The new CFO’s first 100 days: How to make every day count (2024)

FAQs

The new CFO’s first 100 days: How to make every day count? ›

Within the new CFO's first 100 days, they will need to spend as much time as possible with the CEO and identify their priorities and expectations. Make the right connections with board members and stakeholders (this includes investors and shareholders as well as employees, customers and suppliers) and build rapport.

“Spend the time building your plan. And present it to the board and your team at day 100,” they say. It's a time for the CFO to build a detailed, actionable plan that reflects both the insights gained through their initial assessments and their personal strategic vision for the financial future of the company.

Develop a long-term vision and plan. The business might expect you to map out a long-term financial vision and plan, so spend some of your first 90 days creating a great one. Make sure you: Collaborate with the CEO to understand their vision for the organization and align your financial strategies accordingly.

A CFO's daily tasks involve developing and managing a budget and ensuring compliance with financial regulations, negotiating loans and lines of credit, creating financial statements, overseeing investment activity, and more.

Aim to: Immerse yourself in the company's culture, values, and priorities to understand it better. Collaborate with other executives and stakeholders to develop a vision for your company's financial future. Prioritise building a strong relationship with the CEO and fostering effective communication and collaboration.

In general, 100 Day Plans could include: Stepping stone goals at 30, 60, 90, and 100 days (or whichever time targets make sense for your organization) The ability to make adjustments if targets are not hit or more time is needed. List of goals and objectives, broken out at intermediate milestones.

For many Chief Financial Officers (CFOs), the journey to the C-suite was well worth the time and effort invested. It typically takes several years of hard work, dedication, and experience to become a CFO. The average age of a CFO is usually around 45, though some can become CFOs as early as their late 30s or early 40s.

The most difficult decisions for a CFO often involve balancing risk and reward in financial investments, determining the right time for expansion or cost-cutting, and allocating capital between competing projects or departments.

By knowing the business and its top priorities and risks, the CFO will be more effective in allocating financial capital and creating a financial structure to support long-term goals and in providing business leaders with the data and insights they need to make informed decisions.

Tax has quietly become the biggest reputational and financial risk confronting CFOs in 2024 as regimes around the world double-down on technology and adopt increasingly sophisticated methods of assessing, auditing, and collecting tax revenue.

How many hours does a CFO work per week? ›

Working 50 to 60 hours per week can be common, especially when they need to meet deadlines. As a result, time management and the ability to balance responsibilities are critical skills for a CFO.

Within the new CFO's first 100 days, they will need to spend as much time as possible with the CEO and identify their priorities and expectations. Make the right connections with board members and stakeholders (this includes investors and shareholders as well as employees, customers and suppliers) and build rapport.

Highest salary that a Director Finance can earn is ₹101.0 Lakhs per year (₹8.4L per month). How does Director Finance Salary in India change with experience? An Entry Level Director Finance with less than three years of experience earns an average salary of ₹23.2 Lakhs per year.

CFOs should form an independent, fact-based view of the resources, support structures, and activities that the organization has in place to create value—as well as which ones actually do create value. Then they should make sure all C-suite colleagues, business unit leaders, and the board of directors are aligned.

CFOs of startups must have experience in fundraising and investor relations to ensure the company has adequate financial resources to support growth and innovation. Some CFO responsibilities are develop compelling fundraising materials, build relationships with investors, and negotiate favorable terms for investment.

Strategic Planning and Execution

Setting long-term yet feasible financial goals. Analyzing the business environment to identify potential growth opportunities. Developing and executing financial strategies in line with the company's objectives. Organizing and leading cross-functional teams to achieve goals.

They enjoy the hunt that comes with acquiring a business, seeking and obtaining investors for the company, or working on closing a debt transaction. This means that they spend a lot of time around commercial bankers, investment bankers, current or future investors, CEOs or CFOs of other companies, and attorneys.

Providing financial insights

This includes presenting accurate and timely financial reports, forecasts, key performance indicators, trends, and projections that can help the Board understand the company's financial performance and identify areas for improvement.