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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
The CFO’s role continues to evolve from a reporter of financial information to an architect of business value. A high-performing CFO can drive performance and steer a business to increased profitability and substantial growth. Here’s how:
CFOs and Guarding Shareholder Value
CFOs have successfully played the role of guardian of shareholder value for some time now, and this role is still important to a company’s performance. Without someone safeguarding shareholders’ value, a company doesn’t have the foundation it needs to remain secure and move toward improved performance. But the global economy and changing economic conditions now require that CFOs operate outside the boardroom.
CFOs and Managing Corporate Crossfire
The rise of corporate social responsibility has led to increased demands on companies, and CFOs are in the best position to manage the crossfire that inevitably ensues from time to time. Beyond managing increased legal requirements, CFOs can invest in the local stakeholders and make the “social business case.” In a sense, CFOs become brand ambassadors, and if they do this well, they can effectively drive performance.
CFOs and Providing Leadership
Some people go into finance because numbers are safe and predictable, unlike people, but today’s CFOs have learned that they must be experts at much more than just numbers. Today’s CFO has to be adept at managing the “softer” aspect of jobs: people development and the culture created by a business. Corporate culture, with its unspoken norms and values, rests heavily on the CFO today, and a CFO who can motivate and inspire can really drive performance.
Corporate leadership is all about leveraging culture to bring out the best performance in team members. Helping team members to set goals and be accountable for their own performance can go a long way toward taking your business to the next level, whether that’s a new territory, new products, or increased revenues.
CFOs and Developing Strategy
Using carefully kept records and big data, CFOs are in a position to develop strategy for your company’s future. The CFO of your company should provide the financial leadership necessary to develop strategic business direction and align financial strategies.
This comprehensive strategy should incorporate all the moving parts of your business. HR will be an important partner in building the pool of talent necessary for accomplishing goals. IT will be another important partner in gathering the resources and building the digital structure to support the employees and their goals. Senior management needs to be involved as they support team members with day-to-day coaching and mentoring.
CFOs and Measuring Performance
A good CFO is continually following up and managing performance, making adjustments to a company’s strategies and refocusing as market conditions change, all the while staying true to the company’s mission statement and overarching goals. This is what the captain of a ship does, and today’s CFO plays a role very much like a captain.
Set your business on the right path with this simple guide.
Make sure you’re on the right track with this online checklist.
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Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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