by Rob Joseph, Director, BeaconCFO Plus
In many businesses, the CEO and CFO relationship is critical.
Depending on your company’s size, your industry, and your goals, your expectations of a CFO will vary. Whether you have a full-time CFO or you work with an outsourced CFO, your relationship with that individual will be essential to your success as an organization.
So what does a CEO need from a CFO?
Excellent communication skills are a given.
These days, CFOs don’t stay in the lane of finances and analytics; they are a big part of building and maintaining partnerships. Being able to communicate clearly, effectively, and meaningfully is key.
A CFO needs to think critically and strategically.
They cannot sit passively and keep their opinions to themselves. Rather, a CEO will be looking to the CFO to challenge others on the team, questioning assumptions and urging employees to think beyond the “usual” way of doing things. They are responsible for keeping everyone on board and aligned with the CEO’s vision for the company.
CEOs expect their CFOs to drive forward thinking.
It is not enough for a CFO to assess the strategy in hindsight and explain what didn’t work; the CFO should be part of crafting and driving that strategy. This is necessary for them to serve as the expert in the company’s vision, mission, and goals.
A CFO needs to be an effective decision maker.
They need to embrace change, be willing to adapt, and guide the team toward becoming a more agile organization. In some cases, tough decisions are met with internal resistance. The CEO will count on the CFO to serve as a model and leader during times of change to get employees on board.
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An outsourced CFO can provide invaluable insights and guidance to your organization—serving you and your team in all the ways we’ve just outlined above. Reach out to our team for a complimentary, one-hour consultation and help us get to know your business, your goals, and your needs for outsourced CFO services.