CFOs: Stay nimble and informed to steer your organisation forward

Friday, 7 June 2024 02:23 -     - {{hitsCtrl.values.hits}}

 

Knowledge is power, and staying informed of trends will help you make relevant decisions to steer your team and organisation forward


Technology-led disruptions over the last four years have brought the future directly to us. Whether we are working in the private or public sector, we are now navigating rapid changes — sometimes daily. 

As finance leaders, we are managing diverse, hybrid teams that span time zones and continents, keeping a pulse on record-high inflation that affects business costs, and ensuring that our finance teams remain relevant in this complex and rapidly changing business environment. 

Adaption and being nimble have become second nature to us, but we cannot be complacent. During ongoing transformations, our work is not done. Staying proactive and informed are two strategies to be successful in the face of change; but, more importantly, they prepare us for leading diverse teams in a competitive global market. 



Successful management strategies for diverse, hybrid teams 

Today’s workforces want more work-from-home options because of the flexibility it affords. However, leaders are back peddling on their hybrid policies and mandating returning to the office. This is compounded when employees continually leave this country to pursue other professional opportunities abroad. 

You know the benefits and cost savings of hybrid offices, and this knowledge can help you usher in wider acceptance of hybrid working with your organisation’s leaders, and it can help you attract and retain talent. Offering flexible, hybrid working environments that prioritise communication will help you retain current employees and attract new talent— like those who took career breaks and want to re-enter the workplace. 

But managing a dispersed team isn’t easy. You can help bridge this physical and digital divide by listening to the ideas and concerns of your employees and practising more empathy. Employees appreciate a leader who listens to their ideas and concerns, communicates directly, and recognises their challenges. Excellent communication skills and high emotional intelligence counteract burnout and boost collaboration and engagement with your teams. 



Global trends influence business decisions

We need to be aware of global trends and topics — inflation, sustainability, social movements, geopolitics — and how they influence our organisations. We need to prioritise understanding the impacts, risks, and opportunities of these issues.

Whilst there is only so much to be done in terms of national metrics, it works well for CFOs and finance teams to create scenario plans and forecasts to move ahead with minimal negative impact when inflation rises or when countering the effects of geopolitics. Additionally, putting more emphasis on business strategy will help the organisation at large navigate new circumstances. 

Organisations are continually reassessing their approach to sustainability and environmental, governance, and social (ESG) issues. Financial performance is now intertwined with sustainability — and CEOs are relying on their finance teams for help.

Accounting and finance professionals should continue to partner with organisational leadership to advise on sustainable business practices, data aggregation and analysis, and reporting per regulatory standards. Our financial knowledge and business acumen provides a baseline on how to handle nonfinancial data. 

The onus is on us as finance leaders to influence the rest of the finance function and the business towards becoming data stewards, driving strategic insights, improving forecasting, and helping to reimagine organisational structures. 



Stay proactive to steer the organisation forward

As a CFO, you are looked up to not only by your board of directors but also by the public — each group trusts in your skills to make informed decisions and steer the organisation forward. Your role expands beyond financial expert, and you need to be savvy with emerging technology trends, ESG and sustainability-related initiatives, societal changes that spur business advancements, and fostering diverse, multi-generational teams. 

Knowledge is power, and staying informed of trends will help you make relevant decisions to steer your team and organisation forward. Or to put it another way: a relevant CFO will know when to play a flick, a reverse sweep, or a Dilscoop. 

Continue your journey of leadership development with the research Future of Finance 2.0. This research from AICPA and CIMA explores the catalysts of the profession’s evolution, the importance of emotional leadership in leadership, and what hybrid offices need to thrive. 


(The writer with FCMA (UK), CGMA, MBA is the Country Manager — Sri Lanka and The Maldives, of AICPA and CIMA, together as the Association of International Certified Professional Accountants.)

Recent columns

COMMENTS