The CFO'S Perspective

Most business owners I speak to look at finance and accounting personnel as an overhead cost. While they are most certainly a cost, the benefits that a CFO brings can alter that “cost” narrative into one of “investment.” Today I will help you define a CFO's role as one who is viewing your organization in a forward-looking manner and how they can be a good investment.

This is an uncertain time for business owners.

Difficult questions like deciding whether to pause operations, continue a lease, apply for a loan, or lay off employees, are on the minds of business owners across the country. Many are confused about their tax obligations in the face of new legislation. Most are worried about maintaining proper security and managing communications effectively with a larger percentage of their employees working remotely. Some are concerned about how they will repair the brand damage that is occurring as a result of not being able to fulfill their brand promise to their customers.

Frequently shifting state and local regulations have left the waters murky for many businesses, especially in highly seasonal industries. Some business owners may be wrestling with the question of whether their businesses will be able to reopen at all after the shelter in place orders and social distancing recommendations have been lifted.

Being prepared for an economic downturn is fundamentally good advice. The economy is cyclical and eventually there will be a downturn of some sort. Preparation ultimately boils down to two basic business disciplines.

Trust is like the air we breathe — when it’s present, nobody really notices. When it’s absent, everyone notices.”  — Warren Buffett

Integrity in business is an essential ingredient for sustainable, long-term, business growth and success. It can be hard to define and difficult to measure, but you know it when you see it, and it’s clear when it’s not there.

Becoming a Chief Financial Officer (CFO) is often the ultimate executive goal for those who have made finance their career. The position offers challenges, variety, and opportunities for growth. A good income is frosting on the cake.