3 Ways to Expand Your Role as CFO

3 Ways to Expand Your Role as CFO
Via Flickr by By Orkla

As the CFO of your company, you might feel like weeks of every quarter are consumed by mundane tasks: accounting, balancing budget sheets, etc. Obviously, these tasks are your office’s responsibility and critical to the overall success of your business. However, it doesn’t follow that you have to be the one completing these tasks.

If you’re feeling burned out on the mundane, it’s time to start delegating so you can open up your own horizon for a broader view. Below you will find three of the most effective ways you can expand your role as CFO. Though the actual potential for these roles depends upon the size of your company and staff, you should start planning now on how you will become the CFO you’ve always wanted to be.

#1 Leverage Yourself as an Investment Expert

With your financial know-how and knowledge of market conditions, you could be the investment expert in your (small) company. Investment pitches that are thrown your company’s way may be going through your CEO. Offer your services to field these investment pitches. You’ll lighten your CEO’s load, and have the chance to put your financial talents to use (point number two from Inc.com).

#2 Take Charge on the Sustainability Front

In the past, issues of sustainability were delegated outside of the Chief Financial Officer’s role, according to Ernst & Young. Today, however, it’s a different story. Ernst & Young sees issues of sustainability coming back into the CFO’s realm. Sustainability isn’t just a “soft issue” anymore; it’s affecting the bottom line in a bigger way than ever before.

#3 Be an Effect Advisor By Connecting With Operational Departments

Too many CFOs are far removed from the action. As the role of the CFO becomes more advisory in nature, this disconnect is simply unacceptable. Tanya Perry, the CFO of Goodwill of Central Arizona, recommends getting out of the office, and connecting with the operational departments of your business. “The finance department cannot operate as a separate entity,” says Perry. If you want to be able to offer sound strategic advice (as all CFOs today must), you have to have a good grip on what’s really going on in all aspects of your company.

What will you do to make yourself a more effective and valuable CFO in the new year?