Why are these findings important to note? First, if the economy does rebound soon and with vigor, you will want savvy financial leadership in place to help your business manage risks and identify new opportunities. You will also want the guiding hand of a CFO supporting your company’s expansion plans. And, if higher corporate taxes and new regulations do emerge, you’ll need a skilled financial executive to help your company navigate the new landscape.
CFOs are also adept at managing expenditures, keeping costs in check, and helping ensure that the company stays solvent as it positions for growth, a time when it’s all too easy to burn through cash. Even established companies will need to take care to move at just the right pace throughout the recovery period.
Another way CFOs can add significant value to companies today is by laying a strong foundation for environmental, social and governance reporting. ESG reporting is already a business differentiator, and it has been. In 2020, we saw the Big Four accounting firms, in collaboration with the World Economic Forum, agree to a standard set of metrics as a step toward standardizing corporate ESG reporting.
Organizations on the hunt for a CFO will also want to find someone who is empathetic. While CFOs can apply their business acumen, financial aptitude, and digital savvy to help move the business forward, they also need a deep understanding of the challenges people are facing if they are to bind the organization together.
A tip: When recruiting CFO talent, approach the process as if you’re hiring a CEO. You want a financial executive who already is, or has the potential to become, a visionary leader who is capable of motivating the workforce, and who understands the value of making strategic and meaningful investments in advancing workers’
Just sayin’
I’m available.