[aaykarbhavan] CFO

Bean Counter to Business Leader: The Changing Role of the CFO

CFOs have a golden opportunity to show that they are true business leaders.

No More Beans

The role of the CFO is evolving, but due to the daily and never-ending pressures of closings, reporting, meeting deadlines, and the sea of other finance duties, a strong tendency still exists for the CFO to act as the "chief bean counter." The white paper reviewed in this section encourages CFOs to shed this title in the following ways:

1. Improve Your Visibility by Turning Data Into Better Business Decisions
CFOs must create a common platform for the data they control so that everyone knows both the source and integrity of the numbers—financial and nonfinancial. They must have high quality data that is shared and fosters sound business decisions.

2. Create Quick Wins
CFOs and their team should work on low hanging fruit and focus their efforts on the sharpest pains. One way to help a team get quick wins is to have better forecasting techniques and share reliable data with others.

3. Design the Right Roadmap
CFOs must establish an accurate roadmap for their team and establish specific and achievable goals with three different time frames. Three different time frames for goals help you to be strategic but not neglect the tactical part of your job:

Long-term
Mid-term
Short-term
4. Empower the Organisation
As CFO, your responsibility is to empower the organisation by

distributing information,
balancing centralisation with authority,
providing tools,
providing data with analysis, and
fostering a performance culture.
However, you cannot implement this fourth strategy alone. The entire leadership team helps to establish a performance-sensitive culture, which requires each member to

collaborate,
convince others,
negotiate,
inspire others, and
listen.
The views expressed in the previous section are drawn from a BPM Partners white paper, July 2009.



------------------------------------

receive alert on mobile, subscribe to SMS Channel named "aaykarbhavan"
[COST FREE]
SEND "on aaykarbhavan" TO 9870807070 FROM YOUR MOBILE.

To receive the mails from this group send message to aaykarbhavan-subscribe@yahoogroups.comYahoo! Groups Links

<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/aaykarbhavan/

<*> Your email settings:
Individual Email | Traditional

<*> To change settings online go to:
http://groups.yahoo.com/group/aaykarbhavan/join
(Yahoo! ID required)

<*> To change settings via email:
aaykarbhavan-digest@yahoogroups.com
aaykarbhavan-fullfeatured@yahoogroups.com

<*> To unsubscribe from this group, send an email to:
aaykarbhavan-unsubscribe@yahoogroups.com

<*> Your use of Yahoo! Groups is subject to:
http://docs.yahoo.com/info/terms/