A NetSuite data survey highlighted a gap between CFOs’ self-perception and expectations from peers, with 40% of executives wanting better finance team management from CFOs, while only 18% of CFOs see this as a priority. Other key areas for improvement include communication skills (19% lower rating from peers) and managing the finance team (10% lower rating from finance managers). Based on that survey they then solicited industry input and recommended "10 daily to-do items" (beyond the typical daily) for top CFOs to bridge these gaps and excel:
- Enhance Team Management: Host daily standups, weekly 1:1s, and all-exec meetings to align strategy and support staff development. Engage beyond finance to help all departments understand financial impacts, ensuring leaders use unified tools for cash flow decisions.
- Stay Informed: Check news and emails early, reserving deeper industry reads for later. Monitor cybersecurity and industry trends via aggregators (e.g., Apple News), newsletters (e.g., CFO Dive, Bloomberg), and platforms like LinkedIn or WhatsApp CFO groups.
- Build Your Online Presence: Maintain a strong LinkedIn profile, updated quarterly with achievements. Connect with peers, comment thoughtfully, and share articles to grow your network and personal brand.
- Mentor Efficiently: Dedicate minimal time (e.g., quarterly calls, annual lunches) to mentor finance talent and cross-department staff. This positions you for CEO roles by showcasing leadership and succession planning.
- Share Analytical Insights: With 87% of non-finance managers valuing finance’s role but only 27% using data-driven decisions, offer analyses (e.g., KPI graphs, lunch-and-learns) to help departments align with financial goals.
- Maximize Automation: Automate tasks like journal entries and payroll to cut costs and save time (e.g., one CFO reduced month-end close by 68%). Evaluate ERP systems and explore automation across departments.
- Engage the Board: Build trust with regular check-ins (e.g., forwarding articles, monthly updates, or quick calls). Share good news fast, bad news faster, with solutions to demonstrate strategic involvement.
- Prioritize Deep Work: Block an hour daily for distraction-free, high-focus tasks to drive strategy. Use rituals (e.g., specific tea, instrumental music) and delegate unnecessary meetings to free up time.
- Connect Across Teams: Engage non-finance staff through in-person chats, coffee breaks, or virtual “coffee chats” to understand their challenges and foster collaboration, enhancing finance’s strategic role.
- Track and Reevaluate Goals: Review team goals weekly, analyze KPIs, and hold quarterly full-day meetings to assess progress. Annually evaluate talent, processes, and technology to align with company vision, avoiding over-pivoting.
Bottom Line: CFOs can solidify their strategic advisor role by using small, intentional actions—effective meetings, automation, cross-department engagement, and focused deep work—to address skill gaps and drive business success.
