The influence of a CFO within your business grows by the day. Yet, what do you do if you don’t have one? Or how do you retain your incumbent?
Whilst the UK’s economy currently basks in positive productivity, the recruitment thaw within businesses across the UK is continuing. The appointment of such a role shouldn’t be taken likely and as a business owner/leader you’ll need to undertake the appropriate due diligence on affording such a role. Yet, for any aspirational organisation the impact of a CFO can have huge benefits on the future prosperity of your business. Here’s why:
- Where are you going?
The CFO will have significant experience having worked through the many roles in a finance function. Whilst their’s will not be a hands-on, day-to-day processing paperwork type role, they will oversee the entire department and ensure critical decisions are taken by someone who has been there and done it. They are a safe pair of hands.
Whilst empowering individuals is a good thing to do, this needs to be in a controlled environment. Your CFO will provide that control and make the big decisions as and when required.
- Discipline and consistency
As the leader in the business, you could be focusing on other things; new business development, relationship management or stakeholder relations. Your CFO will provide the discipline and consistency to ensure your business is sailing in the right direction. This discipline is often understated, but shouldn’t be overlooked.
The trait used to be that successful sales personnel would be fast tracked for senior roles, and ultimately, the very top. In recent years, CFO’s have moved into the hot seat more often than not. Why is this?
To ensure efficiency and productivity, more CFO’s are overseeing numerous additional departments. With responsibility for heads of department such as IT, Ops or Legal, the CFO can provide a holistic, consistent picture on profit/loss and other financial performance. This of course means you, as CEO/MD, can focus on the wider outlook.
Developing relationships with these reports provides a wider remit to the CFO, ensuring greater value to the business and enhancing their skill set, loyalty and retention. Furthermore, your new recruit will have a close relationship with the board – if not already on it.
- Strategic direction
The CFO will be shrewd and wily. This ensures the strategy that as a business you have painstakingly implemented is kept on track. Management of all the above will ensure consistency is applied.
- Relationships matter
As two senior figures, you’ll develop a close working relationship. The CFO will be an added pair of eyes and ears, and therefore there must be implied trust between you. Open communications and a comfort between you. Any resentment or animosity isn’t going to be helpful. This shouldn’t be confused for disagreements. These happen, but lingering difficulties could bring this all crashing down. So the interview process and compatibility will be key.
To discuss your specific needs for any roles within your finance function, please do call the MRK Associates team on 01442 824400 or email:firstname.lastname@example.org