One of the most vital CFO skills is having that sharp business acumen - seeing the company through a wide-angle lens. It's about understanding the bigger business landscape that exists outside of just the finance department's four walls.

A top CFO is always plugged into how external factors - market trends, what competitors are doing, regulatory changes and so on - impact their specific business.

But it goes even deeper than that.

True business acumen means aligning the financial strategy and planning with the overall goals for the company as a whole.

Every financial decision a CFO makes should tie back to supporting the core mission and vision. It's about having that holistic perspective that connects the dots between finance and the big picture strategy.

With business savvy like that, CFOs can anticipate potential roadblocks and challenges before they happen. But they also spot exciting opportunities that others might miss. Their wide-angle vision makes them indispensable advisors to the CEO and the board.

The CEO knows they can rely on the CFO's business smarts and counsel. It's why the best CFOs have a seat at that leadership table - adding immense value with their cross-functional business prowess.

Some tips to help you build your business acumen skills include:

  1. Get out of the finance bubble. Shadow colleagues in other departments like sales, marketing, or operations. See firsthand how different business functions operate and the challenges they face.
  2. Read industry publications and analyst reports. Stay up to speed on broader market trends, competitive dynamics, emerging technologies, and macroeconomic factors impacting your industry.
  3. Attend cross-functional meetings. Don't just stick to the finance team's meetings. Regularly sit in on product, strategy, or leadership team huddles to get that big picture perspective.
  4. Meet regularly with the CEO. Set recurring 1-on-1 time with the chief executive. Get their vision and priorities and make sure the financials align with and support the overarching company strategy.
  5. Take an online course. Enroll in a business strategy, management, or leadership program to build more holistic business skills outside of just finance and accounting.
  6. Find a mentor. Seek out someone preferably a former CFO, who has walked the path you're on. They can provide invaluable advice on elevating business smarts.