Stanton Chase - CFO & Financial Executives ’s Post

CFOs need to free up the time needed to ably execute on both strategic and tactical levels, according to McKinsey & Company. Most finance chiefs are familiar with the phrase a recent article by McKinsey refers to as, “the CFO conundrum.” Put simply, it often seems like there aren’t enough hours in the day to both run a buttoned-up finance department and be the CEO’s strategic thought partner. Read the full story here: https://lnkd.in/eHbNAbMg

Most #cfo’s are familiar with the phrase “the CFO conundrum” 🤔 Put simply it often seems like there aren’t enough hours in the day to both run an efficient #finance department - as well as being the CEO’s #strategic thought #partner ⚖️ five time-saving strategies for CFOs according to McKinsey & Company: 🤓 Crystallise your #strategy — and identify where #technology can be an enabler 🫡 Focus on big moves 😌 Radically #simplify 💪🏼 Keep up the tempo 🫂 Overcome #cultural inertia Source: CFO

This very insightful McKinsey article is great advice for CFO's who need to increase their value to an organization, but also a guide for what companies should be looking for in their CFO and what finance professionals should be striving for.

As CFOs, we’re uniquely positioned to drive strategic decision-making and create value across the organization. The key? Effective finance business partnering. CFO Dive shares how finance chiefs can be better finance business partners and what they can do to elevate this skill with their finance teams. #leadershipmatters #csuiteconversations #finance #executive #strategy #csuiteimpact #leadershipmindset #teamwork #business #partner #organization https://lnkd.in/en4HMS2P

【"】Call it the CFO conundrum. As your company’s most senior finance executive, you understand that your most important mission is to enable significant value creation. That means finding a way to shift from “just” keeping a complex finance function on the rails to establishing yourself as the CEO’s principal thought partner. For some CFOs, the challenge can be even more intense. Urgent requirements, including cash management, internal and external reporting, talent development, risks and controls, and scenario planning, cannot be wished away. Yet some CFOs do rise to the challenge. McKinsey’s article explores how they raise their games above functional expertise to achieve real strategic impact. By improving in six critical dimensions (amply described in the attached article), they solve the time-crunch challenge to become enterprise-wide leaders, superior decision-makers, and value-creating confidants of CEOs—all while running a more efficient, dynamic, and farsighted finance function. 𝐒𝐢𝐱 𝐰𝐚𝐲𝐬 𝐂𝐅𝐎𝐬 𝐟𝐢𝐧𝐝 𝐭𝐡𝐞 𝐭𝐢𝐦𝐞 𝐭𝐨 𝐮𝐧𝐥𝐨𝐜𝐤 𝐭𝐡𝐞𝐢𝐫 𝐟𝐮𝐥𝐥 𝐩𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 1️⃣Crystalize your strategy—and identify where technology can be an enabler 2️⃣Focus on big moves 3️⃣Radically simplify 4️⃣Keep up the tempo 5️⃣Overcome cultural inertia 6️⃣Mind your microhabits “CFOs face an extraordinary set of concurrent challenges—to carry out company strategy enterprise-wide; manage a complex, detail-based function; and serve as the confidant and critical thought partner of the CEO. It takes exceptional discipline and focus to find time for it all, particularly for CFOs who find themselves thrust into the role. Yet by minding these six critical sets of actions, the most effective CFOs do find the time to make it all work and help the company create outsize value for the long term.” McKinsey & Company ▶️ https://lnkd.in/d6Yhh8P3 #CFO #Csuite #executiveleadership #valuecreation

This article really does showcase the importance that finance has on the success of your organization. CEO and investors alike see the importance of having a great CFO. Think you are too small for a CFO? Maybe a Fractional CFO might be a good fit, and if you are even if you are not ready for that level consider my financial advisor services, which is designed with small business in mind. So no matter your size consider some professional finance support for your team. https://lnkd.in/gWX7xy9p

The Evolving Role of Today's CFO: Navigating Four Key Faces In today's dynamic business landscape, CFOs are donning multiple hats, each with its own set of challenges and responsibilities. Traditionally seen as stewards and operators, modern CFOs now also serve as strategists and catalysts, shaping the future direction of their organizations and driving change from within. As stewards, CFOs safeguard the organization's assets, ensuring compliance with financial regulations and effectively communicating value and risk to stakeholders. Meanwhile, as operators, they oversee the efficient functioning of finance operations, providing essential services like financial planning and analysis and treasury management. However, the role of the CFO extends beyond traditional boundaries. CFOs now play a crucial role as strategists, contributing to strategic planning and aligning business and finance strategies to drive growth. Additionally, as catalysts, CFOs have the power to drive change and innovation within the organization, leveraging financial resources to support business improvement initiatives and foster innovation. In today's complex and ever-changing business environment, CFOs must adeptly navigate these four faces, balancing risk management with strategic vision and operational efficiency with driving change. By embracing these diverse roles, CFOs can effectively lead their organizations towards sustainable growth and success. https://lnkd.in/gMySfzED

This article is a valuable resource for anyone in the finance industry, whether you're an experienced CFO, a junior executive, or aspiring to the role. It provides in-depth insights into the expanded responsibilities of modern CFOs, which now go beyond financial stewardship to include acting as a strategic partner to the CEO, shaping portfolio strategies, and making critical investment decisions. The piece delves into the complex nature of the CFO-CEO relationship, highlighting potential conflicts and the need for a delicate balance of power and collaboration between these two pivotal roles. It also offers practical strategies for resolving disputes, ensuring alignment with the company's vision, and driving the organization towards its financial goals. This research is a study of challenges and a roadmap to harmonizing the CFO's core responsibilities with the broader executive mission. As a result, it is an essential read for finance professionals at any stage of their career. #CFO #CEOCFOConflict #Financecareer

According to McKinsey & Company, finance chiefs struggle to balance running a finance department and being the CEO's strategic partner. To address this challenge, they offered five time-saving strategies for CFOs: Crystallize Strategy: CFOs should focus on strategic questions, identify growth sources, and assess IT systems that can be improved or automated to execute company strategy effectively. Focus on Big Moves: Rather than incremental changes, CFOs should concentrate on significant actions that can lead to substantial improvements in margins or productivity. Radically Simplify: Simplify processes by reducing duplicate reports and clarifying roles and responsibilities to keep teams focused on value creation. Keep Up the Tempo: Implement agile tools, reports, and calendars for performance management to track progress effectively. Overcome Cultural Inertia: Avoid human biases like risk avoidance, prioritize strategic plans, and avoid wasting time on achieving consensus. These strategies aim to help CFOs manage their time more efficiently and establish themselves as the trusted strategic partners of CEOs. Read the full article here: https://lnkd.in/eHbNAbMg #CFO #CFOInsights #finance

Excellent McKinsey article on ways CFOs solve the time-crunch challenge to become enterprise-wide leaders, superior decision-makers, and value-creating confidants of CEOs - all while running a more efficient, dynamic, and farsighted finance function. By minding six critical sets of actions, the most effective CFOs do find the time to make it all work and help the company create outsize value for the long term: 1.      Crystalize your strategy - and identify where technology can be an enabler: The best CFOs understand key pain points, analyze and align their organization’s incentive structure, and assess current capabilities, particularly IT systems and tools. 2.      Focus on big moves: Focus on capital allocation through business development products, funding for internal innovation, and support for the successful launch of the largest commercial products. 3.      Radically simplify: Effective CFOs save time and achieve stretch goals by clearly identifying potential outcomes and keeping their teams focused on what’s needed to create outsize value. 4.      Keep up the tempo: Save time by investing effort to build the tools, reports, and calendars that enable agile change by tracking and monitoring core performance management objectives/KPI's. 5.      Overcome cultural inertia: Don't waste time solving for consensus; relentlessly prioritize by framing strategy around major choices, calibrate aspirations against the company’s mission, industry, and broader macroeconomic trends. 6.      Mind your micro-habits: Define priorities while being clear and specific upfront in order to prioritize and be more effective both in enterprise/board/stakeholder meetings and in running the finance function.