148. Your CFO – are they good enough for you to call them the “Chief Fixing Officer”?

The Chief Financial Officer (CFO) is often seen by the uninitiated as the company’s number-cruncher.

True, they are responsible for overseeing the company’s finances, including accounting, budgeting, forecasting, and reporting. However, the CFO is much more than just a numbers person. They are also a strategic thinker, a problem-solver, and a leader and a general Fixer.

Now more than ever, CFOs are increasingly being called upon to be the “Chief Fixing Officer”; because companies are facing more financial challenges than ever before. The global economy is volatile, and businesses are constantly under pressure to cut costs and improve efficiency. In these challenging times, CFOs need to be able to think outside the box and come up with creative solutions to financial problems.

One of the most important roles of the CFO is that of a manager of risk; this includes being able to identify and address financial problems early on which can save the company time, money and headaches in the long run.

CFOs use their financial expertise to spot potential problems early on and take steps to correct them. For example, they may identify areas where the company is overspending or investing in risky ventures. They may also recommend changes to the company’s budget or financial strategy.

In addition to identifying and addressing financial problems, CFOs also play a key role in improving the company’s financial performance. They do this by developing better financial planning and budgeting processes, making sound investment decisions, and identifying opportunities to grow the business. CFOs also work closely with the company’s management team to develop a plan to improve the company’s financial performance.

The CFO is a critical member of the executive team playing a vital role in the company’s success. CFOs who are good at their job will help companies achieve their financial goals and improve their overall performance.

Here are some specific examples of how CFOs can be the “Chief Fixing Officer”:

  • A CFO can help a company turn around its finances by implementing new financial systems and procedures, making changes to the company’s budget, or selling off assets.
  • A CFO can help a company recover from a financial crisis by developing a plan to improve the company’s financial performance and rebuild its reputation.
  • A CFO can help a company grow by identifying new opportunities for growth and developing a plan to capitalize on those opportunities.

CFOs who are good at “fixing” finances are invaluable assets. They can help companies get back on track and achieve their financial goals. And they will help the business owner more readily sleep at night.

If you are interested in a career in finance, the CFO role is a great option. CFOs play a vital role in the success of any company, and they are in high demand. If you have the skills and qualities necessary to be a successful CFO, you can expect a rewarding and challenging career.

Here are some of the skills and qualities you can expect from a brilliant CFO:

  • Strong analytical and problem-solving skills
  • Excellent communication and interpersonal skills – at all levels
  • The ability to work independently and as part of a team
  • The ability to think strategically and make sound financial decisions
  • The ability to handle stress and work under pressure

If you have already got someone who measures up to this challenging skillset – great.

But if you could do with someone to spot and solve the problems in your business – and help you sleep at night, to boot – then contact the Tectona team.

Here is a recent comment from Jason, a Tectona client:

The business has been growing rapidly and I knew that we needed to implement more rigorous process and controls within our finance function. I was getting thoroughly disillusioned with our bankers and it was taking huge amounts of my time to manage this; time I considered to be wasted.

In no time, Antony had identified that we were on a totally inappropriate bank tariff and was able to use his network and introduce us to a Corporate Banking partner with the appropriate banking support for a business of our size.

We are in essence a consulting business and, just like other professional practices, we need to closely manage our time costs. Antony has been instrumental in cleansing and rationalising our project management system which now gives accurate project by project data that, in turn, provides us with accurate WIP and pipeline forecasts.

And to wrap around all this, Antony has also devised and implemented processes that lead to timely and accurate management information which makes us feel a lot more strategic in our decision making.

Jason Prior

Director, Prior +Partners

About Tectona

Tectona Partnership helps business owners sleep at night by embedding one of our 16 commercially minded finance directors in your management team.

Very often, a part time solution is the most effective solution.

We make sure you have the necessary management information and strategic insight to make informed decisions and reduce risk; and we will absolutely tell you what you need to know, when you need to know it.

Posted in Business Development, FD Role, Tectona.