A CFO's task is to stay on top of things at all times. In this presentation, I have jotted 9 words and tasks that every CFO must have on top of their minds at all times. Follow the link for more presentations: vimeo.com/maureeneoconnell
9 Essential Words For A CFO’s Dictionary by Maureen O’Connell, Scholastic Inc.
1.
2. Introduction
The days of Chief Financial Officers being merely
number-crunching bookkeepers are long gone.
When both profit and sustainability carry equal
weightage when measuring a business’ value, you must
renew your dictionary and lead your charge to thrive
even in the future.
In this presentation we will see 9 essentials words every
CFO must bookmark and practice.
3. 1) Balance
Show the bright side when others are pessimistic and
be cynical when they are optimistic
A CFO’s job is to learn the truth from every angle and
produce an informative, balanced report for the CEO.
4. 2) Capital
Work out capital requirements using the 4Ws-1H system:
why, when, where, how, what?
Why do you need capital?
When do you need it?
Where exactly will it be employed?
How will you raise it?
What will be the cost of raising it and what will it deliver?
5. 3) Collaboration
You are directly or indirectly answerable to all
stakeholders: customers, the CEO, the Board of
Directors and your team.
Create robust reporting strategies and flows of
information.
Work synergistically to create maximum output and
profitability at minimum cost.
6. 4) Growth
Make or buy?
Create or outsource?
Spend or borrow?
Accelerate or brake?
It’s your job to make the decisions that will drive the
organization towards enduring growth.
7. 5) Insight
Large volumes of data are of little use if they cannot be
interpreted to deliver useful outcomes.
A CFO is responsible for analysing financial data and
offering insights for top-level decision-making.
8. 6) Investment
Continuously work upon cutting costs and raising quality
standards.
Invest wisely in talent and technology to optimize both
for enhanced profitability.
9. 7) Learning
Learn continuously, through both formal study or
informal discussions.
Encourage regular training so your team remains up-to-
date with the latest in the financial arena.
10. 8) Renewal
Escalators made stairwells look ancient; revolving,
glass doors replaced iron gates. The advent of
television made the radio almost obsolete; the Internet
seems to be doing the same thing to television.
Newer media and devices will arrive in the future.
Remain open to change and embrace them quickly and
productively to meet your end requirements.
11. 9) Troubleshoot
Bad debts, fraud and breaches of trust are not
uncommon in large companies.
While you already do your best to minimize risk, you
must also know how to manage crises when they arise.
Maintain contingency funds and stay ready to tackle
challenges.
Your business’ goodwill – and your job – may well be on
the line.
12. To Conclude…
Remember, that your job involves counting beans as
well as shaking hands; analyzing past trends and
predicting the future; following tradition as well as
doing away with stifling processes.
More than anything else, it is your job to find a way –
or make one – to lead your organization to a
flourishing tomorrow.
13. Maureen O'Connell
Maureen O’Connell is currently the Executive VP,
CFO and CAO for Scholastic Incorporation
(NASDAQ: SCHL). Finance and Accounting are
her forte.
She also excels in Administrative Functions such
as Strategic Planning & Business Development,
Global Operations & IT and Human Resources.