What is in your toolbox? Hopefully, a Modern CFO!
If anyone was even more tested by the business challenges of the last 15 months than the CEO – it was the CFO of any company in any industry. They were pivotal in analyzing employee furlough programs, securing short term capital infusion, managing supply chain issues, and even being the final say in how to best stretch payment terms with vendors across the globe. Not only does a CFO role of today look different than even a decade or two ago – the role continues to evolve. As studies have shown, the CFO seat also often leads to new career opportunities, supported by boards and investors, for an expanded role as COO or the corner office CEO seat. The skills of a “modern” CFO in our experience provide the “WHY-HOW-WHO” and include the following proclivities:
Strategist – “The WHY” – This means that they are very engaged in helping the organization frame the “WHY” for any given idea, program, or initiative. Analytical by nature, their depth in logic and analysis of business challenges (vs. accounting challenges in the past), help them guide and advise the CEO and board on specific options and optimal course of action. From an outward facing persona perspective or role, the CFO values structure and order while being able to bring laser focus to action.
Implementer – “The HOW” Historically, the CFO may not have been the poster child for an action figure. However, as a hands-on, outcome-focused, goal-oriented driver, the CFO is the safe pair of hands in a CEO’s or organization’s tool chest. Leading by example, while delivering practical solutions to all business problems are the hallmark of the modern CFO. While maintaining a high level of quality in their work, they also have an overlying pragmatic sense of “good enough;” they know when its time to move on and quit messing with the work product already produced. A creative senior executive team or CEO can count on the sage advice of someone that can dissect the idea or challenge with a “reality check” that ensures a tangible outcome is achieved.
Playmaker – “The WHO” – There is a third dimension to a successful, modern CFO that is the icing on the cake, or the glue that truly binds. More rare but not less valued, the ability to engage the team and empower the organization team members to do what they do best, is the mark of a true leader. They strive for group/team wins vs. individual glory. They work with a playbook where shared endeavor, teamwork, and independent contributions are essential ingredients. CFO’s who are playmakers have keen insight into what makes people tick and what it takes to engage, motivate, and deliver sustained results.
What about the CFO that is a constant fountain of innovative ideas? Unlikely that is where the biggest value resides for a CFO as others in the organization may be more enabled to produce the “WHAT”. Therefore, the impact of a modern CFO will be maximized by providing the “WHY-HOW-WHO” and their excitement around spotting the patterns in these new ideas, challenges, or opportunities and then being able to put that within a strategic framework before setting the team loose on executing for desired results.
One of the most exciting roles for us to identify and recruit is the Modern CFO. If we can be of help figuring out the ideal IMPACT you need to take your company to the next level, we would welcome a chance to do so with you. For more on this topic, please contact bjorn@topgunventures.com or visit www.topgunventures.com for added background on our firm.
Acknowledgement: the GC Index (www.thegcindex.com) and its business impact model (including the listed proclivities herein) is a tool and firm we collaborate closely with in our practice. We use it for individual and team assessments focused on delineating the IMPACT a candidate/team wants to have and can have on a team/group/org.
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