In a swift and dynamic environment where business is often conducted at what seems like the speed of light, maintaining transparency is essential and having good business controls is fundamental.
Contrary to the notion that they are restrictive and binding, good business controls can bring numerous benefits to your company:
On this episode of CFO Talk, we welcome Dan Crumb, a CFO with 13 years of experience at the current Super Bowl champions, the Kansas City Chiefs. Dan shares his insights on building a winning team, drawing from his experience leading a team of skilled professionals in IT, finance, and accounting while being a key member of the Chiefs executive team.
In this 3-part series we will share 6 topics that will help you navigate the new waters of today’s economy.
The topics include People, Leadership, Profitability/Cash Flow, Funding, Technology and Your Professional Growth. We will include actions finance leaders can take to thrive in an environment where others are trying to survive.
You can catch up with Part I here, Managing Your Team and Career Through Today’s ‘New’ Economic Realities
In Part II we cover Profitability/Cash Flow and Funding
A key responsibility of Finance leaders is to shed a bright light on business performance and the key drivers that are enabling or hindering meeting performance goals.
The term “Finance transformation” gets more and more attention these days. This is a very complex subject and requires a clear definition. Finance transformation is a strategic initiative through which a CFO reimagines, restructures, and optimizes its financial operations, systems, and processes to achieve higher levels of efficiency and effectiveness. This definition itself is very inclusive and result-based but also presents another question, where does Finance Transformation start? Finance Transformation is a process that begins with a visionary outlook and well-defined short and medium-term objectives. At its inception, the Chief Financial Officer (CFO) plays a significant role in shaping this vision. They chart the course for a comprehensive overhaul of financial operations that aligns with the organization’s evolving goals. This process demands a thorough evaluation of existing financial processes, systems, and methodologies to identify areas that require improvement and innovation.
Most of today’s business leaders are experiencing a convergence of economic events unprecedented during their careers.
High relative interest rates, low unemployment, the most transient workforce in 50 years, a complete rethinking of where we work from, and a plethora of technology choices are overwhelming finance leaders and their teams. This comes on top supply chain disruptions that have whipsawed the price of inputs making margins unpredictable for many businesses.
