How to become a strategic CFO

The days of CFOs solely focussing on the finance function are over. As technology evolves, and automation streamlines finance, CFOs must expand the parameters of their role and become more strategy focussed. We spoke to Atif Hasan , CFO at August Leadership , to learn more about the modern, strategic CFO.?

What is a strategic CFO???

Discussion surrounding the CFO’s role in strategic decision-making has existed for some time, with little consensus on what lies at the heart of being a ‘strategic CFO.’ For Atif, although a strategic CFO must act as “financial steward” in the first instance, they must also “guide the strategy of the business and execute this by partnering with the C-suite.” As such, it remains vital for the CFO to be a trusted figure within their organisation, harnessing their communication skills to influence, and then execute, business strategy.?

A good strategic CFO, according to Atif, must be a credible individual, with broad awareness of business operations “from the grassroots level” upwards. In this sense, CFOs “must make the effort to understand different parts of the business, how they work, what the value drivers are and what makes them tick.” This is not an easy task – however, this shift from reactive to proactive is what drives powerful business strategy.?

What skills must CFOs harness to become more strategic???

To become a strategic CFOs must increase their “ability to influence, and that comes from the ability to communicate,” Atif explains. When CFOs gain broad knowledge of their organisation, they will be able to articulate the impact of business decisions on each department and function, as well as the organisation overall. Therefore, CFOs must use a certain level of empathy which may feel unfamiliar to those focussed on traditional finance functions. “You should be able to understand the other person’s challenges and wear their shoes,” Atif adds.?

Atif highlights a good day for a strategic CFO involves visiting other people’s offices and taking the time to build business-wide rapport; this is necessary to influence decision-making at a later date. Overall, Atif concludes, “a good CFO is essentially industry agnostic,” and surrounded by a talented team they have built to deliver traditional finance functions.?

Discover our next CONNECT CFO | UK Leadership Summit??