Have you ever wondered what a CFO's mission is and why it's so important?

To be a successful CFO, you must establish (and communicate) your mission, vision, and values for the company. These guiding principles are the backbone of great financial leadership. By keeping these concepts front of mind, you’ll be in a much stronger position to lead the company to success.

The CFO mission and vision statement aren't just fancy phrases – they're essential components of what makes a good CFO great.

So, what should your mission look like? And how can you communicate it to your team and other stakeholders?

In this blog post, we shed some light on how an established vision can drive success for your company. We’ll also share some CFO mission and vision statement examples and teach you how to create one of your own.

The CFO mission

What is the CFO's mission and why does it matter?

The CFO mission is all about the main goals and responsibilities of a Chief Financial Officer within an organization. It matters because it helps guide financial strategy, decision-making, and overall success.

Key components of a CFO mission statement

Your CFO mission statement should include:

  • Clear financial objectives: State the specific financial goals you’ll work towards, such as growth or profits.
  • Stakeholder focus: Show how you’ll serve various stakeholders (internally and externally), like shareholders, employees, and customers.
  • Strategic alignment: Ensure your mission connects with the company's overall strategy and objectives.
5 supply chain risk mitigation strategies to dodge disaster
How can you mitigate supply chain risks as effectively as possible? Find out in this article, where we explore five key supply chain risk mitigation strategies to help you steer your company toward financial stability and resilience.
Finance AllianceSabrinthia Donnelly

Define your mission statement’s purpose

A well-crafted CFO mission statement:

Inspires and motivates the finance team: It gives them a clear direction and purpose, so they're eager to contribute to the company's success.

Guides decision-making: It helps you and your team make better choices, aligned with the company's goals.

Builds trust with stakeholders: When the CFO's mission is clear, it's easier for stakeholders to understand and support their financial decisions.

Examples of effective CFO mission statements

Not sure how to create your CFO mission statement? Here are some simple examples:

"To lead financial strategy and execution, ensuring sustainable growth and long-term value for our stakeholders. My mission is to also promote transparency and collaboration across the company."
"My mission is to drive financial excellence by providing accurate and timely financial information, optimizing resources, and safeguarding company assets for the benefit of all stakeholders."
"As the CFO, I'm committed to empowering the company through strategic financial leadership, fostering innovation, and ensuring the highest ethical standards in all financial activities."

CFO vision

What is the CFO's vision and how does it shape financial strategy?

The CFO vision is your long-term aspiration for the finance function within an organization. It outlines where you want to take the finance team and how you plan to contribute to the company's success.

Your vision plays a key role in shaping financial strategy, as it sets the direction and focus for the team.

Research by KMPG revealed 44% of CFOs say their finance function doesn’t have a clear vision, so it's important to make sure you've got yours covered.

“CFOs who fail to articulate their role and demonstrate their value to the business can find it more difficult to win the resources required to create a leading finance function.” – Being the Best: Insights from leading finance functions, KMPG
CFO cybersecurity: What’s the CFO’s role in cybersecurity?
From crunching numbers to combating cyber threats, the role of the CFO has leaped into uncharted territory, making CFO cybersecurity one of the hottest topics in boardrooms across the globe.
Finance AllianceRichard King

Critical elements of a CFO vision statement

An impactful CFO vision statement should include:

  1. Future orientation: Describe where the finance function should be in the long term and how it’ll evolve.
  2. Strategic alignment: Connect the vision to the company's broader strategy and long-term goals.
  3. Aspirational tone: Make it inspiring and ambitious, encouraging your team to aim high and work towards excellence.

Remember, a compelling CFO vision statement:

Motivates the team

It helps the finance team understand the importance of their role and encourages them to work towards the long-term vision.

Provides focus

It serves as a guide, helping your team prioritize tasks and projects that align with company goals.

Fosters a sense of purpose

When the team knows where they're heading, they feel more engaged and committed to achieving the vision.

Examples of powerful CFO vision statements

Here are some inspiring CFO vision statements to consider:

"My vision is to become the trusted financial partner for our organization, driving growth and innovation while maintaining the highest standards of financial integrity and transparency."
"As the CFO, I envision a future where our finance function is a catalyst for change, providing strategic insights and creating value across the company."
"I will empower the company through data-driven financial leadership, fostering a culture of continuous improvement, adaptability, and collaboration."

CFO values: The guiding principles

Core values are the fundamental beliefs that guide a CFO's decision-making process. These values shape the way a CFO manages financial resources, interacts with stakeholders, and contributes to the organization's overall success.

CFOs must also focus on building purpose-driven values that are authentic. According to Deloitte:

"Providing clarity and commitment to investors and employees on purpose makes goal setting easier and decisions clearer – it gets people facing the same direction."

Some examples of CFO values might include:

  • Integrity: Upholding the highest ethical standards in all financial activities and decisions.
  • Accountability: Taking ownership of financial responsibilities and delivering on commitments.
  • Collaboration: Fostering teamwork and open communication across the organization.
  • Innovation: Continuously seeking opportunities to improve financial processes and drive growth.
  • Transparency: Ensuring financial information is clear, accurate, and readily available to stakeholders.
10 risks of mergers and acquisitions & how to mitigate them
In this article, we explore the top 10 risks of acquiring a company and how to mitigate them.
Finance AllianceSabrinthia Donnelly

Aligning the CFO mission and vision with company values

It's essential to align your CFO mission and vision with the company’s values because it...

1. Promotes a cohesive approach

When everyone in the organization shares the same values, it's easier to work towards common goals.

2. Builds trust

Stakeholders are more likely to trust and support your decisions if they align with the company's values.

3. Reinforces the company culture

A strong alignment between your mission, vision, and the company's values contributes to a healthy and positive work environment.

CFO values play a crucial role in ensuring ethical, transparent, and responsible financial management by:

  • Guiding decision-making: Values help the CFO make choices that are in line with the company's principles and expectations.
  • Setting expectations for behavior: When the CFO models the values, it sets the standard for the entire finance team to follow.
  • Enhancing reputation: Upholding strong values can enhance the company's reputation among stakeholders and the broader business community.

Identifying and developing your core values

Here are some suggestions for identifying and developing a CFO's core values:

Reflect on your beliefs

Consider the principles and ethics that you believe are most important for a CFO's role.

Analyze the company's values

Review your company's values and identify those that are most relevant to the finance function.

Gather input from others

Ask colleagues, peers, and mentors for their insights on the values that should guide your decisions.

Create a values statement

Combine your findings to create a clear and concise statement that outlines your core values.

Live the values

Consistently demonstrate the values in your actions and decisions, setting an example for your team and the organization.

Operational finance: A CFO’s guide to leadership styles
Operational finance is an essential aspect of a successful CFO’s skill set. But mastering the operational side alone isn’t enough. You also need to wear your strategic leadership hat too and learn to balance both for maximum impact. But how?
Finance AllianceSabrinthia Donnelly

Bonus tips

Here are some additional tips to help you create a more effective statement:

For your CFO vision statement:

Focus on the finance function's future image. Think about how the CFO and the finance team would like to be seen by CXOs and stakeholders in the future.

Use descriptive keywords such as:

  • Visionary
  • Proactive
  • Supportive
  • Risk enabler
  • Solution provider
  • Collaborative
  • Team player

For your CFO mission statement:

Emphasize value addition: Clearly state how the CFO and the finance team will contribute to the company's success and growth.

Use action-oriented keywords like:

  • Value addition
  • Deep insight
  • Predictive
  • Consistency
  • Timely
  • Driving profitability
  • Wealth creation

The power of a well-defined CFO mission, vision, and values

As we've explored in this blog post, defining each of these concepts is essential for driving financial growth. These guiding principles not only shape your financial strategy but also motivate your team to work towards a common goal.

FAQs

What is the difference between a CFO mission and a CFO vision?

The CFO mission outlines the primary goals and responsibilities of a Chief Financial Officer within an organization, while the CFO vision describes the long-term aspirations for the finance function and how it will contribute to the company's success.

Why are CFO mission and vision statements important?

CFO mission and vision statements are essential as they provide a clear direction for the finance team, guide decision-making, and help build trust with stakeholders. They also inspire and motivate the team to work towards the organization's financial goals.

How can I create an effective CFO mission statement?

To create an effective CFO mission statement, focus on clear financial objectives, stakeholder focus, and strategic alignment with the company's overall goals. Make sure the statement is concise and communicates the main responsibilities of the CFO.

How do CFO values contribute to financial management?

CFO values guide decision-making, set expectations for behavior, and enhance the company's reputation. By upholding strong values, a CFO fosters a culture of ethical, transparent, and responsible financial management.

How can I identify and develop my CFO core values?

Reflect on your beliefs, analyze your organization's values, gather input from others, create a values statement, and consistently demonstrate the values in your actions and decisions. This process will help you identify and develop the core values that guide your role as a CFO.

Join our Slack community

It's an empowering platform for finance professionals like you, offering an exclusive space to connect, learn, and grow. We bring together diverse minds from the finance world, facilitating knowledge sharing and fostering innovation.

From topical discussions and expert insights to collaborative projects, you'll find value in every interaction. Join us to stay updated with the latest in finance, network with peers, and contribute to shaping the future of our industry.