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CFO Transformation - Days 30 - 60 are about building momentum
By now the scope of the challenge is taking shape. Your second month in your business transformation is about building momentum, forming your vision and testing your new theories ready for clear communication of a plan to the business.
It can be tempting to ruffle feathers and declare the new world order, but consider how you have so far gained people’s trust and confidence in your abilities. You need to demonstrate to your stakeholders that you understand the business, so that when you challenge the norm, they trust you to execute your plan quickly and effectively.
The First 60 Days
- Develop your vision
Your vision should straddle the knife’s edge between aspirational and achievable. The finance function needs to be motivated and united to achieve the strategic business priorities. Your vision is an opportunity to clearly frame and communicate the common goal.
Your vision should also take into consideration what needs to be established or changed to ensure an effective and efficient finance function. This could be technology, teams, processes, or measures. Remember that giving the team a part in setting the vision and driving the change process will increase buy-in to the change process.
- Sketch out the resources to deliver the vision
While it might be wise to keep the existing team in place early on, you should be working out how to better leverage team members’ knowledge and skills. You need to identify any skill gaps in the team, and where you are under-resourced. You’ll also need to identify whether you need people or technology to fill those gaps and drive forward. Your team will also be looking to you to guide their futures. Providing finance employees with a view of their career trajectory and future potential motivates them and helps set aspirational goals.
- Identify how business culture will affect your plans for transformation
After meeting your stakeholders in the first 30 days you should have a good idea of the culture of the organisation – and whether you’re trying to steer an oil tanker or a speedboat. Understanding how the business culture could accelerate or resist your plans will be key to developing a plan that’s appropriate for your organisation. Ensure that you have the right support on each level from colleagues who share your transformational mindset.
- Is your business a modern business?
Great CFOs use technology to save money and improve operational efficiencies. But an elite CFO will know to use technology to drive a competitive advantage. Digital transformation is a clear agenda item for every new CFO. The term may seem board and unhelpful, but in the finance function it is often about assessing how Automation, Artificial Intelligence (AI), Blockchain technology and Data Delivery can enhance competitiveness and move the dial on key metrics and the strategic business plan.
- Report on your first 30 days
Make your mark on the board, investors or your colleagues in the C-suite. Reflect on what has stood out for you and even hint at how your plan is forming – it’s the fastest way to receive early feedback on how your greater plan will be received in another couple of months’ time.
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About Caxton
Our senior teams help 100s of CFOs every week. We offer support on transforming their business from outdated manual payment processes, and make quick, effective decisions when they are working with FX.
About the Author
Trevor is a strategically focussed CFO with an innovative approach to adding value. Backed by a track record of driving growth in fast paced international business, his focus is driving the future of payments and improving the speed and efficiency of clients’ financial processes.
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