The role of the CFO transcends traditional financial oversight. Mid-tenure CFOs, with their unique blend of experience and perspective, are well-positioned to spearhead change and innovation within their organizations.
To gain further insight into the success factors of the CFO, we attended a recent McKinsey & Company webcast, "How mid-tenure CFOs shift into a higher gear."
Some key takeaways were as follows:
There is a clear mid-tenure aspect of the CFO role itself. At this stage, CFOs possess a deep understanding of their role and company, enabling them to critically assess both their trajectory and the company's path, and initiate transformative changes.
To support mid-tenure CFOs in shifting into higher gear, the panel identified four key priorities:
Reinvent the finance function and yourself: Establish internal KPIs and benchmarks to evaluate and re-imagine the finance function.
Collaborate with the CEO on a new strategic aspiration: Build a strong relationship with the CEO to foster trust and align with major decisions.
Reevaluate your team and develop future leaders: Invest in team members to enhance their capabilities and prepare for succession.
Expand your horizons beyond finance: Join the board of a noncompeting company to gain insights from a board's perspective.
The main theme was the importance of avoiding organizational complacency and becoming drivers of change.
The webcast also covered the importance of creating an environment for honest feedback from your team. Daily actions set the tone for this openness.
Ultimately, the CFO must have a deep understanding of the business's key drivers, direction, and vision. Building confidence and trust with colleagues, the CEO, and the board is essential before embarking on these priorities. Establishing a firm foundation of trust and setting the right tone are paramount.
The discussion was moderated by Sean Brown (McKinsey) and included the following panelists: Ankur Agrawal (Partner, McKinsey); Christian Grube (Partner, McKinsey); and Arun Nayar (Senior Advisor to McKinsey and former CFO at Tyco International).
At Ascent Business Consultants, your financial foundation is our priority. We believe that a strong financial foundation is critical to scaling and growing in a competitive marketplace. Our fractional controller and CFO consultants provide top-tier finance and accounting consulting services and are with you every step of the way on your journey to greater success. We help strengthen your financial foundation to allow you to focus on what you do best: Scaling and growing your company.
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