Wartime CFO
Most of what I hear in the media right now suggests we’re under attack.
Global pandemic, raging war, tangled supply chains, impending recession, sky rocketing inflation, rising interest rates, housing unaffordability, labour upheavals, and climate catastrophes just to name a few.
Environmental stress is at breaking point, and there is mounting pressure on business leaders, employees, and the broader community to adapt and change.
Despite all of these challenges, I believe we can…and will overcome.
Although the circumstances were different, I lived through the 1991 recession Australia ‘had to have’, where interest rates and unemployment were both north of 15%.
What I learned was opportunity does exist in downturns, but you do have to do things differently if you want to capitalise on them and succeed.
Fast-forward to 2022 and the same philosophy still applies. We are under attack right now, but we can come through this test and move forward stronger than ever before.
As someone once told me, ‘You can’t have a testimony without a test’.
The world has changed. We are living and working in a time of unprecedented volatility, uncertainty, complexity, and ambiguity.
Pre-pandemic times appeared more stable and prosperous. Not anymore.
My area of expertise is finding transformative CFOs for purpose-led organisations.
What I say to the CEOs of those organisations is you need a wartime CFO, someone with the leadership capability to navigate and succeed in 2022 and beyond.
Deciding on who that person should be, and the impact they can make, is a critical decision.
These are high stakes.
As the world changes, so must the CFOs need to adapt and rise to the challenge, with contextual intelligence and the skills to respond.
The success of a wartime CFO is no longer dependent on technical expertise, superior admin skills, previous track record of success, or effectively managing the finances.
These capabilities are a given. The real value of a CFO must be character-based.
Their future success depends on self-awareness, ability to listen, clarity of communication, cultivation of relationships, capability to influence, champion innovation and growth, and motivate a diverse, technologically savvy and disperse workforce.
Another challenge for wartime CFOs is dealing with issues of diversity and inclusion, empathetically and proactively. More importantly, it’s their ability to nurture an environment where diverse talent thrives.
There is also a massive opportunity for CFOs to become the influential leader on climate and fully own the sustainability responsibility.
More often, CEOs tell me they want CFOs who have the ability to transfer their skills from another industry and successfully integrate with their new leadership team.
Diverse thought is a catalyst for change, innovation, and growth.
Although technical competence is still important, the real game changer for a wartime CFO is their ability to:
- Relate to culturally diverse situations
- Understand and manage their own emotions, and those of the people around them
- Cultivate and listen to other perspectives, exercising intuition and perception
- Do the right thing
- Birth new ideas and execute well
- Amplify the power of rapidly emerging technologies
Additional qualities necessary to thrive, and not just survive in a crisis include:
- Stabilise the business today, but spark innovation for tomorrow
- Be decisive with courage. It’s progress not perfection
- Serve the organisational purpose, while protecting financial viability
- Define a compelling vision and a process to achieve it
- Focus on the end game, while adapting to new business models
Make no mistake, we are in the midst of a battle, but a battle we can win.
If you're a CEO looking for a transformative CFO who leads with both head and heart or a senior executive seeking to discover your 'unique purpose in work and life', then we need to talk.