The future of corporate finance leadership extends far beyond number crunching and relaying accounting data. CFOs and controllers can inform strategic decision-making and help their organizations thrive. However, they’ll need to build influence with the C-suite and establish themselves as invaluable resources in the decision-making process.
Are you ready to get more involved in your organization’s long-term planning and decision-making workflows? Here’s how you can build influence and lead beyond the confines of financial reporting.
Become an Effective Communicator
The best leaders are also exceptional communicators. You must not only relay complex financial data but also be able to do so in a way that’s digestible and accessible to the entire C-suite. Financial reports and data can be overwhelming for those outside of your team. Use visuals like charts and graphs to make the data you present more accessible to everyone.
Go beyond the numbers by telling a compelling story. Highlight key trends, potential risks, and opportunities that the business can exploit. Explain how financial performance impacts broader business objectives. Doing so helps non-financial stakeholders understand the implications of the numbers and make informed decisions.
As you become a better communicator, the rest of the C-suite will become more reliant on you to interpret financial data and explain the long-term implications for the business. It’s important to tailor your communication style to your audience. Executives, board members, and team leaders have different perspectives and concerns. Customize your presentations and reports to address the specific needs and interests of each group.
Team Up With Other Departments
Integrating yourself into the C-suite’s decision-making processes involves demonstrating that you are a team player who frequently collaborates with other departments. Stepping outside of the finance suite and proactively engaging with sales, finance, production, and customer service teams demonstrates your versatility as a leader.
Don’t wait for these opportunities to come to you. Go and seek them out. Offer to collaborate on projects, be approachable, and attend cross-functional meetings. Increasing your understanding of the needs and challenges of other departments will help you look at the big picture and support long-term decision-making processes.
Encourage your finance team to follow your lead. As you promote open dialogue between finance and other departments and create platforms for regular communication (such as joint meetings or workshops), you will foster a culture of collaboration and ensure that financial considerations are integrated into all aspects of the business.
Become a Trusted Resource for Actionable Intelligence
The C-suite needs to know that you are up to speed on the organization’s strategic goals and challenges. Stay informed about industry trends, market conditions, and competitive dynamics. Expanding your knowledge enables you to provide relevant financial insights and link them to specific strategic recommendations.
Don’t wait for the C-suite or board to ask for your input. Proactively identify opportunities for growth, cost savings, and efficiency improvements, and then include these insights in your reports and encourage the leadership team to bring you in for additional information.
Move beyond historical financial analysis to provide forward-looking insights. Use predictive analytics and scenario planning to forecast future performance. Your ability to anticipate and prepare for future challenges will enhance your credibility and influence.
Demonstrate Leadership Skills
Whether you realize it or not, the C-suite examines how you lead your team. Exhibit strong qualities in your daily interactions — be ethical, transparent, and accountable. Your behavior sets the tone for your team and influences how others perceive you.
Invest in the growth and development of your finance team by providing mentorship and training opportunities to bring out the best in your staff. A strong, capable team reflects positively on your leadership abilities and contributes to the department’s overall success.
Staying up to speed with the latest technological advancements and best practices within your field will show that you embrace innovation. Encourage your team to explore new tools and techniques. Taking the initiative to improve finance operations reveals your readiness to be more involved in strategic decision-making.
Strengthen Your Strategic Abilities
Continually educate yourself about the latest developments in finance, economics, and business strategy by attending industry conferences, participating in webinars, and reading relevant publications. Staying informed equips you with the knowledge to make sound strategic decisions.
Hone your analytics skills to interpret complex data and draw meaningful conclusions. Invest in advanced analytics tools and techniques to gain deeper insights into market trends.
Don’t Wait for Opportunity to Knock — Step in and Introduce Yourself
Your potential to influence extends far beyond financial reporting. By communicating effectively and demonstrating your diverse leadership skills, you can play a pivotal role in strategic decision-making. Embrace the strategies outlined above to build your influence within the organization and contribute to its long-term success.
Leadership beyond numbers is about making a meaningful impact on your team, your company, and your industry. Are you ready to step up and lead the way?
Additional Resources
From CPA to CFO: Charting the Path to Financial Leadership
What Great Leadership Looks Like for Controllers and CFOs
How to Chart Your Finance Leadership Career Path – Webcast Highlights
