Being a Chief Financial Officer (CFO) of a company can take a lot out of you. Studies show that stress keeps one in three Americans up at night. As a CFO, taking on stress is a part of the job, but how do you know when you should delegate?
Knowing When to Delegate
Making it to the top isn’t any fun if you can’t share the work. Knowing when to delegate tasks is key in being in a managerial position. If you find that you are overwhelmed with work, leave certain tasks to the accountants, financiers, or other specialists on your team. Of course, you can always double check their work, but the bulk of remedial tasks will be lifted off your shoulders.
When delegating, always ensure that proper protocols are met and the lower level financiers have the right clearance before giving them any secure tasks.
Knowing When to Take On Risk
It is imperative that the CFO of a company works with the CEO to manage risk possibilities. For instance, knowing if your company will be impacted by technological change is the key to your success. To be successful as a CFO, you will have to incorporate a highly-skilled risk management process.
Knowing When to Adapt
Be willing to change. Always look at your business model and ask if new changes can make your business better. Don’t just rely on old tools; because thinking outside-the-box is what fuels innovation. For instance, many companies have adapted their business models to include e-commerce business models.
Adapting may also mean outsourcing and using a CFO advisory service, which may take your endeavors to a new level with e-commerce. A CFO advisory service can help you upgrade your systems and get you on the path to success.
Stress in the workplace can stifle success. Stress does come with management positions, but it’s essential to delegate and maybe do some yoga! Assess your risks. Change with the times. You’ll be one step closer to the “glamorous” side of being a CFO and heading to your favorite car dealership for a snazzy ride or buying a high-end briefcase!
Keep moving forward and adapt to the future and you will achieve success as a CFO.