Nowadays, Chief Financial Officers aren’t just keeping track of income and expenses; they’re processing this information to understand how best to grow the business. This valued capability is increasingly sought by large enterprises and is quickly becoming table stakes at midsize companies, as well.
The challenge for many tactical finance directors seeking to become strategic CFO is time. “Finance is often up to its ears in manual repetitive tasks that bog down the function,” explains Sandy Cockrell, global leader and U.S. national managing partner of Deloitte’s CFO Program.
In working with hundreds of CFOs and studying best practices at top performing organizations, Senior Executive Network has identified six imperatives (with specific action items) to help tactical CFOs become strategic CFOs, transforming the position into a forward-thinking strategic adviser:
- Drive Strategy
- Allocate Capital Resources
- Lead M&A Due Diligence and Post-Transaction Integration
- Enhance Profits
- Champion New Technologies
- Assess Risks and Implement Controls
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