3 Strategies for CFO Success in 2016

With a new year comes new goals, and growth tops the agenda for most companies in 2016. As indicated by a 5% unemployment rate and the recent interest rate hike, the health of the U.S. economy appears to have rebounded. And optimism for 2016 is cautiously high.

The U.S. CEO Outlook 2015 report revealed that over 80% of CEOs surveyed named the executive who will gain the most importance in the next three years is the CFO. This prediction makes sense given that the CFO has a full view of the organization and brings with him/her a strategic financial perspective that is of great value when evaluating potential investments, opportunities, and risks.

The role of the entire finance team is evolving to a more strategic delivery of data that informs faster, better business decisions. As Finance is called on to provide greater insights to impact growth initiatives, implementing the following strategies to will lead CFOs to greater success in 2016.

Build a winning team
In light of the changes noted above and because the caliber of the finance staff is crucial to the success of the company, leading CFOs allocate sufficient time to recruiting and meeting personally with potential team members. Personal involvement in formal training, mentoring, personal coaching, establishing promotion criteria—the serious CFO will do whatever is needed to build a winning team.
They will look beyond the expected level of financial acumen to an applicant’s—and even existing finance department employees’—strategic thinking, leadership and communication skills to hire the best candidates.

Recognize it’s more than just numbers
The most effective CFOs take an active role in making the organization stronger, more resilient in the face of shifts and disruptions, and more flexible in general. CFOs who move beyond urging the efficient use of resources to creating a culture where people naturally want to invest in the projects most closely aligned with the company’s capabilities will enjoy the most success.

Numbers-oriented folks may find cultural engagement a stretch, but it is possible for analytical types to master these skills. And what an impact such a culture-conscious influence can make.

Insist on integrity
The CFOs traditional job description as “financial gatekeeper” and “guardian of shareholder value” has evolved in more recent times to include matters of integrity. Now considered the keeper of the “internal conscience” as well, people expect the CFO—and the entire department—to ensure all projects are aligned to create enduring value.
As John Rogers, CFO of Sainsbury’s, says, “It’s absolutely critical for a CFO to have a natural integrity. You need somebody who’s capable of walking that…tightrope between supporting the individual businesses and making the right decisions for the overall enterprise. It’s quite a delicate balancing act.”
Springborn Staffing specializes in matching Bangor and Portland, Maine companies with staff matched to your need. From entry level to CFOs, we focus on finding talent who will ensure a smooth running business. Because we value people and relationships, we respect your time, finances, and business needs. We are committed to giving you the best – and doing it in a professional and timely manner. Contact us today.

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