Importance of understanding the organization's culture, building connections, and seeking mentorship. Utilizing available resources and networks, including cybersecurity. Assessing the company within the first 90 days, understanding people, processes, partnerships, platforms, and performance. Prioritizing tasks, teamwork, and collaboration. Potential impact of artificial intelligence on finance teams.
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Quick takeaways
Building relationships with key stakeholders and understanding the company's culture and strengths are crucial for new CFOs in their first 90 days.
CFOs should prioritize understanding and mitigating cybersecurity risks to safeguard company assets and create long-term value.
Deep dives
Focus on the First 90 Days as a New CFO
During the first 90 days as a new CFO, it is crucial to prioritize meeting and connecting with key stakeholders, learning the company's culture and language, and understanding the strengths and weaknesses of the organization. Building relationships with internal and external constituents, such as direct reports, the CEO, the board, and external partners, is essential. It is also important for new CFOs to seek mentorship from experienced CFOs and leverage resources such as industry organizations to gain insights and guidance. By focusing on these areas, new CFOs can establish credibility and develop their own playbook for success.
Building Connections and Understanding People
New finance leaders and CFOs need to prioritize building connections and understanding the people in their teams and the organization as a whole. This involves actively listening and learning, observing the company's culture, understanding communication preferences, and identifying the strengths and weaknesses of the team. Engaging in conversations and seeking input from the team, attending meetings across different departments, and creating opportunities for coffee chats or happy hours can foster relationships and build trust. Effective communication and connecting with the people inside and outside the business are crucial for successful finance leadership.
Assessing Risk and Cybersecurity
As part of the CFO's role in safeguarding assets and creating long-term value, understanding the company's risk profile, especially in terms of cybersecurity, is essential. CFOs should inquire about the company's risk exposure, evaluate the effectiveness of existing cybersecurity measures, and identify areas for improvement. A CFO's knowledge of cybersecurity and collaboration with IT, operations, and HR can help mitigate risks and ensure the protection of the company's data and information. Recognizing the importance of cybersecurity and taking appropriate actions are vital in the first 90 days.
Avoiding Common Missteps
In the first 90 days, CFOs should avoid common missteps that could limit their impact and hinder the development of a forward-thinking finance organization. One common mistake is trying to tackle too many priorities at once. Instead, it is recommended to focus on a few key priorities that can be accomplished in that timeframe and show value quickly. Additionally, CFOs should not immediately push for changes to systems or technologies based solely on their previous experience. It is crucial to understand the current systems in place, seek input from the team, and determine the best course of action collaboratively. By avoiding these missteps and maintaining focus, CFOs can make a positive impact in their first 90 days and beyond.
Getting up to speed on the company's financial situation, build relationships with key stakeholders, and develop a strategic plan. The first 90 days as a new CFO are critical to one's success in the role. In this podcast, we will discuss the tools and resources needed to succeed with Steven Robertson, the CFO of HDMI LA, the company powering HDMI licensing administration.
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