According to the latest Sage paper, 96% of CFOs feel that their role will change significantly over the next three years. Numerous factors drive this change, but the result is clear: 80% of the survey respondents are worried about their future.
If you’re one of the CFOs feeling overwhelmed by the pace of change, you’re not alone. Throughout the profession, many are wondering if they have the right combination of skills to see them through the next several years. Evolving financial regulations, new technology like AI, and an increasingly competitive business environment continue to put pressure on CFOs.
Fortunately, it is likely that you already have the skills identified in the report that support job success. Let’s examine the skills that successful CFOs have in common.
The Evolving CFO Role
The CFO role has evolved over the past several years. Today, CFOs wear many hats. They lead accounting and finance departments, but they’re also integral to business planning, sales, marketing, and strategic decision-making within their organizations.
In the previously cited Sage report, CFOs who continue to thrive despite the many changes around them are those who lead with empathy. These leaders genuinely value people as well as the organizations they serve. They support their organization’s mission, help them make margin, and ensure that the people they work with have what they need to be successful, too. Additionally, these leaders strive for long-term solutions, sometimes referred to as sustainable. Lastly, they embrace diversity—diverse people, backgrounds, and opinions.
Three Characteristics of Successful CFOs
The Sage report found that successful CFOs share three main characteristics.
Leading Beyond the Finance Role
Successful CFOs step into leadership roles throughout their organizations. They foster cross-department connections and don’t hesitate to work with others to solve problems. Their role moves well beyond budget and financial management into operations, marketing, and other areas as the need arises.
The CFOs who thrive amid change take every opportunity to embrace technology. Whether it’s working with IT and other departments to choose a new accounting platform or seeking ways to use their existing platform more efficiently, successful CFOs embrace technology and use it to become more efficient in their work.
Success can be defined in many ways. While most people view professional success as the goal, those who thrive embrace work-life balance. These people work hard but know when they need a rest. They make sure they take care of their health, work out, rest, take vacations and personal time and spend time with family. In short, they take a balanced approach to life. Truly successful CFOs most often exhibit good work-life balance and avoid workaholism.
Technological Versatility
A key concept to remember is “technological versatility.” Most of the successful CFOs diversify their tech stack to ensure they do not put all their eggs in one tech basket. Many use cloud computing platforms which offer excellent security and backups; others incorporate new and emerging technologies, often testing them to see what works for their organization and teams. The key is finding the right mix of technologies to improve workflows and results.
Here’s to Your Success!
There is an old saying that change is the only constant in life. Every organization, no matter what its size, is experiencing rapid changes in every aspect of business. Successful CFOs keep their eye on their priorities, embrace a healthy work-life balance, and explore new technologies.
Welter Consulting
Welter Consulting bridges people and technology together for effective solutions for nonprofit organizations. We offer software and services that can help you with your accounting needs. Please contact us for more information.
Recent Comments