Strategic Business Turnaround: Role Play of the CFO

Abstract

Several companies across the globe fail to create enough value to the expectation of the equity market and shareholders. Managing people is the key for developing a high performing team. Drop out people who are not committed, who do not go that extra mile to get that job done, who lack solid functional skills and do not develop specialized skills to perform the task, who are not transparent and so on create hurdles in the development of an organisation. It makes sense to identify and recruit highly skilled people through a robust interview process especially focusing on integrity, trust worthiness with demonstrated leadership quality. Develop ideas for resolving problems and issues, be creative, and look for eureka moments. Develop a robust strategic action plan for each function. Strategy execution is the success mantra to turnaround a business. The CFO should think beyond his/her normal role of duty and take extra responsibility in facilitating CEO and CXO team in developing and executing business strategy that helps in revenue growth and profitability.