
Order Cards for Employees
Corporate Card Programs
Cards
American Express® Corporate Platinum Card
American Express® Qantas Corporate Platinum Card
American Express® Corporate Gold Card
View All Corporate Cards
Compare Corporate Cards
Payment Solutions
Buyer Initiated Payments
American Express vPayment™
View All Supplier Payments
International Payments
American Express AccessLine™
View All International Payments
Trend & Insights
Business Trends & Insights
Products & Solutions
Service & Expertise
Existing Customers
Trends & Insights
Trends & Insights
Insights and Inspiration to Help Grow Your Business
Security
Managing Supply Chain
Managing Data and Trends
Managing Risks
Growth
Expanding
Adapting to Change
Future Proofing
Funding
Managing Cash Flow
Financing
Becoming More Efficient
People
Leading My Team
Managing Talent
Collaborating
  • Trends and Insights
  • Growth
  • Future Proofing
Business Class

01 July 2016

A Game Plan Makes All the Difference

A Game Plan Makes All the Difference

Twitter Icon
Facebook Icon
LinkedIn Icon
Ali Cain

Writer, Cain Creativity, Inc.

Summary

While many mid-sized businesses say they have a Game Plan and expect their businesses to grow as a result, some are struggling to access funds for innovation, according to new research by American Express.

Twitter Icon
Facebook Icon
LinkedIn Icon

The 2016 American Express CFO Future-Proofing Survey, Game Plan for Growth: CFOs’ imperative to fuel innovation, has uncovered a great propensity by chief financial officers (CFOs) to prepare strategic Game Plans. Conversely, they are finding it tough to access sufficient capital to invest in innovation projects. This has the potential to stymie growth in the future.

According to the survey results, 77% of mid-sized companies have a Game Plan. Of these businesses, growth is the main priority, with 69% saying this is the business’s focus, 57% concentrating on technological advancements, 50% looking at operational efficiencies and 44% preparing to hire new staff or improve the skills of existing employees.

The good news for businesses that have a long-term Game Plan is that they are more likely to be targeting double-digit growth. Of the 77% of businesses with a long-term game plan, 30% expect double-digit growth, versus 18% with a short-term Game Plan. Businesses that don’t have a Game Plan are on the back foot when it comes to growth: 51% expect no growth at all.

What does having a Game Plan mean?

One business that understands the power of a growth strategy is Beaumont Tiles. CFO Andrew Cromie explains that having a long-term Game Plan gives direction.

“It means it’s clear what’s expected of people and everyone knows where we’re going. There’s no use jumping in a car today and going to Brisbane without a map – you might end up in Perth. It also gives the executive team clear focus,” he says.

It’s a strategy that’s working for Beaumont Tiles. The business has achieved 15%growth over the last two years despite flat economic conditions and it expects to double the size of operations over the next two years.

One reason the business is achieving such stellar results is its commitment to innovation. Says Cromie: “Innovation is critical to any business – you have to keep up with the latest trends. It doesn’t matter where you are in the business, Bob’s door is always open to anyone with a great idea.”

An example of innovation in Beaumont Tiles is the ‘scan and play’ units in its stores. This allows customers to choose a product and see how it would look in a bathroom or bedroom, for example.

Innovation was also a focus of the Game Plan for Growth research. According to the results, 80% of CFOs of mid-sized companies agree that innovation is a priority. But 40% say their organisation has failed to bring a new product or service to market in the past three years. Moreover, 52% say they are not evolving as quickly as they need to.

What’s equally as concerning is a lack of funding for innovation. The survey results indicate 70% of mid-sized businesses intend to spend less than $100,000 on innovation in the next 12 months – for a business with an annual turnover of $50 million, this is the equivalent of 0.2% of this amount. It’s a very small commitment and not enough to really drive an innovation focus in a business. The main reason CFOs’ cited for their inability to invest in innovation was their lack of access to growth capital.

Of the businesses that were innovating, their CFOs indicated it was essential to critically assess the potential for innovative strategies to generate growth for the business. The criteria they used to do this were: costs versus current approaches and alternatives, potential short- and long-term benefits and time and opportunity cost.

Key Takeaways

Among key highlights reported by those mid-sized businesses surveyed:

  • 77% have a Game Plan
  • 50% of those without a Game Plan expect no growth
  • 80% say innovation is a priority
  • 52% of CFOs of mid-sized companies say they are not innovating as quickly as they need to
  • 70% expect to spend less than $100,000 this year on innovation
Twitter Icon
Facebook Icon
LinkedIn Icon
Want to Dig Deeper?

Get an American Express Card

  • Personal Cards
  • Credit Cards
  • Small Business Cards
  • Corporate Cards
  • Add Someone to Your Account

More Products & Services

  • Insurance
  • Accept the Card
  • Online Services
  • Book Travel
  • Business International Payments
  • Refer a Friend

Important Links

  • Frequently Asked Questions
  • Chip & PIN
  • ATM Locator
  • Accessibility
  • Safe and Secure

Company Information

  • About American Express
  • About American Express Australia
  • Careers
  • Contact Us
  • Site Map
  • Facebook
    • Personal Cards
    • Credit Cards
    • Small Business Cards
    • Corporate Cards
    • Add Someone to Your Account
    • Insurance
    • Accept the Card
    • Online Services
    • Book Travel
    • Business International Payments
    • Refer a Friend
    • Frequently Asked Questions
    • Chip & PIN
    • ATM Locator
    • Accessibility
    • Safe and Secure
    • About American Express
    • About American Express Australia
    • Careers
    • Contact Us
    • Site Map
    • Facebook

American Express
AustraliaChange Country
  • Connect with Amex on Facebook
  • Connect with Amex on Instagram
  • Tweet your questions to @AskAmex
  • Connect with Amex on LinkedIn
  • YouTube

  • Website Rules and Regulations
  • Trademarks
  • Privacy Statement
  • Security Alerts

Copyright © 2021 American Express Company