Setting yourself up for success as a new CFO

This is one of nine insights in our guide to navigating your first 100 days as a new CFO. Discover more insights here.

While it’s an exciting time for your career, embarking on a new role as a CFO is a stressful experience for even the most experienced finance professionals. There are some key reminders that can help to alleviate some of the pressure, make the transition more manageable, and consider the kind of leader you want to be. 

Six tips to avoid overwhelm

Your goal in the first 100 days isn’t perfection; it’s laying the foundations for long‑term success. To help you stay grounded and avoid overwhelm, here are six practical tips distilled from conversations with CFOs who’ve already walked this path. 

1. Don’t change everything from day one  

You may feel under pressure to prove yourself by driving change as early as possible – especially if you’ve been brought in to transform the finance function – but that doesn’t mean you need to start making decisions the day you start.  

Take the pressure off yourself to fix everything right away and instead focus on getting to know the business and finance function as well as possible, ensuring you’re equipped to make best informed decisions once you are comfortable you have the insight you need.   

2. Do lean on your mentors and trusted advisors 

Mentors aren’t just there to help you reach the top role in finance – they’re also there to help you succeed once you reach it. With so many spinning plates, no one can tackle the CFO role alone.  
 
We spoke to one CFO who told us that as they were moving to a new industry, they were told they could only take on a new role on the condition they met regularly with a specialist mentor to help them transition. Although they were reluctant, the mentorship ultimately acted as such a useful sounding board to help them navigate roadblocks early on that they continue to work with the mentor decades later, now in their fourth CFO role. 

3. Get your head around stakeholders’ expectations 

Focusing on finding out what stakeholders across the business expect from a CFO – from the relationship they want to where they expect your priorities to lie – will prevent you from feeling acting in the dark.   
 
It will also allow you to identify gaps between the expectations of different groups of stakeholders. For example, you might know in-depth what the CEO needs from you, but are you sure that aligns with what your finance team or business unit heads are expecting from your role?   
 
If not, addressing discrepancies early on through open communication will help ensure everyone is on the same page, and prevent you from being pulled in 100 different directions. 

4. Develop a transition plan  

Each of the CFOs we’ve spoken to shared that while they didn’t stick rigidly to a day-to-day plan, they did map out and frequently revisit a high-level timeline such as ‘by the end of week 3, I want to have spoken with A and know B about the finance function’s performance, by the end of month 2 I want to have a plan in place to approach C…’ to help them stay on track and meet their goals. 

5. Protect your diary  

Particularly when you start in the role, your diary is likely to be packed back-to-back with meetings. For some new CFOs, it can be tempting to take every meeting that comes your way as you look to build relationships and get your head around the business, but with such a large influx of information, blocking out a set amount of time each day will help you to process it all and start to build a plan for your finance function.  

6. Expect the unexpected  

Unforeseen challenges are inevitably going to crop up during your first 100 days in the role regardless of your level of preparation. Embrace this reality going into the role, remembering that adaptability and agility will be your allies in navigating unpredictability both during and beyond your first 100 days. 

What kind of leader do you want to be?

There’s no universal leadership style that will be right for each CFO, and your focus will need to change as the needs of the business evolve - but there are four core skills that the CFOs we spoke with say they needed to strengthen in order to succeed in their roles.   

Moving between collaborative and directive 

Knowing when to demonstrate collaborative versus directive leadership, and how to switch between them, is key to both efficiency and strategic alignment, while also allowing your team to feel their voices are heard.  

To get the balance right, you’ll need to familiarise yourself with the skillsets and personalities in your finance function early on and identify areas you can or can’t be more hands off  with - even if you have a top-notch team, there may be skills gaps that mean more direction is needed in certain areas.  

This also extends well beyond your immediate team. You will be working with departments across the business more than you ever have before.  

Acting as a mentor 

Mentorship is a powerful tool in your arsenal. Your unique journey and experiences to land the role provide invaluable lessons that can both guide the development of your finance team and help to retain your top performers who are aiming to move into a CFO role in future. Lean into this. 

The shift from reporting to storytelling  

As a CFO, you’ll no longer need to just make sure the numbers are right – you'll also need to be able to present them in a compelling manner that explains what they mean for the business, bridging the gaps between financial reports and a strategic plan of action.  

You already know that this applies when you present to the Board. But it also applies within your finance function. You need to be able to show your team the “why” to get them engaged and ensure buy-in if you’re looking to drive change initiatives. 

Remaining agile and open-minded 

Open-mindedness and the ability to adjust your communication style quickly depending on who you’re working with, when and on what is a key part of any leadership role.  

Allowing your team to bring their own solutions and perspectives to the table, even if they don’t always get the go ahead, to will also allow you to spend less time on the day-to-day running of the finance team, and more time focusing on the strategic side of your role.