Nowadays, with increasing business complexity, fierce competition, global sourcing, and inclement government regulations and taxation, CFOs need to demonstrate not only leadership, but also adaptability, flexibility, integrity and honesty. We cannot forget the CFO’s principal responsibility which is guiding decisions to maximize shareholder value. For that reason, CFOs must possess the adequate competences, skills and values to effectively perform their function. He/she  has to be an excellent professional, no excuse….Am I wrong?

In my opinion, the CFO has to think like if he/she was the owner of the company. The CFO has to care for every single resource paid by the owners. CFOs have to be entrepreneurs, executing every strategy. This is probably one of the most difficult tasks for CFOs. They have to influence top and middle management of the different initiatives for value-creating growth.  They have to be determined and firm with their decisions. Cutting costs and reducing people if necessary are not easy tasks because they involve other human beings along with their families. However, determination is critical to achieve those business objectives. Multiple decisions have been taken in Finance regarding moving back-office activities to centralized centers, or the familiar “shared service center” and “centers for excellence” concepts, reducing many jobs with the intention to have repetitive activities centralized, taking advantage of economies of scale, and exploiting the most talented people. Decisions for outsourcing non value adding functions are common strategies to improve business efficiencies, as well as merging areas to avoid duplication of activities. Many other decisions are taken to streamline the company and for renewed growth.

We can list countless number of Values and Competencies that a CFO must possess; leadership, strategic mindset, results orientation, interpersonal and intercultural skills, financial oversight, business acumen, innovating thinking, decision making / problem solving, risk management , and talent management. The CFO is an incumbent built through the experience and legacy of traditional finance leaders,  a man or woman driven by a business orientation and a way of thinking characterized by a business instinct; undoubtedly, characteristics understood by only a few, but needed by many.