Wednesday, August 26, 2015

Mindset of Effective CFOs


The former consultant and director of financial reporting for CMS Bank, Roy Dowdell is a financial professional with an MBA from Fordham University. In the past, he has worked as the chief financial officer (CFO) for several corporations, assuming duties that included budgeting, policy development, financial reporting, and leading mergers and acquisitions. Effective CFOs like Roy Dowdell tend to have certain habits that help bolster their success.

1. An effective CFO builds a strong team: Though a CFO’s job is to manage costs, an effective CFO knows that a quality team is worth budgeting for. Investing in a high-quality accounting and finance team allows a CFO to delegate responsibilities, freeing him or her up to focus on larger projects.

2. An effective CFO understands his or her business: Though they are depended upon to take command of financials, it is important for CFOs to understand the product or service that their companies produce. Without this understanding, a CFO may not be able to accurately communicate with investors and board members.

3. An effective CFO continues to learn: Economic conditions can change quickly, and changes in procedure come as a natural part of business growth. An effective CFO grows with the company, adapting to change and continuing to improve his or her financial skills to work in a company’s best interest.