The Value of a CFO – It’s All About What You Know

posted in: Business Advice, CFO 0
Some roles within the C-suite need to evolve faster than others, such as the role of the CFO. There have been countless examples of this in recent years. Your CFO should drive organisational change. It is a dynamic role, and fair to say that the pressure on the CFO to adapt has never been greater than now. Any business owner not availing themselves of this vital support role is doing themself an injustice. Let’s explore the value of a CFO.

The Modern CFO

Your CFO should offer top-level expertise and strategic financial know-how that will help you to plan, manage and control your business, leaving you free to focus on what you do best – running your business.

So, what should you expect from your CFO now and in the years to come?

As we discussed last week, advances in technology play a huge part in your business’s future. The key phrase here is data. Data can help you with many aspects of business management, including:

  • Improving your CX to increase customer retention and allow you to identify and attract new customers to do business with
  • Analysing and maximising your marketing efforts to ensure you are targeting and reaching the right market segments
  • Making accurate predictions for future business and market trends
  • Ensuring your success in attracting prospective employees and the new talent emerging within your field

All businesses collect data; your CFO needs to access it and then effectively analyse it, simple, right?

There are multiple methods for collecting data but no quick fix. Your CFO will have to polish their business analyst skills and decide what method works best for your business or which method to employ across your client base.

They may utilise some of the following:

  • Appreciative Inquiry
  • Case Study Analysis
  • Focus Groups
  • Questionnaires
  • Surveys

In addition to actively seeking data from your business network, there are free data sources that can be exploited. Click here to see over 70 open sources of business data that you can use now.

When it comes to data analysis again, technology can help. Here are eight of the leading big data solutions for SMEs that will allow you to effectively collate and analyse your data.

Data collection facilitates an analysis of your whole business sector including, your competitors, your customers, and your stakeholders, as well as enabling strategic and risk analysis. It is pivotal in the successful evolution of businesses over the next ten years; however, the information is already there, at your disposal, what are you waiting for?

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