Gone are the days where CFOs were the financial leaders who did most of their work behind the scenes. In the current time, Chief Financial Officers are more than just the financial supervisors, but are also an integral part of the company’s brand and contribute equally to the brand’s leadership and vision. It’s not an easy role, and one must be disciplined if they want to be able to manage everything that goes on in a company – staff, market trends, internal challenges or IT developments and changes. Want to know how they balance such a hectic lifestyle that comes with their CFO services? Here are the 5 virtues that make virtual CFOs successful.
-
Flexible Communication Style
A good leader knows that the key to building good relationships and managing a steady business lies in communication. Especially with outsourced Services, when it comes to a virtual Chief Financial Officers who might not be in office full time to have a personal connection with all the employees, good communication is even more crucial. A good service must be approachable, while also maintaining his authority, and finding the balance between both is what makes someone a good communicator. A good virtual service must also be bold enough to speak about issues with transparency, whether it be to the CEO or the other employees.
-
Involvement in all aspects of the business
Img source: thewanderingcfo.com.au
A sign of a good service is that he doesn’t just control the finances and act as a right hand to the CEO, but also takes an active interest in the growth and development of the company as a brand. That means being a part of the vision that takes the brand forward, even if that means going out of their comfort zone. Problem solving, forward-thinking and risk-anticipation are some of the skills that make for a good Chief Financial Officers.
-
Adapt to change
We live in the age of the internet, and a world that’s moving so fast, there are new innovations and changes every minute. A person who provides CFO services to a company must be open enough to adapt to whatever current market trends are popular, as to not let the company become stagnant or irrelevant among the competitors. Not only themselves but it also their role to inspire this forward-thinking vision in the minds of their employees, so that the company moves forward with a common goal.
-
Increasing company profit
Img source: acuity.co
This is what Outsourced CFO Services role is mostly about, increasing company profits. While a CEOs job is to have the vision to guide the company forward, the CFOs job is to provide the finances for the same. Whether it’s making a decision on which projects to choose for financing, or to take up a project loan when the company requires it, the CFOs goal needs to be making sure that there is financial growth in the company.
-
Goal clarity
A successful CFO is goal-oriented and works tirelessly to achieve that goal. They need to have an intuition for financial investments, and a sense for which investments will or will not work. Working along with the CEO to plan an annual goal or resolution and to make sure that the target is achieved by the end of the financial year is one of the key virtues of a successful CFO.
We hope that you found these points helpful, and for any outsourced CFO service requirements, you can contact us at cashcowconsulting.in today!
