The first 100 days in a new CFO role are crucial. How you start sets the tone for everything that follows.
A former colleague of our MD always used to ask the CEO whenever he started a new job, “who tells you when you’re wrong?”, to which they would usually get a shrug of the shoulders. He’d follow it up with “do you mind if that’s my role from now on?”. It’s a simple question, but one that quickly establishes the pair as equals and allows for mutual respect and healthy challenge when it’s needed.
Because your first few months aren’t just about proving yourself – they’re about setting up the right dynamics with the people who matter most. Here’s a quick guide on how to tackle those first 100 days.
Understand the business
Start by understanding the business. All too often people want to be that proverbial bull in a china shop. But without first taking the time to understand the key revenue drivers, the cash and profitability levers, you can expose yourself and quickly lose credibility and trust. Getting to know the various key stakeholders first and building a relationship with them will help you understand the often complex web of influence across a business.
Assess your finance function
Like a newly appointed Premier League manager, you need to have a look at your team and see who’s up for the challenge and who’s better off somewhere else. Ask them to explain how they think the function is performing, what the processes are and where any quick wins lie. This is where you can make your first mark by improving processes quickly and testing how responsive the team really is.
Key financial priorities
Time to get the essentials in order. What are your reporting deadlines and frameworks looking like? What’s the working capital position? What significant obligations has the business got coming up and how are we planning for these? Getting a firm grip on these priorities now gives you the clarity needed to make strategic decisions later.
People and Leadership
Strong teams drive strong results. That’s nothing revolutionary. But how you position yourself in that team from the outset is key. Helping the leadership team understand how you and the finance team can help them achieve their goals establishes you as the glue across the business, bringing people together for the common good.
Systems, Technology and Data
An effective finance function runs on good data and efficient systems. Identifying areas where technology and automation can enhance efficiency gives you another chance for early impact.
Compliance and Risk Management
This isn’t the sexy area of finance, but getting ahead of risks before they get ahead of you is where you can build trust across the board and show you’re thinking beyond the numbers.
Make sure you have a clear view of legal obligations, audit issues and compliance requirements right from the start.
Strategy and Future Planning
Once the basics are in hand, you can set your sights beyond the day-to-day. Here you can list out your short-term improvements for immediate impact, then set key milestones for the longer-term strategic goals. Make your plan clear, and make it visible.
For more details, download our free First 100 Days Checklist from the Headstar website, and good luck.
