As a finance leader, your influence extends far beyond numbers and financial statements. You hold a unique position that allows you to drive and manage change at various levels within your organization.
In today’s business environment, CFOs and controllers have the opportunity to promote a culture of innovation, accountability, and ethical practices. Here’s how you can leverage your role to lead meaningful change and make a lasting impact.
Promoting a Culture of Innovation
Innovation thrives in environments where experimentation and calculated risk-taking are encouraged. You can allocate budget and resources to pilot projects and new initiatives. Create a safe space where team members feel empowered to test new ideas without fear of failure.
But don’t stop there. Embrace the latest financial technologies that streamline processes and provide deeper insights. These tools can result in significant cost savings and free up more of the budget to pursue innovation across the organization.
Pairing the latest technologies with highly trained employees will yield the greatest impact and strongest return on investment for your business. Make sure that you are allocating a meaningful portion of the budget to employee development and upskilling. Investing in your staff will make them more competent, confident, and capable while also reducing attrition.
Innovation often emerges from the intersection of different perspectives and new ideas. Promote cross-functional collaboration by encouraging your finance team to work closely with other departments. Your staff can provide a fresh look at old problems and vice versa. This approach fosters a holistic understanding of the business, leading to more innovative solutions.
Fostering Accountability
Accountability starts with clear communication of goals and expectations. Define specific, measurable objectives for your team and ensure everyone understands why these goals matter. Giving your staff purpose will help keep them motivated and productive.
Demonstrate accountability through your actions. Be transparent about your decisions, take responsibility for your mistakes, and show commitment to continuous improvement. Your behavior sets a standard for your team and influences the broader organizational culture.
Establish robust performance metrics that align with the organization’s strategic objectives. These data points can be used to track progress and identify areas for improvement. Be transparent and fair — doing so will bring out the best in your team while ensuring that top performers receive the recognition they deserve.
Upholding Ethical Practices
Make sure ethics is embedded in your decision-making. Develop and enforce policies that promote integrity and fairness, and encourage your team to speak up if they observe anything unethical or misaligned with your cultural standards.
When you use regular training to reinforce the importance of transparent, honest behavior, your team will stay informed about the latest regulations, best practices, and expectations. Incorporate real-life scenarios to make the training more engaging and relevant. Scenario-based education helps your team understand how they should respond in specific situations.
Ethics policies aren’t just about identifying violations. They should also include a mechanism for recognizing and rewarding individuals with an unshakeable moral compass.
Collaborating to Drive Technological Change
While all interdepartmental collaboration is valuable, teaming up with the chief information officer (CIO) can be particularly impactful for your organization. Businesses that excel at CFO and CIO collaboration are more skilled at finding funding for digital initiatives, keeping IT spending on budget, and achieving intended outcomes.
Working hand-in-hand with the information technology team — and specifically the CIO — will help you align financial objectives with technological ones. Equipping key departments with innovative technology tools will make team members more productive and capable.
Adapting to Change
As you step into a new, more strategic role, you will find it both rewarding and challenging. Be agile and open as you grow into your leadership role, and be willing to pivot when new opportunities and hurdles arise.
Taking on new responsibilities will be challenging not only for you but for your finance team as well. Their roles will need to evolve alongside yours. Build a resilient finance department that can adapt to change and thrive in dynamic environments. Provide upskilling opportunities, support, and resources to encourage your staff members to progress.
You’ll also need to open yourself up to looking at the big picture. Consider not just what the numbers tell you but what implications they have for the organization as a whole. Learning how to communicate the what and why behind financial data will make you invaluable to the C-suite.
Leveraging Your Role for Broader Impact
As a finance leader, you have a seat at the table where strategic decisions are made. You can use your position to advocate for initiatives that align with the desired corporate culture. Make sure to provide data-driven insights to support your proposals and demonstrate the viability of strategic moves.
Leverage your role to influence strategic decision-making and promote the value of cultural change. Be agile and adaptable. By leading beyond numbers, you can make a lasting impact and create a positive, thriving corporate environment.
Additional Resources
Leadership Beyond Numbers: Building Influence as a Controller
From CPA to CFO: Charting the Path to Financial Leadership
The Future of Corporate Finance Leadership: Skills for Controllers and CFOs
