For decades, chief financial officers’ (CFOs) were tasked with ensuring optimal financial results for the firms they worked for. However, today, CFO’s roles are evolving daily, with the demand for more than financial results evident. Institutions boards and CEOs have raised the bar high for CFOs, and they expect them to partner with them in their strategic plans. Notably, different CEO’s and board members will interpret “strategy” differently; thus, the expectation for the CFO’s will not be the same.
Since CFOs are expected to contribute to their company’s strategy, Gary McGaghey spent time compiling some of the best orientations. Gary McGaghey is a private equity specialist based in London, besides being a globally experienced CFO. According to Gary McGaghey, these orientations play a critical role in ensuring that a CFO can change the company’s direction while implementing different strategies to foster growth. Private Equity specialist Gary McGaghey hinted that CFO’s need to make choices that will be focused on driving their strategic direction. To achieve these, the chief financial officer must understand the company’s goals and aspirations, the kind of products the firm offers, and how the company would stand out amid the competition from other firms.
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An effective strategic process is guaranteed if the CFO can answer some of these questions. Additionally, Private Equity specialist Gary McGaghey recommends that the CFO check on the viability of the company’s financial goals and the best product that guarantees a high return. As a CFO, taking time to understand these questions and developing a strategy from them ensures better results for your shareholders. Many CFO’s need help to engage the company’s leaders and directors effectively. According to Private Equity specialist Gary McGaghey, CFO’s can use the four orientation keys for a successful strategic process. The responder, Challenger, architect, and transformer are crucial keys every CFO must have before beginning the strategic process.