Lack of time – delegate, prioritise, invest
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- Get a great number two – train-up or recruit
- Invest in building and developing your team
- Take an acceptable level of risk and delegate more
- Prioritise ruthlessly
- Put in the extra hours – but only if it helps you achieve an appropriate work life balance in the medium term
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Organisational resistance – solve problems, build relationships, use reciprocity
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- Help solve key business problems to demonstrate value and build trust
- Build credibility by getting out into the business and obtaining first-hand business insights
- Spend time on building relationships and trust
- Use reciprocity – give and take
- Challenge in a sensitive and constructive way
- Volunteer to administer the strategic process to get a seat at the table
- Point to examples of successful strategic contributions by CFOs in other organisations or countries
- As a last resort, use the power that goes with the CFO role, eg, not signing off on investments where there has been insufficient CFO involvement.
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Lack of knowledge – walk the floors, meet stakeholders, training, conferences, reading
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- Get out into the business and onto the frontline. Observe operations, talk with line managers, commercial partners, customers and suppliers.
- Engage internal and external experts to get you up to speed with the organisation’s products and services
- Attend formal industry and strategy training and conferences
- Join peer networks
- Read widely – Business and Management Faculty resources, industry press, market research, analyst reports, competitor intelligence
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| Lack of skills – mentoring, training, practice |
- Learn from the CEO, other executive team members and non-executive directors (NB easier to get direct input when new to role)
- Find a mentor
- Undertake formal training and development programmes focused on leadership and strategy
- Practice – in a disciplined and purposeful way eg trying different approaches to presentations and getting feedback
- Take on non-finance, voluntary roles (internally or externally) to build more rounded skills
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| Lack of confidence – strengths, support, coaching |
- Identify, celebrate and utilise strengths eg, demonstrate analytical skills as strategy is developed
- Look for support from trusted colleagues and advisors
- Consider getting an executive coach or counsellor
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