Starting up as CFO

What should new CFOs do? ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

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Share this email Share this email on LinkedIn   Share this email on Twitter   Share this email on Facebook   McKinsey Classics | December 2021 Starting up as CFO What do CFOs do upon taking office? In retrospect, what do they think they should have done? McKinsey conducted a survey to find out. Many of the answers depended on conditions at specific companies—some newly appointed CFOs had to lead turnarounds straight out of the gate; others were forced to rebuild inadequate finance organizations. But the results found that certain things are important for almost all new CFOs. For starters, they should master the CEO’s agenda. When one newly appointed CFO asked the chief executive what was expected of him, the CEO replied, “When you’re able to finish my sentences, you’ll know you’re on the right track.” But perhaps the biggest, most important challenge is to learn to think and act like the CFO of a corporation, not its lead controller or the CFO of a business unit. Challenging business plans and strategies isn’t necessarily about cutting investments and squeezing out incremental margins. A CFO with a mindset based on compliance, cost cutting, and control probably won’t be able to make the difficult decisions needed to help companies grow. Read our 2008 classic “Starting up as CFO.” — Roger Draper, editor, New York Learn to think like a CFO Related Reading The evolution of the CFO   The CFO’s role in capability building   Digital transformation: The CFO’s role   Did You Miss Our Previous McKinsey Classics? The soft side of growth Most companies can anticipate the strategic side of growth—where, when, and how it happens—but many underestimate its organizational side. Read our 2011 classic article “Preparing your organization for growth.” Avoid the organizational problems of growth    Follow our thinking McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android This email contains information about McKinsey’s research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. You received this email because you subscribed to our McKinsey Classics newsletter. Manage subscriptions | Unsubscribe Copyright © 2021 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007