Be the co-pilot to your CEO

The role of finance has changed significantly during recent decades and the CFO now works closely with your CEO to drive forward the business and deliver its strategy.

During this video extract from a Strategic Business Partner workshop, experienced CFO and professional mentor Ian Simpkin shares his experience of how to develop a valuable co-pilot relationship:

The past days of finance teams working alone behind closed doors are long behind us.  The modern-day CFO is a well-respected business leader who works alongside the CEO to deliver the strategic business plan.

You are a highly valued C-Suite member who drives forward initiatives and acts as a catalyst for change.  In addition, you are an essential storyteller who generates confidence and trust whilst managing stakeholders and representing your business externally.

To achieve this, you will need to elevate your role and fulfil many requirements, including:

1. Build your CEO relationship: You need to develop a strong understanding of your CEO’s focus and identify their priorities, concerns and weaknesses.  Work closely together, develop complementary skills to cover their blind spots and support them to excel within their roles.  Note that some CEOs are very easy to work with, whilst others are much more challenging…!
2. Strengthen business relationships: Develop strong working relationships with your Board of directors, management team and stakeholders.  Listen to them carefully to improve your business knowledge, fully understand their challenges and determine how they feel.  Demonstrate empathy throughout and remain approachable at all times.
3. Communicate effectively: Co-present strategic updates alongside your CEO and be consistent in your messaging.  Keep people informed of key business matters and be transparent with them.  Remain close to your teams and provide the link between business activities and financial performance.
4. Act as a business leader: Enable the vision and be the go-to person for all key queries.  Become a vital Board member and be the critical and influence voice.  Be an inspirational role model and motivate people to perform at their highest levels.  Provide support to each team and help others to be successful in the roles. 
5. Deliver the strategic plan: Champion strategic initiatives and set the right tone from the top.  Monitor performance by capturing and reporting relevant data.  Anticipate shortfalls and manage outcomes by identifying solutions whilst there is still time to influence results.

In summary, a CFO is expected to work closely alongside your CEO and help to drive forward the business.  Your unique finance perspective combined with a strong working knowledge of your business and marketplace provides you with a fantastic opportunity to act as a vital Board member and to become the critical and influence voice in the room.

Assess your skills

How strong is your relationship with your CEO?

Do you feel like a vital Board member with an influential voice in the room?

Are you the first person that people turn to for help?