What makes the CFO’s role tricky?
Ollie Smedley • April 8, 2019
What challenges do CFOs face
I was reminiscing with an old CFO colleague about what makes the role a bit different to those of their colleagues. Whilst all jobs at this level come with challenges, the CFO’s has some added dimensions that can really test them:
- Building strong and effective Board
relationships
whilst holding those same people to performance accountability
–
sometimes quite publicly.
- Taking a ‘first among equals’
position, often deputising
for the CEO with no formal seniority.
- Being a ‘critical friend’
when it comes to strategic
planning - grounding optimism with reality without falling into the trap of
being labelled “pessimistic”
.
- Being innovative, creative and flexible
whilst staying
on the right side of the rule book
.
- Managing stakeholders
– frequently done behind
the scenes with a challenging landscape
.
- Ensuring “no surprises”
whilst working in complex, fast changing environments
often without enough resource.
- Creating a Finance function that serves the business whilst not forgetting that the Finance team need serving too – self-care can frequently be overlooked and securing and maintaining talent is critical.
And what does it take for CFO’s to handle these effectively?
Great people skills
– from interpersonal to team building
skills and high emotional intelligence.
The days are gone when a CFO can rely on just being functionally
brilliant, they have to be able to share their wisdom and expertise in an ambiguous
world that is changing every day.
If you’re a Finance leader who needs some help – drop me a line at contact@olliesmedley.com to start a conversation.
Ollie helps finance leaders and teams create the space, thinking and leadership they need to thrive. Previously an FD and MD in a range of complex, blue chip organisations he’s now an ICF accredited coach. Try his free “What Matters in Finance” exercise if you’re curious about what really matters to you.
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The right questions spark the right conversations
Ideas to help you return from holiday, refreshed, rejuvenated and raring to go!
