3 CFO Strategies from Richard Mayfield

Richard Mayfield is the CFO of Asda, a supermarket owned by Wal-Mart and headquartered in the UK. Since his appointment to CFO in 2012, Mayfield has been transforming the way the company approaches finance and relationships. As a result of Mayfield’s leadership as CFO, Asda rolled out its successful online shopping tool which allows customers to order products online then pick them up, bagged and ready-to-go, at the market. But how is Mayfield’s approach different from other CFOs? Let’s take a look at some key insights from a recent interview.A Different Approach to Finance

Richard Mayfield, with his strong background in finance and management, combined his expertise with a little innovation to efficiently lead a team of 270 staff members towards the completion of ambitious company goals. In an interview for Accounting and Business, Mayfield discussed some of his favorite philosophies.

  • Collaborate. As Mayfield said in his interview, “What is critical is getting complete alignment to the strategies – making sure that all 175,000 colleagues are focused on the same big priorities.” In this area, Mayfield has certainly excelled. Although his finance department team consists of 270 staff, Mayfield found a way to enhance collaboration across Asda’s entire team of employees.
  • Focus on relationships. Richard Mayfield’s focus on relationship building and effective communication skills sets him apart from many professionals. In a recent interview, Mayfield offered fellow CFOs a bit of advice, “If you want to get to the top, then you need to make sure you have great finance skills. But you also need to get out and understand your business – become a great leader, communicator and motivator.”
  • Plan for change. As all great CFOs are, Richard Mayfield is an expert at identifying customer trends and purchase patterns. Because of his keen ability to plan for the future, Mayfield is proactively planning to ensure Asda’s website can keep up with increasing demands from mobile devices. As Mayfield stated in his interview, “By the middle of this year we reckon around 50% of our browsing will be on mobile and tablet. The pace of change is astonishing and will accelerate further.”

With Richard Mayfield’s relationship-focused approach to finance, Asda is primed to increase revenues and become the UK’s leading grocer.

What strategies do you think are effective as CFO?