by Rob Joseph, Director, BeaconCFO Plus
Over the last few months, we’ve been discussing the qualities required of today’s CFOs.
We’ve discussed the need for agility and resilience. We touched on why a CFO must be forward–thinking and talent–focused. There is another way that CFOs add value to their organization—that is through team-building. Team-building can mean several things. It is the act of recruiting, hiring, and retaining qualified employees, and then guiding those employees to work together toward a shared and understood mission. It is also capability building, something the McKinsey team detailed well in this April 2021 article:
“It’s becoming increasingly clear that one of the most critical responsibilities of CFOs in coming months will be supporting efforts to build new capabilities—the mindsets and behavior an organization needs to reach and sustain its full potential—and raising the bar on talent development.”
How can a Fractional CFO help your organization “reach and sustain its full potential”?
A Fractional CFO can help you hire the right people.
As many business owners and hiring managers know, there is no success story without a successful team. This is where a CFO can be invaluable. Today’s CFO does so much more than monitor numbers and produce financial reports. They are privy to an organization’s financial and operational data and can use this information to put the right people—with the right skills and capabilities—in the right positions within your organization.
A Fractional CFO can help connect leaders across all departments.
Maybe different employees are using profit to mean different things: profit margins or profit per unit. Perhaps some leaders have a limited understanding of how to monitor cash flow. The CFO can improve efficiency and reduce confusion by helping all departments better understand the language of finance. If leaders are on the same page, they can better work together to make smarter strategic decisions.
A Fractional CFO can serve as a mentor.
The more engaged a CFO is with their team, the more they will learn about your employees. This can help boost productivity, shape work styles, and identify opportunities for growth. The CFO can also help provide training and professional development that aligns with an employee’s unique needs and interests. As a mentor, the CFO plays an important role in helping all team members feel valued and appreciated. Because they are so engaged in the day-to-day operations, they can recognize and call out employees doing good work on behalf of the company.
Reach Out to BeaconCFO Plus
Foster a Strong Team for the Future
An experienced fractional CFO can be an asset to your organization. While providing essential financial leadership and strategy, he or she can also assist with talent development, team building, and mentorship. Our CFOs provide services on a project-based or part-time basis. Reach out to speak to us about your unique business needs.