Leading Through Uncertainty
July 07, 2025
By Andrea Beth Levy, CPA, CFE, CGMA, MBA
Financial leadership during uncertain economic times requires balance. Whether you’re a CPA serving as a finance department leader or leading your own CPA firm – everyone is problem solving in real time. Financial leaders are focused on controlling expenses while keeping sustainable liquidity in a rapid decision-making environment.
Everyday issues magnify overnight. You may even wish you had yesterday’s problems. In uncertain times our professional skepticism is heightened, and the need to pay attention to internal controls and risk increases exponentially overnight. This article decodes common elements during periods of uncertainty and provides guidance for support.
Finding Focus
During periods of significant change, CPAs should remain focused without being attached to the outcome. With the environment changing quickly, speed becomes more important than precision, and our ability to make decisions and not get stuck in analysis paralysis when information is incomplete is important.
Financial leaders should define priorities and embrace action. Consider which key performance indicators are relevant for this new environment and focus on those specific outcomes. This may lead you to delaying significant planned projects and expenses that no longer fit the new environment.
Balance Sheets, Not Battles
Our requirement to maintain razor-sharp focus may be the most difficult obstacle, especially during a period of increased workload and stressed leadership. As CPAs we are taught to remain calm during stakeholder or client-facing meetings, regardless of the topic, although periods of change and uncertainty can rattle the worst behavior in our clients and stakeholders. The news cycle is fast, and clients and stakeholders may be fearful.
Interacting with senior management during uncertain times can seem unpredictable, confusing and heated. We may see senior management frequently changing their minds or being unable to decide. In addition, we may see a variety of unprofessional behavior.
One former CFO I worked for would interrupt unprofessional behavior in a conversation by saying, “No casualties!” when conversations moved into a heated battle. It was a verbal note for senior management to dial down from their passionate state. As mentioned in a recent Harvard Business Review article, “to reliably deliver, leaders must maintain their equanimity even when others are losing their heads. Stock up on energy, emotional reserves and coping mechanisms.”
Predicting the Future
Financial forecasts are predictions for future events. As financial leaders, we make the best predictions we can at the moment with information readily available. We use historical trends, key performance indicators, current economic factors, financial models and even AI. While it’s essential for management to have helpful information for making difficult decisions related to future economic trends, there’s an element of risk in predicting what will happen next.
In determining if financial forecasts are reasonable, evaluate the underlying context. This may require a feedback loop to senior management about the main assumptions and predictions used to create the forecast. Here are just a few questions to consider when analyzing forecasts:
- Are revenue predictions reasonable given the current circumstances?
- Do revenue predictions comply with revenue recognition standards?
- Are cash flow projections reasonable and in alignment with historical factors?
- What contingency plans are being considered given the possible changes in liquidity?
The Balancing Act of Requests
In times of uncertainty, we may receive an unreasonable number of new requests from senior management. It is a balancing act to determine whether a new request is value-added or extraneous.
It may seem easier to say “yes” to every request; however, this is a key time to choose your focus. Be aware of the time and effort required to appease senior management. Brainstorming ideas of what will help in the heat of the moment is solid work, but it’s our duty to ensure we can keep up with these requests and continue to move the company forward with existing transactional and compliance work; especially if no additional resources are available to your team.
If you must say “yes,” then you can always suggest modifying an original request to use an existing report or output, thereby meeting 80% of the request requirements and communicating this option as soon as possible to senior management. Another possibility is to break down deliverables into key project milestones, then determine if a team member can support with key project milestones.
It is important to discover, decipher and prioritize the most value-added work. Consider the following questions when collaborating with senior manager of C-suite executives:
- Can I create a visual aid of the new or heightened business risks?
- How can I ensure my message is clear, accurate and urgent, while maintaining the listener’s attention?
- To limit expenses incurred by the organization, are there significant projects which should now be delayed?
- Can team members support with specific requests on a key project objective?
Team Leadership During Periods of Uncertainty
Team leadership during periods of uncertainty can involve delivering tough decisions made by senior leaders.
As mentioned in Good Boss, Bad Boss by Robert I. Sutton, Ph.D., “when fear is in the air, your mantra [on communication] should be: Simple, Concrete, Credible and Repetitive.” We may need to deliver a message we do not agree with
or wish we did not have to give. Examples may include layoffs, adding more responsibilities to certain team members without additional pay, furloughs and pay reductions. Sutton goes on to say, even if leaders cannot stop employee changes from happening, “less damage will result when [leaders] carefully explain what will happen and why.”
Messages of employee changes should be delivered with compassion, concern and respect. A recent Forbes article recommends following clear steps after a major change in team composure.
First, complete an evaluation on morale. Meet with employees and see where they are most concerned. Allow employees to mourn and hold space for uncomfortable questions. Second, focus on your presence. “The worst thing you can do after layoffs is hide behind remote work, offices or artificial walls. Prioritize being as visible as possible with increased availability, access and communication. The higher your level, the more important this becomes. Visibility helps leaders build trust, provide comfort and elevate teams after this stressful event.” says Graham Peelle in “6 Strategies for Leading Teams After Layoffs.” Third, clear and consistent information is essential. Align yourself with management’s messaging to ensure there is no misunderstanding. Fourth and finally, consider how the team will fill the skill gaps or distribute workloads to ensure the daily work can be completed and the agency can move forward.
The following is a table of actions and questions to ask yourself as you lead a team through uncertain times and change. Remember, a team’s resilience is built during these pivotal moments and building team resilience during these transitions requires dedication, empathy and hard work.
| Maintaining Team Morale Post Layoffs, Reduction in Workforce or Pay Reduction | Leadership Actions |
|---|---|
| Employee focus (team focus) |
|
| Management focus (your focus) |
|