Challenging the board – A CFO’s perspective

Most CFOs state that challenging the Board is one of the hardest elements of your Strategic Business Partner role.  This requires you to build up their respect and to ensure that they see you as a critical voice across all business matters, not just finance.

During this video extract from a Strategic Business Partner workshop, experienced CFO and professional mentor Ian Simpkin shares his experiences:

As the finance leader, you will bring a unique financial perspective to the Board and will possess a more detailed knowledge of the underlying data.  You must also develop a strong commercial mindset, robust knowledge of the business and an awareness of the key market drivers.

This powerful combination allows you to analyse decisions through a different lens compared to your management team, Board of directors and stakeholders.

However, many Boards will have a narrow view of finance and what you can bring as a CFO.  They will initially fail to recognise your ability to support them with more general matters.

You need to determine the appropriate time to challenge your Board and to consider the best approach towards doing this.

In advance, you must build up their respect towards your ability to add value across the wider business matters, not just finance.  You need them to value your opinion throughout all business activities and for you to become the first person that they go to when they need help.

Assess your skills

How comfortable do you feel at challenging your Board?

Have you developed the correct soft skills to challenge your Board appropriately?

Do they value your opinion?