A budget is one of the most important documents your company will produce this year: no other document has as much potential to keep the organization on track and translate your vision into reality. The most important contribution your executive team will make to the company is planning for its future. The budget is a critical step in that planning process. Too often employees preparing the budget are isolated. What we need is all key areas working in concert with one another.

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A few years ago a drought in Brazil caused a surge in coffee prices, affecting businesses a world away catering to latte-loving crowds. As the cost of coffee beans doubled, Starbucks was able to maintain its profitability—without raising prices—because it had locked in a year’s worth of supply at pre-drought prices. Green Mountain Coffee Roasters wasn’t as lucky; rising costs threatened its ability to turn a profit. Situations like this highlight the fluctuating nature of raw material prices - and the importance of “buying right.” This is especially true when a large portion of your raw material is made up of a commodity; for example, metals, energy, grain or coffee beans.

Today we are faced with a trade war and supply chain disruptions that are creating widespread volatility in raw material prices in addition to shortages.

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There are many interviewing and observational techniques that help inventors and teams learn about the customer environment. These techniques provide the structure to discover hidden problems ripe for innovation. The excitement of finding real hidden problems or unmet needs can entice the innovator or team to skip an important step in the innovation process: reflect before you innovate.

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Stepping into the CFO role is both an exciting opportunity and a daunting challenge. New CFOs are expected not only to master all aspects of accounting, finance and treasury but also to guide strategy, manage risk, inspire teams, and foster long-term business value. The transition can feel overwhelming. Fortunately, CFO.University provides a wealth of insight from experienced finance leaders and advisors who have either walked this road or guided CFOs on their journey.

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As the role of the CFO evolves (see Managing Job Creep in the CFO Role), the roles in their team are also evolving. In the past 20 years a key position bridging corporate finance and business operations has been the Finance Business Partner. That role is also evolving.

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