The Importance of the Contemporary CFO
More than ever, the Chief Financial Officer (CFO) plays a crucial role in the growth and success of a business. In the past, people often viewed this role as ‘just counting money’. In today’s modern world, however, the CFO is charged with helping that money come in as well. Here’s an overview of what a skilled chief financial officer can do for your business and how you can go about spotting the right one for your company.
How Can Your CFO Help Your Business’s Growth?
The ideal type of CFO is what we call a ‘bean grower’. They take initiative and proactively make plans that will help your business succeed financially. This might involve recognising the most profitable products to focus on during a certain period of the year. It could also involve managing invoices and receivables cleverly to maximise your company’s cash flow.
Whatever their specific targets might be, the general sign of a valuable CFO is that they take steps to help the business make and save money. Meanwhile, the traditional accounting roles must also be managed efficiently alongside these strategic activities.
How to Identify a ‘Bean Growing’ CFO
There are a number of qualities and traits that a promising CFO will exhibit that can be seen as signals of a potential ‘bean grower’. These include:
• Solid strategic and commercial skills
• Significant experience in finance (including hands-on experience – not just theory!)
• Valuable industry connections (e.g. existing relationships with accountants and other professionals)
• Strong communication skills and the ability to translate financial jargon into phrases that your other staff members can easily understand
• Great business sense
• And a friendly, down-to-earth attitude!
On a more technical note, your CFO should also ideally possess:
• An appropriate qualification and membership of a major Accounting body.
• At least one previous role as a CFO elsewhere.
The CFO Centre looks for all these qualities and more when recruiting CFOs. This is because we’re dedicated to providing our clients with only the most talented and driven individuals possible. Please contact us today to learn more about how our team can work to enhance your company’s finances.