Welcome to autonomy

by | Apr 28, 2021

The Role of a CFO in a Company

Just stepped into your first CFO role, be it a promotion from a 2IC Finance Manager role, or your first move out of professional services into commerce, and got that sense of unease because you are unsure what you are supposed to do?  In fact, could be any leadership role.

Welcome to autonomy that comes with leadership.  It’s fantastic when you truly embrace it but can be a bit un-nerving if it’s a new experience.

What’s different? 

  • As the “Boss” (I hate that word) everyone is now looking at you for guidance.
  • No-one is feeding you work or telling you what to do on a day-to-day basis.
  • It’s up to you to determine what your priorities are and how to go about it.
  • You have been employed as the CFO because someone thinks you can do that job. They don’t expect to have to tell you how to do your job.

When I took my first role in commerce after 10 years in professional services I spent the first few days bewildered looking at an empty desk and empty inbox waiting for someone to tell me what to do.

It took me a few weeks to relax and stop looking over my shoulder waiting for the MD to pounce on me with a directive.  Previously, as a senior manager in professional services reporting to several partners across many clients, the demands came thick and fast.   I likened this transition to commerce as having just one client, working for one partner with only one team to co-ordinate.  Easy right?

Looking back those 18 years, what advice can I offer myself as a young finance professional:

  1. No-one expects you to know everything so don’t pretend you do.
  2. Exploit the fact that you are new to the organization for as long as possible. It’s the best excuse you’ll ever get to ask lots and lots and lots more questions, especially the stupid ones.  Don’t waste this opportunity.
  3. Be curious.
  4. Listen intently.
  5. Get to know your team and what makes them tick and what their challenges and frustrations are.
  6. Get out into the business to get to know people and understand the business that you are in.  Ask them what their challenges and frustrations are, especially with the finance department.  You can’t do this from your office.  
  7. Establish the expectations of the CEO, or who ever it is you report to. If they are not very forthcoming, be proactive, set up a meeting and ask them.

Once you have done this you will have a perspective of the bigger picture, a clearer picture of what it is you are supposed to do, and the context in which you are operating.

Written By Debbie Millard

Master your business through strong leadership, knowing your numbers and empowering your people

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