The latest word is in from top finance professionals, and it’s not good.

Diminishing consumer demand tops the list of external concerns, according to the latest survey from Duke University and CFO Global Business Outlook.

One big concern that hasn’t grabbed many headlines: The “psychology” of bad times, says one finance VP.

How’s that work?

Even businesses that haven’t felt the economy’s squeeze firsthand are worrying that the fallout from the credit crunch and collapsing housing market will have a more widespread impact. The concern is that solid customers might feel the need to pull back into a defensive position, to ride out rough times for a while.

What are CFOs and other procurement execs worried about under their own roof?

For now, at least, it’s keeping your good people on board.

But running second and fast closing is worry over the ability to forecast results. When the business world seems to be shaken each day by new disclosures or events, crystal balls everywhere are cracking.

Order too little and you risk sending your good customers scurrying to your competition; order too much and the cash value crowding your shelves will threaten to weigh you down mightily.

With that in mind, the No. 4 inside problem cited by finance execs was supply-chain risk.

What’s all this mean?

It’s likely you’ll face even more pressure to tighten up supply chain finances, without compromising your ability to function.

Don’t count on hiring people, whether it’s for new positions or to fill vacancies.

You’ll need to be more plugged in than ever to other departments that’ll keep you up-to-the-minute on customer needs.

Tags: CFO, customer, forecast, supply chain