The First 100 Days of a CFO Entry into a Business
The Importance of the First 100 Days
Day 1-30: Immersion and Discovery
Understand the Business Landscape: In your first month, immerse yourself in the business. Familiarise yourself with the company’s history, its market position, and competitive landscape. Review strategic plans, financial statements, and audit reports. Understanding the nuances of the business will enable you to make informed decisions.
Build Key Relationships: Establishing strong relationships with key stakeholders is essential. Meet with the CEO, board members, department heads, and key team members. Understand their expectations, concerns, and aspirations. Building rapport early on will facilitate smoother collaboration down the line.
Assess the Financial Health: Conduct a thorough assessment of the company's financial health. Review budgets, forecasts, and financial controls. Identify any immediate risks or areas for improvement. This will provide a foundation for your strategic planning.
Evaluate the Finance Team: Your success as CFO is closely tied to the strength of your team. Assess the skills, competencies, and morale of the finance department. Identify any gaps and consider how to best leverage existing talent while planning for any necessary additions.
Day 31-60: Strategic Planning
Formulate a Vision: With a solid understanding of the business, start formulating your vision for the finance function. Align this vision with the company’s strategic goals. Consider how finance can support growth initiatives, enhance operational efficiency, and drive value creation.
Develop Priorities: Identify key priorities for the next quarter, year, and three years. Balance short-term needs with long-term objectives. Whether it’s improving cash flow management, streamlining processes, or implementing new financial systems, having clear priorities will guide your actions.
Day 61-100: Implementation and Integration
Start Executing Your Plan: Begin implementing your strategic initiatives. Ensure that you have the necessary resources and support. Monitor progress closely and adjust your approach as needed. Execution is where your plans become reality, and it’s critical to maintain focus and drive.
Foster a Strong Team Culture: Continue to build and strengthen your finance team. Foster a culture of collaboration, accountability, and continuous improvement. Provide development opportunities and support your team in achieving their professional goals.
Measure and Report Progress: Establish metrics to measure the success of your initiatives. Regularly report progress to key stakeholders. Transparency in reporting builds trust and allows for timely course corrections.
Stay Agile: The business environment is dynamic, and the role of CFO requires agility. Stay attuned to changes in the market, industry trends, and internal developments. Be prepared to pivot your strategy as necessary to keep the company on a path to success.
Are you a finance director looking for a heavy weight CFO role?
At Marks Sattin, we work with a wide range of businesses across all sectors and locations. With over 30 years of experience, we have helped a number of organisations find their next CFO. Alternatively, if you would like to speak to us about hiring a CFO for your business, please don’t hesitate to submit a brief.
