In a recent GrowCFO poll, we asked you which relationships do you need to strengthen most?
The answer is quite conclusive: The CEO and investors.
Both of these relationships are vital. As the CFO of a company, you have a unique and important relationship with the CEO and investors. It is your job to ensure that the financial stability of the company is maintained and that communication between all parties is clear and concise.
The best CFOs are very close to their CEO, acting as co-pilots. If you aren’t yet in that position, then it’s very clearly an area you need to strengthen.
The CFO’s relationship with investors is one of transparency and communication. It is your job to ensure that investors have a clear understanding of the financial health of the company and that they are kept up-to-date with any changes or developments.
In order to maintain a positive relationship with investors, it is important to be open and honest in all interactions and to always act in the best interests of the company.
Strengthen your CEO relationship
The relationship with your CEO is arguably the most important in your role. You need to take all proactive steps possible to make this relationship the best that it can be.
Here are five steps to help you:
- Be a sounding board: Your CEO will have lots of ideas and it’s your job to provide objective feedback. Be honest and don’t be afraid to offer constructive criticism.
- Align your goals: Make sure that you are working towards the same goals as your CEO. This will make it easier to make decisions that are in the best interests of the company.
- Communicate openly: Be open and honest with your CEO about everything, from financial concerns to personal issues. This will help to build a strong relationship of trust.
- Be supportive: Your CEO will need your support, especially during difficult times. Be there for them and show them that you are on their team.
- Make yourself indispensable: Become an invaluable member of the team and someone that your CEO can rely on. This will solidify your position as a key player in the company.
Building a strong relationship with your CEO will take time and effort, but it is worth it. This relationship is key to the success of both your role and company.
Strengthen your relationship with investors
Your relationship with investors is also vitally important. They are the people who have put their trust (and money) in you and your company, so it’s important to keep them happy.
Here are four tips to help you do that:
- Keep them updated: Investors want to be kept in the loop about the financial health of the company. Make sure that you are regularly communicating with them and keeping them up-to-date with any changes or developments.
- Be transparent: Be open and honest about the company’s finances. investors will appreciate your transparency and it will help to build a relationship of trust.
- Deliver results: Investors want to see results. Make sure that you are meeting (or exceeding) their expectations in order to keep them happy.
- Act in the best interests of the company: Always remember that you are acting in the best interests of the company. This will help to maintain a positive relationship with investors.
Building a strong relationship with your investors will help you to secure the future of the company. They are an important part of your team and should be treated as such.
Develop your relationship-building skills
It is clear that both relationships are essential for the success of your company. As the CFO, you need to take all proactive steps possible to strengthen these relationships. Only by doing so will you be able to ensure the financial stability of the company and maximize the impact of your role.
Visit GrowCFO’s Relationship Building course to help you develop trusted relationships with each of your internal and external stakeholders. This has been written by GrowCFO’s community of experienced CFOs and professional mentors.