Navigating uncertainty: What CFOs must get right in times of economic downturn

At a recent CFO event titled The Future of Money Tech, I had the opportunity to join a panel discussion on a topic that has felt particularly relevant over the past few years: How CFOs should navigate economic downturns.

What struck me during the discussion wasn't how theoretical the conversation was, but how deeply practical it became. Economic downturns don't test our spreadsheets; they test our judgment, values, and leadership. And they expose, very quickly, which decisions are built for the short term, and which ones truly last.

What crisis leadership really looks like: A lesson from COVID

Although it feels like ages ago, the COVID-19 pandemic taught us some valuable lessons that are worth revisiting. During the pandemic, I saw two very different leadership approaches play out, both in real time, both under extreme uncertainty.

At Priority, we made a deliberate choice to continue operating as close to business as usual as possible. We didn't furlough employees. We continued paying salaries and bonuses. At the same time, we paused hiring. It wasn't an easy decision, but it sent a clear message: we are in this together.

Employees noticed. And more importantly, they remembered.

At the same time, we were in the process of acquiring another company. Their leadership made the opposite decision; furloughing most of the workforce, including management. This was a tech company with largely recurring revenue. The business continued generating income. Profits were growing. But employees were sent home, disconnected, uncertain, and without confidence in the future.

Many of them never came back.

That experience reinforced something I strongly believe today: If the choice is between protecting short-term profitability or protecting your people, the long-term answer is almost always your people. Loyalty, trust, and stability compound, just like financial returns do.

Data is non-negotiable – Especially in a crisis

Another major theme of the panel was data. In times of uncertainty, instincts alone are not enough. You cannot lead through a downturn without accurate, real-time data.

That starts with having the right platform in place, whether it's Priority or another ERP system. But what matters even more is how that data is used.

For me, the future is clear: less focus on UI, more focus on AI. The question CFOs should be asking isn't “How do I get another report?” but “How do I make my team two or three times more productive with the same resources?”

At Priority, we think about AI in three layers:
• AI Assistance, where the system analyzes data and surfaces insights you might otherwise miss.
• AI Advisory, where predictions around cash flow, inventory, or risk support smarter planning.
•AI Agents, where entire processes like month-end close can be executed automatically, with humans approving and controlling the outcome.

And that last point matters. Especially in finance, humans must remain in the loop. AI should accelerate decision-making, not replace accountability.

When done right, AI allows finance teams to move faster, spend smarter, and operate with fewer tools and fewer manual steps, something that becomes critical during economic pressure.

CFOs must lead change – Not just react to it

CFOs are often viewed as cautious, conservative, risk-averse. There's a reason for that stereotype, but in today's environment, it's no longer enough. If CFOs don't lead change, organizations don't stand still, they fall behind.

This applies to technology, but also to mindset: markets shift, regulations evolve, and talent expectations change, and if finance leaders wait to respond instead of proactively shaping the path forward, the organization pays the price later.

Leading change doesn't mean reckless risk-taking. It means preparing early, investing wisely, and bringing clarity to uncertainty, before it becomes chaos.

Resilience isn't abstract, it's operational

The final story I shared on the panel was deeply personal. On October 7th, 2023, when the war broke out in Israel, where Priority is headquartered, we were in the middle of discussions with private equity firms. We were scheduled to fly to London the next day to sign a deal, but on the way, meetings were canceled, and everything stopped.

What followed was complete uncertainty. And yet, we kept working. Projects continued, teams came into the office or worked from home, the business stayed focuses, and, a few months later, in March 2024, a new process began and a deal was successfully closed just two months later.

The reason it worked wasn't luck, it was resilience.

This ability to keep going through crisis is something I see often in Israeli companies. Work becomes an anchor: it creates stability, focus, and a sense of control when everything else feels unpredictable.

During that period, Priority grew at double-digit rates. That growth didn't happen despite the crisis, it happened because we stayed grounded, committed, and operationally strong through it.

The reason that growth didn't just survive the crisis, but accelerated through it, goes back to the same principle I mentioned earlier: long-term commitment, especially to people and mission.

When employees feel secure, trusted, and valued, even in the most uncertain moments, they stay engaged. They show up. They think long term. They take ownership.

At Priority, continuing to work wasn't just about keeping projects moving; it was about preserving stability, purpose, and a sense of control for our teams when everything else felt unpredictable.

That same commitment, to employee wellbeing, transparency, and continuity, is what allowed us to remain operationally strong, focused, and resilient. It created the conditions for growth, not in spite of the crisis, but because we chose to lead through it with consistency and care.

For CFOs, this is a critical lesson. Technology, data, and strategy matter deeply, but they only deliver real value when they support a long-term mindset and a people-first approach. In the end, resilience isn't just financial. It's cultural. And it's built one decision at a time.

The CFO's role in uncertain times

Economic downturns will come and go, but what endures is how leaders show up when pressure is at its highest. For CFOs, this means making deliberate choices that balance financial discipline with a genuine commitment to people, protecting teams, not just margins. It means grounding decisions in accurate data rather than fear, using technology to amplify human capability instead of replacing it, and leading change proactively rather than reacting once momentum is lost. Above all, it requires resilience: the ability to stay focused and steady even when the path forward isn't clear. That's the central takeaway from the panel discussion, and what I continue to believe defines strong, modern financial leadership.

*Agentic AI is currently being developed by our R&D team.

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The Author

Lior Maza

CFO of Priority Software

With a career spanning venture-backed startups and high-growth tech companies, Lior has built deep expertise in financial agility, SaaS transformation, and data-driven decision-making. At Priority Software, he plays a key role in driving the company’s transition from traditional licensing to SaaS, focusing on metrics like recurring revenue, customer retention, and profitability. Lior is passionate about leveraging AI and automation in finance, fostering talent, and embracing change as a catalyst for sustainable growth.