You’ve been in a senior financial role with the company for a while, and have been aiming for the CFO chair. One day, you get the call from the CEO (or the Chairman) and they offer you the CFO job.
Congratulations! You’ve been promoted to CFO. You have a new office, a new title, new business cards, and a better compensation package.
… You’re not exactly sure what to do as CFO.
Based on speaking with new CFOs in the same situation as you, you are not alone. When I speak with them and ask them if their job has changed since their promotion, they usually answer “Not really…”
So now that you’ve been promoted to CFO, what can you do to ensure you become the best CFO you can be for your company?
1) Prepare a Plan
Your success as CFO depends on you having a plan for success. This requires that you be aware of the expectations 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 CFO.
I recommend that this plan be completed within the first 100 days of your new tenure as CFO.
2) Get a Coach
If you ask your CEO, there is a good chance he or she has a Coach. It gets lonely at the top (see Lonely CFO). Being an Effective CFO requires someone that you can talk to that can guide you to make the right decisions and keep to your Plan.
Your success as CFO depends on your ability to deliver. Take responsibility for your new role. Make sure you have a Plan for your success, and have a Coach that ensure you keep to your Plan.