Thursday, February 26, 2015
How to Become the Best CFO You Can Be
In today's complex business world, it takes many attributes to achieve success within an organization. Without a doubt, one of the most important positions in any company is the Chief Financial Officer, better known as the CFO. Responsible for managing the company's money and assets, the CFO will reach decisions that can ultimately make or break a company's future success. While it takes much formal education to become a CFO, it also encompasses a number of personality traits that lead to success.
First and foremost, a CFO must be looked upon as an honest person. In this job, personal credibility is the greatest asset anyone can have. Whether dealing with investors, employees, clients or colleagues the ability to be brutally honest at times will lead people to listen and respect your judgment on most matters. While telling it like it is may not be popular with everyone, in the end shareholders and others involved with the company will appreciate your ability to explain things in a down-to-earth manner.
The best CFO is one who knows how to gather all available data, analyze it and then know how to apply it to their company's unique situation. While many business decisions are based on hunches, it is those hunches that are made in conjunction with data analysis that more often than not turn out for the better.
Boldly Go Where Others Won't
Just like Captain Kirk and the Enterprise boldly went deep into space, the best Chief Financial Officers are those who are prepared to take risks and do what many other people choose not to try. Being bold enough to stick their neck out when they know they're right may sound risky, but a CFO who has analyzed the situation from every angle realizes the potential return is much greater than the risk.
Always Be Prepared
Just like the Boy Scouts, a good CFO is always prepared for anything that comes their way. Because there is little in the business world considered to be genuinely new, a CFO thinks of the mistakes that other companies have made when faced with similar circumstances and prepares for every possible scenario before making suggestions to a Board of Directors or others.
To be the best possible CFO, a person must follow their instincts. By doing so, good things usually happen and everyone from investors on up are satisfied with the results.
Gennady Barsky is the CFO of JetSmarter and Real Estate Mogul. Barsky is a lover of all things automobile and has a passion for Social Media.