The Chief Financial Officer (CFO) role has traditionally been a custodian of financial acumen, integrity, and shareholder value—selecting indicators to measure organizational growth and ensuring value.
Today’s CFO is responsible not just for tracking and managing company financials, but also plays a key role in Strategic Planning and Value Creation. In particular, the CFO must make certain the organization is selecting and investing in the right initiatives and saying no to potentially unprofitable investments. These unique capabilities bring the CFO closer to other units—e.g. IT, Marketing, R&D, etc.—and aid in developing a formidable capabilities system.
Executives aspiring for the CFO role should possess the soft skills that are not taught during studies, but can be developed through mentoring and working with the right people and in the right environment.
There are five (5) core characteristics essential to becoming a Strategic CFO:
1. Understanding of the Holistic Value Chain – Aside from optimizing Performance, CFOs must assign time assisting the leadership, developing a holistic perspective of the entire company’s Value Chain, identifying critical areas, and develop strategic initiatives.
2. Insight into Business Drivers – It is integral to analyze the competitive environment, potential risks, and key drivers of business. The business drivers facilitate in focusing in the right direction and achieving the strategic objectives.
3. A Keen Eye for Talent – Successful and effective CFOs are aware of the significance of developing key financial talent and they expend sincere efforts and resources in hiring, engaging, and motivating their people.
4. Cultural Engagement & Change – Strategic CFOs have a profound impact on their people and organizational culture. They use it to effectively transform the organization and create a capabilities-driven culture to counter uncertainties and downturns.
5. Integrity & Interpersonal Skills – CFOs are distinguished by their ability to ensure creation of shareholder value, alignment of initiatives to generate value, and their natural sincerity and integrity towards their organizations.
We are of the view the Chief Financial Officers should pursue 4 key initiatives :
1. Strategic Cost Allocation
2. Key Performance Metrics
3. IT Infrastructure
4. Strategy and Vision Development
CFOs Next Step !!
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