Motivation - Samuel's CFO Website

February 10, 2015 By Samuel Dergel 4 Comments

Finance Executives: Should you take an overseas posting?

An article today in WSJ’s CFO Journal by Kimberly S. Johnson (Career Booster for CFOs: a Stint Abroad) discusses the opportunities that exist for finance executives in taking an overseas posting on their way to the CFO chair. The article is well written and researched, and has many positive points to consider for finance executives on the rise.

You may remember playing snakes and ladders as a youngster. The article makes it seem like an overseas posting is a ladder to get you to the top. I have seen instances that it has been such a ladder for up and coming finance executives.

But beware. What very well looks like a ladder could be a snake that gets you to slide down and out. CFO Snakes and Ladders

In my experience as executive search consultant, I have spoken with a number of disillusioned finance executives locked out of the most senior roles in an organization because they took an overseas role thousands of miles from head office.

From my perspective, one of two things happened. These finance executives either lost the opportunity to move up by being so far away from decision making, or they were pushed there because senior management did not consider the executive the “A” player they thought they were.

Opportunity or Kiss of Death? Ladder or Snake?

Here are some pointers.

Have the conversation – know what is expected of your time overseas. Listen and ask questions, especially for what comes after the posting. Only hearing vague promises of great things after your stint is not enough. You need to understand what is expected of you during your tour of duty, and what the plan is after. Also, have the conversation as to what knowledge, skills and experiences you should obtain during your expatriate experience, and how they are needed to “complete you” for your next tasks ahead. Oh, and get it in writing – who you speak with about the plan to leave and return may no longer be with the company when it is time to come back.

Stay close – In Guide to CFO Success, I discuss the importance of relationships to your success with your employer. Your Relationship Map will be a key tool to ensuring that you continue to manage the important relationships needed for your success overseas. Being in the corporate loop is difficult enough when everyone you need to speak with is down the hallway. Being an multiple times zones away makes staying close that much harder, and critically more important.

Impact your success – Use this as an opportunity for to impact your three critical career success factors (discussed in my recent book). Plan how this new posting will impact your Brand. Network inside and outside your company is more important than ever, and maintaining your visibility takes a lot planning and effort.

If you are offered an overseas move, don’t just jump at the offer. Make sure the move will land you on a ladder, not a snake.

November 22, 2011 By Samuel Dergel Leave a Comment

Ask Samuel: I’ve been approached for another opportunity

Dear Samuel,

I am a CFO that is very committed to my employer. Recently, I was approached by someone I know to consider a CFO role with another company.

The new opportunity sounds challenging, and right up my alley. I have been with my current employer for 4 years, and I think I’m ready for a change.

On the downside, the new CFO opportunity pays less than I am currently earning. Also, my current employer is beginning to face some tough times and I don’t want to leave them in a bind.

What should I do?

Torn in Toronto

Dear Torn,

You are in the ideal situation for a considering a job change. As opposed to being unemployed and looking for a job, here is an opportunity that has found you (you didn’t go looking for it) while you are working and busy. There are people I speak with that would envy your current situation.

That being said, your choice is tough. Giving up the known for the unknown can be a very stressful and difficult choice.

While money is important, you need to look at the situation without the compensation aspect. Once you have all the information you need, then you can add the compensation piece back into the equation to see if it will make a difference.

You need to put your CFO hat on and get as much information you can on the company that is pursuing you. Do your due diligence, as you would for any company you would be considering acquiring for your current employer. Really learn what you could be getting yourself into. True, you will not know everything, but you didn’t get to become CFO by not asking the tough questions and getting the right information you need to make important decisions.

Now that you have all the information, ask yourself the following question:

If I was unemployed, and I had these two opportunities to choose from, which would I choose?

Now that you have this answer, add the compensation piece back into the equation and ask the same question.

If you’ve decided to leave your current employer, you need to prepare yourself for what could be a difficult conversation. As part of your conversation, you should recommend to the CEO that they use a search firm to hire their next CFO, and that you would be happy to speak with the executive recruiter to help them help the company hire a very good replacement CFO.

Good luck with the decision process. If I can help any further, email me and we can talk.

Samuel

If you’d like to ask Samuel a question, click here.

November 15, 2011 By Samuel Dergel Leave a Comment

Ask Samuel: How can I accomplish more and firefight less?

Dear Samuel,

I have been reading your blogs and been following your advice. I have laid out my Vision as to what I want to accomplish as CFO, identified the relationships I need to build, and prepared an action plan to accomplish my objectives. I have also started delegating more of my work to my team, and have implemented a development plan to make my team more effective.

Yet I still feel that overwhelmed.

How can I accomplish more and firefight less?

Overwhelmed in Overland

Dear Overwhelmed,

First of all, I want you to look in the mirror and congratulate yourself. You have accomplished a lot on the road to becoming a Better CFO.

I brought your question to the members of the CFO Lounge, a LinkedIn Group where CFOs like yourself can feel comfortable discussing concerns with peers in a relaxed environment. You can find out more about the CFO Lounge in my previous blog post – The Lonely CFO. I invite you to join the CFO Lounge to read what your peers had to say about your challenge.

You have done so much to move yourself forward. While you have done a lot to move yourself forward, I believe you could benefit from planning your days. Just like you’ve prepared an action plan, you need to plan your daily schedule. Failing to plan is planning to fail.

Just because you’ve prepared a schedule, doesn’t mean that you cannot change it as needed. But before you do, you need to ask yourself the following questions:

1) Does this need to be in my schedule?

2) Does it need to be done by me? (Can someone else do it?)

3) Does it need to be done now?

Many times we are attracted to do the ‘easy’ work – when we look back at the end of the day we can say that we have accomplished. While you may have accomplished a number of (lower level) tasks, you may not have accomplished what you needed to. This is when your frustration will kick in.

Avoid frustration by spending time planning your day and your week. Block off the time to get things accomplished. If email or phone calls distract you, close your email and turn the ringer off on your phone (all your phones).

You have control over what you can accomplish. You need to take control of your work, rather than letting it take control of you.

Good luck,

Samuel

If you’d like to ask Samuel a question, click here.

September 9, 2011 By Samuel Dergel Leave a Comment

Become a Better CFO: Be on Trend. Create your own Luck.

I received this video in my email yesterday, and I wanted to share it with you. I was fortunate to be attending a conference in May 2010 where Mike Lipkin was the keynote speaker.

[Sidenote: I have always been skeptical of Motivational Speakers. It was never my style. But I ended up in a room with Mike Lipkin and he is one person I thank for making the changes in my life and career that has brought me here today].

If you are the kind of person that does not like motivational speakers – do not watch the video.

If you are the kind of person that likes to hear new ideas, be current, and are open to change and improvement, go ahead and listen.

[youtube=http://www.youtube.com/watch?v=NT1Y8hed0K4]

Based on the research done by Mr. Lipkin’s company, Environics Lipkin, Mike explains these seven powerful and current trends that have the ability to make you a Better CFO.

Instrospection and empathy.
New social responsibility and community involvement
Social learning and cultural fusion.
Vitality and effort for health.
Rejection of authority and support for government.
Equality of the sexes.
Pursuit of originality.

If any of these trends interest you and you would like to understand them better, watch the video.

Do any of these apply to you?

Can you be on Trend?

Will following any of these trends help make you a Better CFO?

As Mike says “You may be the one that others have been waiting for.”

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