How to become the CFO of your role

Almost every day in my job, I’m asked for something that makes me roll my eyes.

It could be a report, a request for me to attend a meeting, or an analysis that will take hours of my team’s time and yield little benefit.

Over time, I’ve learned to hear the real need beneath the request.

It allows me to engage with my business partners and redirect their request to something that is far more value added.

But this didn’t happen overnight. And not all Finance professionals are doing this.

I continue to watch high-performing Finance professionals get caught up being oder-takers instead of adding value to the business.

The number 1 reason Finance professionals fail to add immense value:

They only do what’s asked of them

By simply reacting to requests, you are assuming those requests are the best use of your time.

You are assuming others know more than you about the value Finance can add to the organization.

Maybe early in your career that is true, but that’s an incorrect mindset to have long-term.

Every great Finance professional has a coming-of-age where they realize they have better ideas than their business partners.

Not every idea, but more every day.

And they get better at knowing what their business partners need before they have a chance to ask.

Looking back on my journey, there are a couple things I have done to grow this muscle.

Here they are:

1. Have a plan for the month

In Finance, things move very fast. And it’s easy to feel that success = getting all requests done.

But the reality is that you can get all requests done without adding any real value to the company.

Instead, before the month begins, decide what would make the month a success.

• Write it down.

• Put it on the calendar.

• Make progress each week.

Here’s a few ideas to get your juices flowing:

1. Deepen your analytics on a topic that executives are scratching their heads on

2. Look for ways the external market influences your results

3. Improve your forecast model accuracy

4. Create a customer retention model

5. Consolidate 3 reports into 1

Ask yourself: “What unique value can I add to my business partners because I work in Finance?”

2. Reserve capacity for great ideas

There is a high likelihood that your plan for the month isn’t perfect.

In fact, even after 10 years of doing this, something important often comes up that I didn’t expect.

That’s just how business is.

My most successful months are those where I reserve about 20% of my (and my team’s) capacity for requests from the business.

By only reserving 20% of your capacity for business requests, you are ensuring that only the best make it on your to-do list.

What happens when a business leader asks for more?

Show them your to-do list.

It should be full of things you know will add value.

Ask them what they want to deprioritize. Make sure they understand the impact of deprioritizing the items you think will add the most value.

This creates a healthy negotiation with your business partners where you have now become a consultant instead of an order-taker.

In Summary:

The best Finance professionals aren’t order-takers.

They spend time planning for how they will add value in the month.

But they also know they need to set time aside for great ideas from the business.

How will you take action on this?

See you next Saturday.

Whenever you are ready, there are a few ways I can help you:

1. Join the waitlist for Next Level FP&A, the course teaching you to grow your career by mastering the critical skills I used to go from Analyst to Director in 8 years.

2. Check out The FP&A Flywheel, the course teaching FP&A professionals at small and medium sized businesses best practices typically reserved for the highest performing companies.

3. Join The FP&A Lab where you get ongoing access to my courses, continuing FP&A education, and mentorship.

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