The role played by a transition CFO is nothing short of mission critical. Not only is it an important job, but it is one that requires the individual who takes it on to keep multiple responsibilities balanced all at the same time. With everything that you have going on as a transitioning CFO, it is essential that you consider the value that implementing outsourcing can bring to your role.
While outsourcing may seem like an obvious choice for you, it is not always as apparent to everyone else in the organization. As such, the first step that a transitioning CFO must consider is how they can sell their vision of outsourcing to those who will be directly impacted by it.
Educate Stakeholders About the Value of Outsourcing within Your Organization
Your first responsibility is to educate stakeholders within the organization about the value of outsourcing within your specific set of circumstances. What you want to show them is how you are working to bring value to the organization overall by making it more cost-effective and efficient. You can start on this educational work prior to your first official day within the organization. You want to get a headstart on something like this so that you wash away any concerns that might be brought up by those who are concerned about all of the changes that are coming at them at the same time.
Start Here: Ready to Outsource? A Workbook on Presenting Outsourcing to Your Leadership Team
Be realistic with those that you speak with about these changes and make it clear that you understand that there will be both upsides as well as challenges that you must face when going through something like this. Speaking about it any other way might make you seem out of touch or like you don't truly know what you are speaking about.
Prepare for the Impact of Implementing Outsourcing
Despite the fact that you may well understand that changes are necessary and ultimately benefit the organization as a whole, this doesn't necessarily make it any easier to tackle them. Instead, you need to also prepare yourself for what is coming.
Next Step: The Winning Blueprint for an Efficient and Effective Finance and Accounting Team
There are two big things that you must think about when getting ready for the changes that are in store, and those things are:
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Time
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Money
These are the two things that a transitioning CFO is brought in to manage, and you need to start nailing down right away where the organization is not deploying its time and money in the most effective ways possible. The sooner that you can clear that up, the sooner that you can start making the necessary changes to get those things back in line. You will have the entire organization looking to you to clean up some of these loose ends. It is your job to get on it right away and start making the swift changes that are necessary to produce a more efficient organization ASAP.
Explore CFO Outsourcing Options
It is often the case that transitioning CFOs accept a role in a company before they are fully aware of the state of the mess that they are stepping into. If that is the situation that you have found yourself in, then you need to look at the CFO services that you can personally tap to make things a bit easier on yourself.
In the event that you have bitten off a bit more than you can chew, then you need to think about how to turn things around by outsourcing at least some of the work that has landed on your plate. A few reasons to consider using outside CFO services yourself include:
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Reduce Your Workload - You need to apply your talents specifically to the tasks that are most pressing and urgent. If you use outsourced CFO services yourself, then you can reduce some of the workload that would otherwise be yours to deal with. This is particularly useful when dealing with tedious tasks that are a waste of your time.
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Specialized Experts for Different Projects - Sometimes bringing in a team of experts is specifically what you need to do. Don't fall into the trap of thinking that you can never rely on others to help you out with certain projects. Instead, lean in on the expert knowledge of those around you and ask for help getting some of this work done.
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Creative Ideas - Breaking work into smaller chunks spread out among a variety of individuals opens the door to more creative ideas coming from that group. That is something that you want to promote.
When it comes to implementing outsourcing as a CFO, don't put all of the burden entirely on your own shoulders. It is likely that you will benefit from asking others to put their skills into a project as well. Start the work of getting everyone on board and learning how all of the pieces come together perfectly to create the kind of project management that you need to make a real difference in the results that you ultimately obtain.
Where does a transitioning CFO go from here? Alleviate your workload, access specialized expertise, and drive organizational efficiency. We offer a range of tailored F&A outsourcing solutions to support transitioning CFOs. Contact us today to discuss your specific needs and explore how our services can help you achieve your goals.
