Here is a short lesson for Chief Financial Officers from athletes. In most sports, like business, success is measured in degrees and is often the culmination of many small victories and small failures. For example, in American football, the cornerback – a player whose main job is to defend against the forward pass by the opposing team – fails over 60% of the time, the…
We all know the answer to the first question. Believe in yourself. So, the follow-up question is how do you come to believe in yourself? I am a firm believer that preparation to perform a task or role is what builds the belief in our ability to successfully accomplish the task or role. I’ll bet you believe that too. Ok, how can you plan the…
Since the 1st edition of this article was published two months ago we have received many thoughtful additions to our list of components identified in the original article. These additions fell into 5 main categories: · People, · Leadership, · Controls, · Operations and · Technology. Some had to do with the original article not effectively emphasizing certain components. Others were straight up, great new…
We work our whole life to acquire things. Yet, when our physical being perishes we go empty handed. I guess that is what drives many of us to believe in an afterlife. When we die our legacy in this life becomes the yardstick we are measured by. Most of us hope our legacy includes being remembered as a giving person. My concept of a giving…
Will you join me in discussing some problems I have with the way we interpret the word failure? Failure is a noun defined by the Merriam-Webster dictionary as: 1. omission of occurrence or performance 2. lack of success 3. a falling short 4. one that has failed The term failure as used in business, sports and relationships is almost always associated with a bad happening. …
To build our future we must invest in the present. Last week I had a conversation with colleagues about the value of an audit. It made me reflect on how the really good businesses I know surround themselves with the skills they need. They are rarely at a loss for getting great advice on a topic critical to their success. If they don’t require a…
The majority of middle market companies started as small, conservative enterprises. As they grew many employees continued to wear several hats and perform multiple tasks within the organization. It may be just fine for a small business to have their receptionist double as their accounts payable clerk. However, if you plan to grow your business, you will want to fill the roles of accounting, finance…
Leadership seems to be one of those traits defined by “You know it, when you see it.” I have met a CFO who was the brightest lightbulb in the room but could not lead their business to the light switch. I have also met a CFO who didn’t seem to work that hard and wasn’t a rocket scientist but was able to move mountains in…
Do your Recording and Reporting systems lend transparency to your business? Is your corporate structure and governance process in line with your size, goals and culture. In this first segment on our Series: The Defining Attributes of a Successful CFO, we explain the importance of Accounting, as a key pillar in the house of the Chief Financial Officer. 1. Recording: Record keeping and closing the…
Sound business systems precede innovation. Before innovation can be a catalyst to business growth strong business practices must exist. Innovation, the process by which an idea or invention is translated into a good or service, is a critical component of growth in many businesses. Innovation relies on creativity, exploration and freedom. Frequently these characteristics are regarded as the opposite of discipline, control and structured process. However,…
