This advice first appeared in Raconteur’s Beyond the Balance Sheet newsletter, an agony aunt for CFOs. Sign up here to receive it weekly.
The job of a chief financial officer extends far beyond the balance sheet. From navigating C-suite politics and winning over the boardroom to managing conflicts and maintaining employee trust, the job now requires much more than mere number-crunching. Rewarding as it may be, the role can sometimes take a toll on its occupants, leading to feelings of isolation and burnout. But when you’ve reached the top of the corporate ladder, to whom do you turn for advice?
Over the past three months, finance professionals have been writing in to ‘Beyond the Balance Sheet’ to detail the predicaments they face. Here, we’ve compiled some words of advice offered by experts and peers in response.
Dear Beyond the Balance Sheet
How can I win over the board?
“How can I deliver bad news to the board and manage uncertainty in a way that builds credibility and confidence in my abilities?”
I’ve often found myself frustrated by CFOs who simply present roadblocks, but I’ve learnt to deeply appreciate those who can stand their ground while offering constructive alternatives.
In my experience, the most effective CFOs are those who understand that their role isn’t simply to say “no”, but rather to articulate “how”.
They should be strong enough to go head-to-head with the CEO, when necessary, while simultaneously working to find viable pathways to achieve strategic objectives. This tension is not just valuable, it’s necessary.
From my perspective, the expectation is straightforward: the CFO should deliver bad news to the board promptly, without delay or sugar-coating. The information should be factual and backed by a clear analysis of the root causes.
The board doesn’t need vague reassurances or overly optimistic forecasts. Be crisp, honest and to the point. This communication style fosters trust and collaboration, which are vital when navigating uncertainty.
Dear Beyond the Balance Sheet
How can I manage burnout?
“About six months ago, I stepped into my first role as CFO. Since then I have thought of nothing but work. I love my job, but I feel an immense responsibility to show up every minute of the day – for my team and the company. I have given 110% for many months, only to find myself feeling increasingly isolated, exhausted and disillusioned.”
A few years ago I went through an incredibly tough time personally, juggling a career and a newborn, and watching someone close to me struggle with their own mental health. This exposed me to the often unseen or unspoken struggles that people go through. I was able to benefit from therapy through my company’s employee-assistance programme and I’d encourage anyone who feels they need support to find out what support their employer offers.
There is no single path to wellness – everyone has ways of making themselves feel good. Running plays a massive part in my life and I try to fit in a morning run before I begin my work day.
Another vital resource for supporting mental wellbeing is mentorship. I have surrounded myself with cheerleaders throughout my career – people who are sounding boards and trusted advisers. Mentors offer more than just professional insight; they provide emotional support and perspective, especially during times when you feel stretched too thin.
Mentorship is a two-way street – being a mentor to colleagues is beneficial to both participants. Sharing experiences and learning from one another fosters resilience and empowers leaders with greater authenticity and empathy.
At the beginning of the 1851 Industrial Revolution, John Ruskin, the social reformer, said: “In order that people may be happy in their work, these three things are needed: they must be fit for it, they must not do too much of it and they must have a sense of success in it.”
This is good advice for any modern business leader. And, there are some practical steps you can take to manage it.
Avoid consistently working long hours. Ensure you spend time at home with family and friends. This respite away, with loved ones, is essential for health and wellbeing.
Get a good night’s sleep. This means not doing emails in the evening unless absolutely necessary – they interrupt REM sleep patterns.
Learn to say no. Burnout can come from persistent and unremitting overload. You should examine your workload and delegate less important aspects of the job to others.
Minimise meetings and excessive travel. Ask yourself: is this meeting really necessary? If it is, keep it as short as possible; set strict time limits on each item on the agenda and stick to them.
Dear Beyond the Balance Sheet
How can I grow my network?
“I’ve been in the finance world for over 15 years and, while I’m confident in my technical expertise, I’ve always struggled to build a strong professional network. I’m not naturally outgoing and the idea of networking always feels forced and uncomfortable. As a CFO, I know how important relationships are for growth and opportunities, but I’m at a loss on where to start.”
First, consider why you are doing it. Growing a network is a big time investment so make sure you’ve got a good reason for it. Define what you want to achieve, whether it’s learning about industry trends, expanding into a new market, finding potential partners or seeking mentorship. That will help you to find the most relevant groups or events.
Joining peer groups and engaging in mentorship, either as a mentor or mentee, can also provide valuable connections and support. Before my first IPO, I signed up to a series of online workshops with a training platform called CFO Grow. It was here that I connected with finance leaders who had gone through the process before. I was able to ask questions and reach out for advice.
Be strategic. When I started proactively growing my network, I created a list of the top 25 people in the industry I wanted to be on better terms with by the end of the year. Over time, I did this for different sectors and regions. I had a New York list, a London list and so on. Having a goal in mind makes networking feel less intimidating and more productive.
Dear Beyond the Balance Sheet
Should I take the CEO role?
“I’ve been working for several years in the CFO role for a company where the CEO is not far off retirement. I can’t help but wonder: should I aim for that position? Or should I stick to finance?”
Some companies are more suited to a CFO taking the helm than others. You’ll need to understand the type of leader the company is looking for, as well as what stage of the journey the company is at, to assess whether you can be successful as CEO. For example, a company looking for a new marketing, sales or product strategy might need someone with deeper product knowledge versus a company looking to expand internationally.
Get some experience in another function if you can. This will give you experiences to lean on in the future. If this isn’t possible, add to your existing remit as a CFO with some operational elements or other functional areas, such as IT or procurement.
Get as involved as possible in the company’s strategy. And, finally, be sure you really want it for the right reasons – not just because of the title or because it is the next rung in the ladder.
Dear Beyond the Balance Sheet
How can I navigate the C-suite?
“I’m having a tough time managing my peer group. I’m used to managing my team and I work with finance directors and a VP whom I interact with on a daily basis. But I feel completely out of my depth when navigating the C-suite. There are a lot of politics involved and it can be easy to get dragged in. I’m finding it hard to forge the necessary relationships. Any advice on managing my C-suite peers?”
It’s tricky as a CFO because you’re more aware of issues happening in the wider business than others. I personally find that very difficult to deal with. It creates a social barrier between you and other members of the executive team. You have to think a bit more carefully about the information you share with people. Make sure you’ve got your own support mechanism outside of work to lean on.
How you show up in the office, or in meetings, has a bigger impact on peer dynamics than you would think. If you’re looking downbeat, other C-suite members can interpret that negatively. Make sure you are conscious of how you behave in these settings.
Don’t underestimate the value of informal moments. Those casual conversations over lunch, or connections built over a shared interest, can do more to build trust than a formal meeting ever will.
Be honest but considerate. You have to challenge ideas, but it’s important to do so in a way that respects your colleagues’ views. A bit of disagreement can spark innovation, but keeping things tactful ensures it leads to positive outcomes.
Resilience is key. I’ve faced resistance, but it’s often those tough moments that lead to breakthroughs. Persistence and open dialogue are what build the trust needed in the C-suite.
