Most business leaders assume they have the right CFO or FD in place. The reports are on time, cash flow is under control, and costs are being managed. But is that really enough?
Time and time again, I’ve seen businesses held back by finance leaders who haven’t evolved. Everything looks fine – until growth stalls, investment decisions drag, and opportunities slip away. That’s when the realisation sets in: their CFO or FD isn’t steering the company forward. They’re just keeping the lights on.
A finance leader who is too focused on risk management and delivering numbers doesn’t just slow a business down. They can cost it millions.
What makes a CFO or FD wrong for your business?
It’s not about competence, it’s about impact. A finance leader can be technically brilliant and still be completely misaligned with what the business actually needs.
One of the biggest misconceptions I hear from CEOs is referring to their finance leader as ‘the accountant’. It drives a dagger to my heart every time. Of course, every business needs an accountant, but that’s not what this role is. If a CEO sees their FD or CFO as someone who simply manages cash flow, reports numbers, and controls costs, they’re missing out on the true value they should bring.
Delivering numbers is the foundation of the job, but a finance leader’s real value lies in shaping what happens next. Their focus should be on where the business is going – driving strategy, identifying opportunities, and working with the CEO to turn vision into reality. If they’re not leading those conversations, they’re not delivering the strategic value the business needs.
The hidden cost of playing it safe
Some finance leaders take pride in being risk averse. Their instinct is to protect the business, to keep things steady. But playing it safe comes at a cost.
Opportunity cost is often overlooked. A steady salesperson in a particular area might be delivering acceptable numbers, but what if someone better came in and doubled that? If a finance leader’s mindset is always ‘this is too risky’ instead of ‘how do we make this work?’, the business could be missing out on major growth. Blockbuster had the chance to invest in Netflix in its early days, but they played it safe – and the decision ultimately led to the collapse of a multi-billion-dollar company.
What a business-changing CFO or FD looks like
So, what separates a competent finance leader from a truly game-changing one?
Bravery. You’ve only got to look at finance leaders like Sarah Ashby at Mamas & Papas, Sharon Naidoo at TransUnion, and John Newton at Volkswagen Group – people willing to stand up, be counted, show their vulnerability, and represent their businesses proudly.
A business-changing finance leader thinks like a CEO. They don’t just deliver numbers; they translate them into commercial action, growth strategies, and long-term plans. They challenge leadership thinking, ask difficult questions, and push the organisation to be bolder.
They step beyond finance, engaging with sales, marketing, and operations to align financial strategy with business goals. They’re visible, representing the company externally and driving change. Most importantly, they move the CEO’s vision forward, not just keep score.
Unlocking their full potential
If you suspect your CFO or FD isn’t delivering the strategic value your business needs, start by asking them the right questions. What’s their vision for the company over the next five years? How do they see the business evolving? Where are the biggest missed opportunities?
If they struggle to answer, it’s a sign they may be too focused on finance and not enough on the bigger picture. That doesn’t necessarily mean replacing them – but it does mean challenging them to step up.
The best businesses don’t settle for an average CFO or FD. They demand a finance leader who drives growth, challenges the status quo, and turns vision into reality.
So ask yourself: Is your CFO or FD leading your business forward – or holding it back?
