The first few months as a CFO are highly critical, and what a CFO does during this period has huge implications for long-term success. Failing to build some momentum early on can definitely fritter away the goodwill that most people give to new hires. CFO Coach Edith Hamilton often sees missed opportunities when she is brought in to assist CFOs later in their tenure. For those standing on the threshold of a new role or within the first few months, certain success strategies are paramount.
CFO Coach’s Tips for Preparing for Success
-Mental Preparation and Defining Priorities with CFO Coaching
Initially, Edith Hamilton emphasizes the importance of preparing yourself mentally and defining your A-list priorities along with potential early wins. Neutralizing vulnerabilities, creating a learning plan, focusing on fundamentals, and engaging actively with the team are vital steps. Having structured conversations with your boss can also set a clear direction. Michael Watkins, in his book The First 90 Days, provides a comprehensive guide on accelerating transitions, which Hamilton highly recommends.
Focusing Your Energy in the Second Month with CFO Coaching
-Clarifying Priorities
Moving into the second month, the necessity to focus your energy becomes paramount. Hamilton says it’s important to clarify your priorities by making key decisions about how much time to spend learning versus doing, playing offense versus defense, and securing early wins. Identifying the best sources of insight involves more than just looking through traditional CFO tools and reports. This kind of insight-cultivation is achieved through one-on-one dialogues with reports and peers about the organization’s challenges and opportunities. Hamilton’s approach to CFO coaching emphasizes the importance of these dialogues, as the information gained from them is often not apparent from the reports alone.
Handling Early Tests of Authority with Executive Coaching for CFOs
-Meeting Tests with Firmness and Fairness through CFO Executive Coaching
Another important aspect is that preparation will be needed for early tests of authority. Such tests should be met with firmness and fairness, setting limits early to avoid regrets further down the line. This is particularly crucial if you have been promoted from within, as it helps to gain acceptance from former and current peers. Clear and gracious communication is key, using these opportunities to model leadership values and establish credibility.
Building Credibility Through CFO Executive Coaching
-Making High-Impact Early Actions
Building credibility involves making early actions that have a disproportionate impact on perceptions. As a new CFO, Hamilton emphasizes the need to be seen as having high standards yet being able to be satisfied, accessible but not too familiar, decisive but not hasty, and focused yet flexible. Balancing activity without overwhelming the team, being willing to make tough calls, and maintaining relatable values contribute to establishing a strong leadership presence. Her executive coaching for CFOs focuses on developing these qualities to build lasting credibility.
Ensuring Success Through Resource Discussions with CFO Coaching
-Negotiating for Necessary Resources with CFO Executive Coaching
The resources discussion is the key to ensuring your success. This includes negotiating for necessary resources beyond staff or budget, such as the support and messaging from your boss. Presenting hard data to justify your resource requests and enlisting allies to bolster your case can make a significant difference. The most successful executives in these terms are those who link resource requests to issues as they emerge and who present a clear solution, including the associated costs, as possible projects worthy of more flexible funding.
Securing Tangible Results Through Early Wins with CFO Executive Coaching
Identifying Areas for Rapid Improvement
Securing tangible results through a few early wins is essential. Identifying areas for rapid improvement with visible financial or operational benefits is key. It’s important to focus on a few initiatives to maintain clarity and not overextend. By the second month, progress on critical fronts should be evident. Hamilton advises empowering change agents within the department, giving them visibility and authority, and rewarding their success to drive the agenda forward.
Presenting Results and Making Continuous Adjustments with Executive Coaching for CFOs
Finally, present those results at the end of month two to the CEO and other stakeholders, and make continuous adjustments in the 90-day plan. This should include planning for a first Board Meeting and alignment with the strategic plan for long-term success. Regular reviews and course corrections help refine strategies and maintain momentum. Hamilton’s CFO coaching programs provide continuous support and feedback during these critical review periods.