Hans Willert’s Post

How to prepare for the CFO role

How to prepare for the CFO role

The dearth of succession plans for departing finance chiefs comes as CFO turnover at public companies has soared this year in the latest article from CFO Dive #successionplanning #interim #cfo #csuiteconversations #csuiteimpact #leadershipmatters #transition #executivefunction #finance https://lnkd.in/eBhVkgnp

It often seems like there aren’t enough hours in the day for CFO's to both run a buttoned-up finance department and be the CEO’s strategic thought partner. In the latest from CFO Dive & McKinsey & Company - here are 5 time-saving strategies that CFO's can implement to unlock greater potential! #cfo #ceo #collaboration #leadershipmatters #csuiteconversations #strategy #2024trends #executivefunction #finance #growthmindset https://lnkd.in/gYn995YA

Starting a new CFO role, you have to make sure you align with your company values, culture, and vision. There's a lot of planning, meeting, and trust-building that occurs in those first 90 days, and there's no real way to speed it up. You'll perform best by going in with a plan, showing respect, and finding areas where you can make improvements that will help the company and the people. This is an impressively detailed plan from Sage that will help even the most experienced CFO ensure success. If you find yourself overwhelmed or facing issues with the books that need to be fixed fast, we support CFOs in fixing their books. Audits, tax season, even M&A, we handle it all. #business #cfo #audits

How to prepare for the CFO role. Learn from past CFOs... Many finance professionals strive to become CFOs. What's the best way to prepare yourself for the role? Let's learn with McKinsey and past CFOs. They highlight five key areas: 1. Formulate a distinctive vision for the CFO role CFOs need to set direction. They manage the finance function and optimize performance across the company. To achieve these objectives, set ambitious and compelling goals that people can buy into. One CFO I once worked with drafted a two-page paper with everything he wanted to achieve. He called it "The Beach" to symbolize a nice, warm place everyone wanted. 2. Find sponsors with organizational clout You need sponsors and mentors to speak your case to rise in an organization. It would be nice if merits were all there was to it. Unfortunately, it doesn't work like that. You need to build a strong brand and a bunch of marketers who will help bring your brand forward to rise. 3. Strengthen skills critical to the enterprise No one CFO can be everything a company needs all the time. Some are good in times of restructuring. Others are great at driving growth. Even others are excellent at raising capital. To be a CFO, you must develop and bring the skillset needed for the current situation. 4. Lead an initiative that matters People hire problem solvers and value creators. It's similar for CFOs. Showcase that you can do both by leading and succeeding with an important strategic initiative. 5. Find opportunities to engage with the board and the CEO The board and the CEO are THE most important customers for a CFO. The earlier you can meet with these stakeholders, the earlier they'll be able to assess whether you're the next CFO. The road to becoming a CFO is long and filled with challenges. However, tackling these five critical areas along the way is fascinating. What tips do you have for hopeful finance professionals preparing to become CFOs?

An ambitious executive aiming to win a company’s CFO seat will sooner succeed by embracing five strategies, ranging from creating a compelling vision for the top finance job to rallying a diverse set of mentors with organizational clout, McKinsey & Company said after distilling the advice from several former CFOs. #csuite #cfo #executivefunction #leadershipmatters #csuiteconversations #finance #executivesearch #stantonchase Read the latest from CFO Dive: https://lnkd.in/gfPdjHX8

Becoming a #CFO in today's world is a bit like the dog chasing the truck. OK, you got it....now what you gonna do with it. Amid decade-high CFO turnover, former chief financial officers share advice on what matters most today for securing the top job in #finance. McKinsey advises on how to prepare. https://lnkd.in/gfaG-TTS #financial

When your CFO leaves: relying on an interim CFO for financial stability The departure of a CFO can cause turbulence in a company, and until a new one is hired, it might make sense to bring in an interim CFO. Here is a brief article that discusses this topic. https://lnkd.in/gnpbHrfH

So, You Want to Be a Fractional CFO...? by Gary Christianson In the ever-evolving world of finance and business, the role of the Chief Financial Officer (CFO) has undergone significant changes. Gone are the days when CFOs were primarily responsible for managing a company's finances in a traditional 9-to-5 role. Today, a new breed of finance professionals is emerging, known as fractional CFOs. These individuals are redefining the traditional CFO role by offering their expertise on a part-time or project basis to multiple companies. If you're considering a career as a fractional CFO, this article will provide insights into the role, the benefits, and what it takes to succeed in this dynamic field. https://hubs.ly/Q029-kH20 #cfoselections