Are you a finance leader looking to boost your team’s impact on company strategy? Do you want to build more meaningful relationships with each department and be seen as a trusted strategic business partner by other teams within your organization? It starts with developing an understanding of how you and your finance team should contribute towards strategy.
Research suggests that most first-time CFOs have never previously been involved in strategy, or trained on how to design, build and implement a company strategy as the co-pilot to the CEO. Therefore, most CFOs struggle to make a significant strategic impact during their first few roles and 29% of the community identified this as one of their top three challenges.
Well-respected CFOs are involved in their company’s strategic planning process from start to finish. Their opinions command authority and respect during the strategy formation, they document the required actions across each milestone, and they ensure the successful delivery of the business plan. Conversely, less experienced CFOs are often excluded from the strategic planning process, feeling left out of key discussions and struggling to influence outcomes. This can easily devalue your role, weaken your board-level impact and stagnate your future career trajectory.