The role of a CFO is highly challenging and so in the initial few weeks taking the right steps is mandatory to ascertain a long term success. A CFO has little time to waste and being the key finance chiefs, they should make their best first impressions. Here are few valuable tips:
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Acquire an ally
Knowing the finance team is crucial. Having an adviser within is important, but he or she must be a sharp observant. You must know through them if attention is required. An ally need not be a reporter or your peer. An ally must be the one to whom people are able to approach easily for help and his suggestions must carry value.
Get things disciplined
A CFO wishing to position as a CEO’s strategic partner should not get caught up in the functions of the controller. A new CFO should create early a strong controllership, whether it refers to hiring people, adding positions or reorganizing. Expecting a team working for you may not happen in the initial few weeks, but you as a CFO must show the commitment that you are progressing.
Be cordial with finance department
Controlling costs is the main work of a CFO and it always begins with tightening the finance department strings. In the aim of setting an example, CFOs should remember that they must not appear cheap. It is not possible to budget finance for a company solely as this may affect the finance quality. A new CFO should have a warm approach and above all needs to be engaged and capable employees.
Be an associate
It is actually simple to forge ahead if all the executives in a company stay committed. However, for a new CFO, inspecting plans with right people is important, whether you are stepping into a new initiative or considering some transformation. Keep the department or team updated on the project advancing and the transformation to take place. In this way, being an associate helps to take the next move. You will receive informal support and it will be less disruptive. Thus a CFO must make sure to get proper input and ensure the people that he is bringing changes to make things easy.
Listening is a very great skill and for a new CFO, this skill is very important. As you are new, get ideas and information, but do not act instantly. The initial few weeks are to know people, determine strategies and to note that needs improvement. The process of listening helps to understand the obstacles and in deciding the changes required.