98% of finance leaders expect operating costs to rise in 2022, reports a CFO survey by Deloitte. This adds strain to an already high-pressure role.
To succeed as a chief financial officer, you need all the tools at your disposal. The margin for error is slight, and your role is being eyed by fresh business talent every day.
We have a guide to help you fend off the competition. Whether you’re new to the CFO game or a veteran, our 6 key tips can give you the edge you need.
Read on to learn more.
1. Get the Full Forecast
With the business world in flux post-pandemic, lengthy plans can seem a thing of the past. Companies need to be adaptable, but forecasting still has its place on your way to success.
Collaborate with your whole company to check real-time data. Automate your accounts to give you the extra data you need. P2P tools like Xelix can save you time and help you track spending.
2. Cultivate Soft Skills for Your Team
Soft skills can seem ethereal and hard to touch, but by developing these qualities in your team, you can stoke real progression.
Soft skills like leadership, communication and critical thinking help your team both in-office and outside. Mathematical prowess has limits, soft skills can give you the edge.
3. Lead Like a True Chief
Plan team training, CPD courses and advancement at every level. When your team knows they can count on you for development, they will reward you with productivity.
Be a mentor, confidant, and leader for all your team members. Be the CFO people know they can come to for help and guidance.
4. Involve Your Whole Organisation in Decisions
Get input from every level of your organisation before big moves. Each department will have knowledge of specific areas of your company, which can help you make crucial choices.
By asking for input for each level, you show your team members you value them. You will have their expertise at your fingertips.
5. Keep Your Company Culture Alive
Look for attitudes and values in recruits that fit your company’s ethos. This helps new team members fit in fast, contribute to a productive team and push for new developments.
Be open to cultural refinements from all your team members, at every level. When your team is secure and valued in your company, their effectiveness will help move things forwards.
6. Be Willing to Accept Innovation
After years in the industry, it’s easy to feel confined by the CFO playbook, but change can help you survive. Be open to ideas from your new team members.
Study new insights and tips from expert sources. Listen to team members with contemporary approaches, and above all, greet change with a firm handshake.
Be the CFO Your Company Needs
Value inputs from every level, maintain a positive work culture and welcome innovations. This can put you ahead of your competitors.
Global affairs, inflation and ever-changing technology have transformed the CFO’s role. By staying up to date, seeking progression and staying flexible, you can transform with it.