From being the company’s financial health custodian to juggling all things related to cash flow, strategy and growth, a Chief Financial Officer must step out of the number crunching routine and develop initiatives that support and encourage profitable growth behaviors for the business.
Traditionally, being a CFO meant you had a solid grasp of financial education and your main performance expectations were directly related to hitting monetary goals and objectives. However, being a CFO should mean you’re capable of wearing all kinds of hats and leverage your skill set.
Now, moving past the fact you’re good, check out the 3 elements you need to consider if you want to be a great CFO:
1. Be a collaborative leader: A CFO should collaborate with other executives and departments, fostering cross-functional teamwork and integration. By working closely with colleagues, the CFO can understand different perspectives, build consensus, and make strategic decisions that align with the overall goals of the organization.
2. Be a persuasive communicator: A persuasive communicator tailors their message to the specific needs and interests of the audience. The CFO should understand the backgrounds, knowledge levels, and concerns of their listeners, whether it’s the CEO, board members, investors, or other stakeholders. This allows them to present financial information in a way that resonates with the audience and addresses their specific priorities. They also link financial information to the broader organizational goals and strategies. By illustrating how financial decisions and actions align with the company’s mission, vision, and long-term objectives, the CFO helps stakeholders see the significance of financial matters in driving overall success.
3. Be a problem solver: Sometimes, traditional approaches may not solve complex problems. A CFO can employ creative thinking and encourage innovative solutions. They can explore alternative strategies, think outside the box, and consider unconventional financial approaches to overcome challenges. Problem solving is an iterative process. A CFO should be open to feedback and continuously seek opportunities for improvement. They can evaluate the effectiveness of implemented solutions, gather feedback from stakeholders, and make adjustments as necessary to ensure ongoing financial performance and problem resolution.
Bottom line is being a successful CFO requires a diverse set of skills that go beyond financial expertise.hey are problem solvers, analytical thinkers, and adept at navigating complex financial landscapes. By embracing continuous learning, adapting to change, and exhibiting strong leadership qualities, a CFO can excel in their role and make a significant impact on the financial health and success of an organization.
