A successful CFO is often said to be a real agent of positive change. There are a few ways a CFO can do this effectively.
For example, if a company tends to overspend, the CFO can switch focus and make sure every penny saved is a penny earned. They can work with department heads to streamline processes, identify wasteful spending, and invest in smarter technology. This frees up resources for what truly matters, like innovation or employee development.
Some other ways the CFO can embed positive change include:
Championing long-term vision
Great CFOs aren't just focused on the next quarter's earnings report. They can be a voice of reason, pushing back against short-term thinking and advocating for investments that build long-term value.
Some examples of this in action include funding research and development for future products or upskilling the workforce for new technologies.
Keeping your eye on the horizon can ensure the company stays competitive and adaptable in a changing market.
Embracing innovation
Finance shouldn't be a roadblock to progress.
With a forward-thinking approach, you can become a catalyst for innovation, using your financial expertise to evaluate new ideas and greenlight projects with high growth potential.
CFOs can also champion cost-effective ways to implement these innovations, ensuring they deliver a strong return on investment.
Building a culture of ownership
Numbers can tell a powerful story. A good CFO uses data to hold everyone accountable for results, but not in a finger-pointing way.
They can create a culture where everyone understands the financial impact of their decisions, fostering a sense of ownership and responsibility.
