Even if there are differences per group and enterprise buildings, CFO leads financial affairs alongside with IT, Law, Risk Administration, Direct-Indirect Purchasing and Human Resources departments and plays an effective position in strategic administration and planning by specializing in firm sustainability. Basically, CFO has three totally different heads. These are execution, supervision, and counseling. We are able to explain execution role as providing security of economic charts and managing the money that is the vital level of a company in an optimum way. Supervision duty contains; controlling the expenses of some departments to see if these are used up in keeping with decided regulations and auditing operational processes by a planned and unplanned way to keep away from corruption possibilities. And for counseling duty, we will exemplify issuing opinions particularly to the Board, CEO and all other managers about customer-supplier enterprise partners, new business areas and products, incentives, firm and department performances. CFO is the eye of the Board within the company and reliable enterprise consultant of CEO with all these attributes.
Help of the Board and CEO is very critical
Help of the Board and CEO is probably the most importing thing for CFO to fulfill all these duties and responsibilities in a proper way. Because most of the assignments that sound nice and asked to be achieved, cannot be performed because of lack of assist on inter corporate conflicts and different reasons. We are able to type the side effects of this kind of negative situations as an increase in company risks and miss the opportunities.
How CFO’s can decide priorities?
And this query is an important topic that CFO should take note of scientific and structural approach and possibly is competence in the willpower of a profitable-unsuccessful CFO. It’s not a really rational behavior to expect managing all these mentioned completely different experience areas and subjects by one person under normal circumstances until CFO determines the proper priority and use the cash supply and workforce of the company in a correct way. S/he can still manage his profession in a proper way and, in reality, s/he can still enjoy it. These duties dealt with by him/her are divided into four teams based on importance and urgency, and CFO should distribute these non-stop tasks in a correct way.
Urgent and vital subjects
Urgent but unimportant subjects
Non-urgent but essential subjects
Non-urgent and unimportant topics
CFO’s actually give primacy to «urgent and essential subjects» and will never work on «non-urgent and unimportant» subjects. However the point that makes the difference in that’s the time s/he spares time for «non-urgent but important subjects.» The quintessence for this one would be; observing the personal and professional development of the employees from the bottom to the highest level that’s managed by her/him and contribute in individual if possible. Even when this duty is extreme and long-termed, the return of it is high. Because the more s/he has a better and an outfitted team, the more they can fulfill the complicated duties and responsibilities which are provided.
Lesson: CFO ought to determine the priority in a proper way and may put money into the well-selected team. In any other case, the occupation that CFO do would possibly turn into one of the riskiest profession.
In case you loved this information and you would like to receive more information relating to chief experience officer executive search please visit our website.