7 secrets of highly successful CFOs, by MyCFO
Information about 7 secrets of highly successful CFOs, by MyCFO
Published on February 10, 2014
MyCFO shares 'Top 7 secrets of highly successful CFOs':
1: CFO as Chief Innovation Driver –
Tip: Take a more liberal view on investments in R&D spends, capex and also make sure that the performance of the business making spend is tightly monitored.
2: Rethink Risk –
Tip: Rethinking the way risks are viewed in the business and putting a framework around in order to minimize or mitigate them. These could be managing credit risks, reputational risks, forex risks, commodity risks and building measures to eliminate fraud risks.
3: Conserve cash, control costs –
Tip: Very important especially in times like these where cash flow is strained with longer working capital cycles, high interest costs, increase in input costs etc. Cost rationalization, negotiation of payment terms with suppliers and customers (against Letters of credit/ factoring), consolidation of working capital limits with one or two banks instead of a consortium to avail better interest rates could be probable solutions.
4: Diversify capital sources & establish new credit lines –
Tip: New credit lines in the form of Letters of Credit, factoring etc help companies to collect money faster from customers. Looking at External Commercial Borrowings with hedging may reduce borrowing costs when it comes to companies looking at capital expansion.
5: Internal control mechanism –
Tip: Setting up an internal process to define authority matrix, setting of credit control, implementation of IT systems/ ERP to integrate the company’s operations, improving governance standards of work, error reporting and quality benchmarks important to build customer and investor confidence.
6: Budgeting and strategic planning –
Tips: Being among the key top people in a company, CFO’s role is increasingly been seen as one where he/she needs to be partnering the business. Participation and driving discussions relating to budgeting and strategic planning with sales, marketing, IT and HR heads are just examples of how the role has evolved.
7: Adopt IT and social media -
Tip: A professional CFO cannot afford to ignore virtual world and the impact that social media has in influencing decisions and in building relationships. This helps the CFO in building his/her own brand and become an influencer among contemporaries and also in building consensus within his organization.
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MyCFO is a leading implementation services company which provides CFO and Finance effectiveness services to clients across industry verticals and size.
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