New Age CFOS: Drive Strategic Action Plan for Value Creation than Confined to Mere Finance and Accounting

Abstract

CFOs are generally confined to their comfort zone of finance and accounting work albeit done by them diligently. Unfortunately, majority of CFOs get immersed so much in these routine activities that they do not think out of box. They do not proactively engage in driving business growth. CFO should spend most part of their time in matters related to strategic affairs, top line growth, profitable growth, lean management and so on over and above the basic responsibility of financial management. He/she should act as a right hand of the CEO and help developing a robust business strategy for the company. He/she should take leadership in detailing the strategic action plan into operational plan and further break it down into various activities. Each activity should be assigned to a KMP with target timeline and goals. The CFO should proactively take the responsibility of implementation of strategic and operational action plans. Periodical review of actual business performance against action plan target is a key mantra to succeed in business performance. The CFO has the right skill set for facilitating CPO in negotiation of high value procurement contracts. The CFO should exhibit professionalism and acquire personal attributes of a high performing employee to demonstrate work ethics and professionalism inside and outside the organization.