# Why collaboration with senior management is vital for a CFO
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2019-04-29
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: The Modern CFO: Adapting to the Changing Landscape of Finance
Meta Description: Discover how the role of the CFO has shifted over the years, and the essential skills and strategies needed to succeed in today's fast-paced finance
URL: https://financedigest.com/why-collaboration-with-senior-management-is-vital-for-a-cfohtml

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By **Lewis Miller**, Chief Financial Officer at [Frank Recruitment Group](https://www.frankgroup.com)

When I made my first forays into the finance sector almost twenty years ago, the role of the CFO and the duties it entailed were worlds apart from what you see in the industry today. There’s been a marked move away from more conventional responsibilities to a more fluid role that requires the CFO to broaden their skill sets, and act as that pivotal force driving their organisation’s business strategy.

![Lewis Miller](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/lewis-450x639-1736839057023-compressed.jpg)

Lewis Miller

We’re living in the era of [cloud technology](https://www.financedigest.com/cloud-professional-services-market-to-be-driven-by-technological-innovation-tmr.html "Cloud Professional Services Market to be Driven by Technological Innovation | TMR"). If a business wants to not just survive, but beat the competition, CFOs need to have the flexibility to [grow in line with the evolving demands](https://www.financedigest.com/wi-fi-semiconductor-chipset-market-gain-impetus-due-to-the-growing-demand-over-2015-2025.html "Wi-Fi Semiconductor Chipset Market Gain Impetus due to the Growing Demand over 2015-2025") of their position. The main duties that typically fell within the remit of the CFO involved safeguarding assets, [risk assessment and management](https://www.financedigest.com/risk-management-redefined-navigating-post-covid-disruption.html "Risk Management redefined: navigating post-COVID disruption"), reporting, managing cashflow, interpreting performance and general financial planning and analysis.

These core responsibilities will always come with the territory, but they have [transformed from the sole duties of the CFO into basic requirements](https://www.financedigest.com/how-to-fulfil-the-digital-transformation-requirement-in-banking.html "How to fulfil the Digital Transformation Requirement in Banking") expected right off the bat. Every new development in the tech world brings with it fresh expectations, generally more focused on implementing the organisation’s wider [business strategy](https://www.financedigest.com/fortified-dairy-products-market-outlook-cover-new-business-strategy-with-upcoming-opportunity-2022-to-2032.html "Fortified Dairy Products Market Outlook Cover New Business Strategy with Upcoming Opportunity 2022 to 2032").

If you don’t have these core competencies down to a T already, then you might not be ready for this level of responsibility just yet. You need to get the foundations of the [role nailed down before you can really thrive as CFO](https://www.financedigest.com/the-new-role-of-the-cfo-the-de-facto-chief-growth-officer.html "The New Role of the CFO: The De Facto Chief Growth Officer"). The lion’s share of your [energy needs to go into working hand in glove with your CEO](https://www.financedigest.com/new-uk-pm-will-need-to-take-urgent-action-on-energy-bills-ofgem-ceo.html "New UK PM will need to take urgent action on energy bills – Ofgem CEO"), and making connections at board level to keep the gears turning smoothly and efficiently when it comes to the strategic side of things.

**Getting the right support**

To succeed as a CFO today, you also need to [invest time](https://www.financedigest.com/a-guide-to-luxury-property-investment-in-the-time-of-covid-19.html "A guide to luxury property investment in the time of COVID-19") and energy into building a team that you can depend on. Having the right people there to [support you professionally allows you to produce high-quality](https://www.financedigest.com/adverty-releases-unity-sdk-4-0-with-2d-games-support-and-a-refreshed-suite-of-high-quality-ad-assets-for-the-ultimate-in-game-advertising-experience.html "Adverty releases Unity SDK 4.0, with 2D games support and a refreshed suite of high-quality ad assets for the ultimate in-game advertising experience") work and maintain standards across your department, hitting all the occupational cornerstones we’ve just mentioned. This frees up precious time for you to work with C-suite to [continue driving](https://www.financedigest.com/british-army-to-start-driving-tankers-as-queues-for-fuel-continue.html "British army to start driving tankers as queues for fuel continue") the organisation forward.

**Technology and the** [modern CFO](https://www.financedigest.com/who-is-the-modern-day-cfo.html "WHO IS THE MODERN DAY CFO?")

[Technology has given us the ability to analyse and derive insight from structured and unstructured data which has created an unprecedented number of opportunities for CFOs to recognise macro trends](https://www.financedigest.com/nutragenomics-market-overview-forthcoming-technologies-future-trends-latest-insights-by-share-outlook-till-2022-2029.html "Nutragenomics Market Overview, Forthcoming Technologies, Future Trends, Latest Insights By Share, Outlook Till 2022-2029"). CFOs then apply these high-level insights to their financial planning and investment decisions, paving the way to a more profitable future for the wider business.

You need to stay up to date on all the latest advancements relevant to your industry, and harness that technology to use data to obtain more granular insights and broaden the [reach of your business](https://www.financedigest.com/how-to-expand-business-reach-with-event-driven-apis.html "How to expand business reach with event driven APIs"). To do that, a CFO needs to hone the practical skills necessary to properly analyse and interpret that data before using it to sharpen their [strategy and keep up with the rest of the industry](https://www.financedigest.com/global-compressor-controllers-market-outlook-2021-pricing-strategy-industry-latest-news-research-report-analysis-and-share-by-forecast-2028.html "Global Compressor Controllers Market Outlook 2021, Pricing Strategy, Industry Latest News, Research Report Analysis And Share By Forecast 2028").

**Build those bridges**

Perhaps the most [important thing my career](https://www.financedigest.com/the-importance-of-role-models-and-policy-in-encouraging-more-women-to-pursue-careers-in-the-finance-sector.html "The importance of role models and policy in encouraging more women to pursue careers in the finance sector") has taught me is the value of communication. From day one as CFO, it’s imperative that you focus on establishing relationships with the rest of senior [management as well as the other departments across the business](https://www.financedigest.com/intelligent-receivables-management-why-its-a-businesss-greatest-ally.html "Intelligent Receivables Management: Why it’s a business’s greatest ally").

If you’re new to the role, be sure to take the time to really get to know your organisation, really understand your target [markets and the various challenges and opportunities](https://www.financedigest.com/d-mannose-market-opportunities-trends-drivers-challenges-forecast-by-2025-transparency-market-research.html "D-Mannose Market Opportunities, Trends, Drivers, Challenges & Forecast By 2025: Transparency Market Research") they hold. Speak to department heads and [key decision makers to get a crystal-clear understanding of how the business](https://www.financedigest.com/foot-orthotic-insoles-market-to-generate-us-5-billion-by-2026-growth-key-business-strategies.html "Foot Orthotic Insoles Market to Generate US$ 5 Billion by 2026 | Growth & Key Business Strategies") operates, and give you a better appreciation for how any strategies or budgets on your desk could affect your organisation.

**The** [bottom line](https://www.financedigest.com/business-leaders-flexibility-for-everyone-contributes-to-gender-equality-in-the-workplace-without-affecting-your-bottom-line.html "Business leaders: flexibility for everyone contributes to gender equality in the workplace, without affecting your bottom line")

The bottom line is this: fail to invest time in building relationships early on in your time as CFO, and you could cripple not just one or two departments, but stunt the [business’s growth further down the line as customers](https://www.financedigest.com/customer-journey-the-key-for-business-growth.html "Customer Journey – the key for business growth") shift their attention to the competition.

When an organisation is experiencing financial turbulence, for example,it can be tempting to just cut costs across the board, but a real understanding of the wider [business could reveal that this might not be the best long-term](https://www.financedigest.com/hyperspectral-imaging-system-market-know-latest-trends-forecast-for-long-term-business-planning-up-to-2026.html "Hyperspectral Imaging System Market – Know Latest Trends & Forecast for Long-term Business Planning up to 2026") solution. Take the [time to carefully consider the long-term implications of every](https://www.financedigest.com/how-to-nail-your-banking-audition-every-time.html "How to nail your banking audition every time") plan you approve and decision you make, because the remedy could lie in investing in specific areas of the business while cutting back on others.

To be a successful CFO, you need to be able to make predictions about not just your company’s future, but the [future of the industry](https://www.financedigest.com/applying-a-sustainable-lens-to-the-financial-industrys-future.html "Applying a sustainable lens to the financial industry’s future") as a whole, and you can’t do that without knowing the business inside out.


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