If you have journeyed with me this far, I believe you are truly interested in gaining insight on how to take over as CFO effectively. To recap, over the last 2 posts, we discussed the essential first step is to learn about the business and its stakeholders and the second is to select your agenda of change, your team and your message. Now, let’s discuss the final step, one in which you will rise as changemaker.
Step 3: Change
In this step, you can optimally utilize resources and skill sets to finally deliver your agenda of change for the world to see.
One of the best ways to bring about change is by assigning the highest skilled and best performing team members to execute the most important priorities. This will not only improve your likelihood of attaining success but also distinctly showcase your commitment to improvement.
Also, since you have already accepted that you are not an expert at everything, now is the time to delegate. The secret to effective delegation, the type that brings desired results, is to have complete confidence in the delegate but take complete responsibility of checking that the task is done right. Faith and monitoring are the two scales of a perfectly balanced, flawlessly delivered task.
Finally, destroy the barriers to communication between various functions ruthlessly so that your business can emerge as a unified entity. Short yet frequent face-to-face meetings that measure progress, celebrate triumphs, rectify issues and chart out next steps are the best way to achieve this. The more the separate functions are involved in working towards common goals hand-in-hand, the more transparent and accountable they will be towards each other.
Trying to implement these 3 steps will bring never-before demands on your time, abilities and patience. Give the role your all; persevere through these steps within the short 6 months that you have to show significant results. After all, nobody said taking over as CFO was going to be easy. But, then, nothing worth achieving ever is.