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You are here: Home / A Strong CFO needs a Strong Finance Team

August 1, 2011 By Samuel Dergel 8 Comments

A Strong CFO needs a Strong Finance Team

In a recent survey, we asked CFOs whether, to meet their goals as CFO, they felt they needed help with their finance team in the following areas:

  • Talent Management
  • Succession Planning
  • Structuring an Efficient and Effective Finance Organization (Team Structuring)

Almost half of the CFOs surveyed felt they needed help with Talent Management and Team Structuring, while about one in 5 felt they needed help with Succession Planning.

Interestingly, CFOs feel that other CFOs have more needs in these areas than they do. They answered that 2/3 of other CFOs needed help with Managing Talent and Structuring their Team, and almost one half of other CFOs needed assistance with Planning for Succession.

Our CFOs overwhelmingly felt that they were either ‘willing’ or ‘very willing’ to spend internal resources on dealing with these Team challenges, but less willing to hire external resources for these challenges.

CFOs were most interested in seeking outside help for improving the efficiency and effectiveness of their Finance Team.

Lessons learned:

CFOs believe that their team is important to their success, and are aware that they have challenges on their team. They also believe that spending time, effort and resources will make a difference to how they perform as CFO – the stronger their team, the stronger they are.

Challenge:

As CFO, do you have the strongest finance team possible to support you in your goals?

Filed Under: Uncategorized

Comments

  1. CFO Consulting Services says

    November 16, 2011 at 3:46 AM

    A success of anyone is a success of everyone. Working together as a team enables you to reach your business goal.It is important to set an individual task to each member in order to focus the attention on it.

    Reply

Trackbacks

  1. When should a CFO hire? « Samuel's CFO Blog says:
    August 10, 2011 at 7:24 AM

    […] We recently touched on this subject in our recent blog post A Strong CFO needs a Strong Finance Team. […]

    Reply
  2. You’ve been promoted to CFO. Now what? « Samuel's CFO Blog says:
    August 22, 2011 at 8:02 AM

    […] the CEO and Board has from you, and putting in a plan to ensure you can deliver, and have a Strong Finance Team you support you in your goal to become a Successful […]

    Reply
  3. Negotiating your CFO Employment Contract « Samuel's CFO Blog says:
    September 14, 2011 at 8:05 AM

    […] Team Headcount or Staff Budget – Before accepting the role as CFO, you need to know what the cost of your team is, and get clarity on the leeway you will have to make changes you feel are necessary to deliver to the rest of the company. (See A Strong CFO needs a Strong Finance Team) […]

    Reply
  4. “Get a CFO on board when you are ready to take on the world” « Samuel's CFO Blog says:
    October 27, 2011 at 7:24 AM

    […] 3) The Successful CFO. How does a CFO become a successful? They prepare a plan, map out their relationships, get coaching, and build a strong team to support them. […]

    Reply
  5. Ask Samuel: Negotiating coaching for my new job « Samuel's CFO Blog says:
    November 1, 2011 at 7:51 AM

    […] Companies that understand the need for professional development and readily invest in these activities for their key people are solid candidates to pay for CFO Coaching. […]

    Reply
  6. Ask Samuel: My finance staff doesn’t deliver « Samuel's CFO Blog says:
    November 8, 2011 at 7:48 AM

    […] CFO, you are only as strong as your finance team allows you to […]

    Reply
  7. 5 Steps to Building your Finance Dream Team (and 3 tips on how to get it done) « Samuel's CFO Blog says:
    March 22, 2012 at 11:20 AM

    […] As CFO, you can be the best in the world (for your business), but if your team is not up to par, you and your company will suffer. A key foundation for a CFO’s success is their Finance Team (see bottom of my CFO Relationship Map). CFOs I have spoken with agree that A Strong CFO needs a Strong Finance Team. […]

    Reply

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