Up until the last decade or two, businesses succeeded entirely without the use of social media on the internet. So why should CFOs care about it now?
Although many CFOs are hesitant to use social media as a business strategy, others are taking advantage of the technological opportunities that allow for greater customer outreach. More and more companies are turning to social networks like Facebook and Twitter as marketing techniques, or to LinkedIn to find job candidates. According to a 2010 study, 65% of the largest global companies had Twitter accounts and 54% had Facebook pages.
Other social media options, such as Pinterest, Instagram, and even basic e-mail, also provide innovative services. However, CFOs should also be aware of the risks that come with social media, particularly through its use by individual employees in the work place. Because social media can be a double-edged sword, federal regulation may sometimes step in to keep it in check.
As social media becomes increasingly prevalent in the work place, both through personal and company-wide use, CFOs should be aware of both the risks and the rewards that it offers. We hope this CFO eBook keeps you informed in all of your social media endeavors.
Topics in this CFO eBook include:
- What CFOs sacrifice by refraining from social media;
- How social media affects the supply-chain;
- Risks imposed by employees’ Twitter accounts;
- Social media regulation by the SEC;
- How to create a small-business website.