Networking is not how many finance executives would choose to spend what little free time they have. Traditionally perceived as the more reserved members of the C-suite, they are not known for their social prowess.
This could be holding them back, however. Those who actively engage in networking can gain a deeper understanding of the challenges businesses face, leading to more informed decision-making and professional growth. A strong network can, for example, help CFOs to clinch a deal, expand the business into a new market or stand out when applying for the CEO role. Part of the problem is knowing where to start.
Set clear objectives
Networking requires a big investment of time and energy. Having a clearly defined goal in mind can make the process more fulfilling and productive, whether it’s learning about industry trends, expanding into a new market, finding potential partners or seeking mentorship.
“It’s easy to assume that you should be networking,” says Christoph Martin, CFO at pensions app PensionBee. “But having a purpose or objective can focus your time and attention. You’ll be able to find the most relevant peer groups or events.”
Being strategic can make the process less intimidating, according to David Selby, the former CFO and current CEO of Resident Advisor, a music events organiser. “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.”
Start small
Begin with smaller, more intimate gatherings, such as roundtables and dinners, where meaningful conversations are more manageable. For time-strapped CFOs, these events are easier to fit into busy schedules than large conferences. And, for those that are naturally introverted, working a small crowd feels less overwhelming.
“They allow you to delve deeper than the normal superficial discussions,” says Nirav Chheda, former CFO and current CEO at software group Bambi. “You’re more likely to meet people in positions similar to yours and there is time to really tell them about your business needs.”
Starting online can also offer low-pressure interactions. Join LinkedIn groups for finance professionals, participate in discussions or host a virtual roundtable. Finance-specific discussion groups or private Slack channels can offer more opportunities to bond over industry-specific topics because they naturally attract like-minded professionals.
Stop cold messaging
“I’d warn against cold messaging,” says Chheda. “I used to find individuals I wanted to connect with on LinkedIn and send them a standard message. Needless to say, this approach left me in a one-sided conversation. I find it to be more effective to research the person and comment on something they posted about or a speech they gave – anything that showed I was paying attention.”
A far more effective approach than cold messaging is to leverage existing relationships. Asking current connections for introductions to new people eases the process and offers a higher chance of success.
Find mentorships and peer groups
Engaging in mentorship, either as a mentor or mentee, and joining peer groups can provide valuable feedback and support. These relationships often lead to collaborative problem-solving and shared learning experiences.
“Before my first IPO, I signed up to a series of online workshops with a training platform called CFO Grow,” Martin says. “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.”
Have fun with it
Bad coffee, stale croissants and awkward small talk: corporate networking events can fill even the most sociable of finance executives with dread. But meeting new people in a professional setting doesn’t have to be painful or dull. It does, however, take a bit of initiative.
So says Melissa Howatson, CFO at finance platform Vena Solutions. In an effort to build her network, she launched The CFO Show, a podcast where she interviews other finance leaders. “It was strange and daunting at first. But it has given me an immediate forum to meet new accountants and share our experiences.”
Conferences and business lunches can only get you so far. Sick of corporate networking events, Selby set out to “have some fun with it.” He organised a charity cycling event and invited about 50 industry peers. “Spending time with people outside of a professional setting builds stronger, more personal relationships. And that’s when you can really begin leveraging your network in interesting ways.”
Make the first move
There are benefits to being proactive. “When you are at a talk, always try to ask a question,” says Adrian Talbot, CFO at marketing firm Miroma Group. “It allows you to approach panelists afterwards and there is a good chance they will remember you. It also means other people in the audience will notice you as well, which can be a great conversation opener leading to a new contact.”
In Talbot’s experience, taking the initiative can open up new networking opportunities. “I have now appeared on five different podcasts, three of which I approached myself and on each of these occasions I was their first CFO guest. It gets your name out there and you can add it to your LinkedIn. Trust me, peers and the industry do notice (even if they don’t listen to all of it!)”
Be consistent
Networking doesn’t end with a handshake or LinkedIn request. A follow-up message the day after an event is an easy way to stand out and keep the door open for future interactions.
Consistency is key – especially in the early stages of a relationship. Get into a regular cadence of setting up a phone call or a coffee catch-up at least once a month, Selby says. Building relationships with the intent to connect, rather than for immediate gains, requires patience and a long-term mindset, he adds. “It should never be transactional. That distinction, contributing rather than taking, is what builds trust. Networking isn’t just about what others can do for you – it’s also about how you can help them.”
Step outside your usual circles
The role of finance leaders is becoming more diverse and collaborative. It’s not just about managing budgets or overseeing forecasts. They need to work closely with other departments, teams and people, understanding their goals and finding ways to support them. This needs to be reflected in their network, says Mike Greene, former chairman of the Association of Convenience Stores and current CEO of Global Research Business.
“Attending events outside the finance sphere, such as marketing or technology seminars, can broaden perspectives and introduce new people that might influence financial management. By engaging with a more diverse group of individuals, CFOs can challenge their own perspectives, learn to think differently and enhance their leadership capabilities.”
