Navigating Challenges: CFOs Bringing Value in the Covid-19 Era
Learn valuable lessons for CFOs to succeed during the pandemic, including thinking ahead, stepping out of comfort zones, tackling unique questions, becoming well-rounded players, ensuring relevance for the future, and personal development strategies.
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CFOs and the Finance Function Bringing Value during the Covid-19 Crisis CPA Paul Muwanga
1. Lesson from the Past To be successful, you need to think two steps above your current position. Challenge is not with your CEO and other HODs, but with your Board.
2. Get out of your Comfort Zone We need to be seen as beyond number crunchers - IFRS, financial statements and budgets. We need to go beyond deadline driven activities - attend networking events.
3. Unexpected Unique Questions How much should we donate ? What decision should we take on staff ? What amnesties should we take advantage of ? URA, NSSF, Banks, Landlords d. For how long can we survive in these circumstances ?
4. CFOs need to be rounded players We need to understand the business - beyond just financial metrics. - where are the numbers coming from. We need to be proactive - understand/contribute to the strategy. - take advantage of the existing ERP systems. Embrace evidence based decision making - move away from routine historical reporting.
5. CFOs relevance to the future We need to understand what creates business value. - understand the business model. - embrace the mission, vision and values. b. We need to be able to measure that value. - performance management c. We need to contribute to minimising business leakages. - strategic thinking. - blue ocean strategy.
6. Work on yourself Market yourself: Personally branding - emotional intelligence - performance Strategically business models - what drives value - performance management b. Leadership - presentation skills - relationships
