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Generally, CFOs play a central role in a company’s financial health and strategic direction. You already know that. However, in a scaleup, it particularly requires having techniques in your toolbox to stay calm and act as a stable anchor for your team. At the same time, you must ensure that your decisions create a sense of security and clarity. In this article, we take a closer look at how you can train your decision-making skills and strengthen your foundation as a leader in a demanding role.
Improve your decision-making skills in your CFO role
Can you communicate your plans and expectations clearly?
As a CFO in a scaleup, this is absolutely essential.
Clear and factual communication of your plans and expectations has a significant impact on your team’s efficiency and your organisation’s success. Such communication can reduce stress and uncertainty among your colleagues and stakeholders. This creates an environment where everyone feels secure and supported – even in the most turbulent times.
Moreover, it is crucial to develop your ability to make well-considered decisions, even under pressure. This will enable you to respond quickly and make the necessary decisions to guide the company safely through crises.
One method you can use to achieve a more structured dialogue and decision-making foundation is the SCQA model.
It ensures a thorough analysis of:
- The situation, so everyone agrees on the facts
- The complexity or consequences of the given situation
- Questions that can guide the dialogue in a structured direction
- The answers and the best decision for the given situation.
In this way, everyone around the decision-making table can be sufficiently informed based on a solid foundation. Structured discussions also help facilitate alternatives to simply choosing the easiest path. They further help avoid misunderstandings and ensure a shared understanding of the situation and its consequences.
Find your trusted sparring partner
You are now in the driver’s seat, ready to navigate the financial future of the company. But with that comes the realisation that you are no longer the operational specialist – you are the strategist, the visionary and the one who needs to maintain the big picture.
It can feel overwhelming as you begin your career as a CFO in a scaleup.
And it may be the first time you are responsible for all aspects of finance, IT, legal, compliance and risk management – all while building an organisation with processes, capital and investors, ensuring that the building blocks support the ups and downs of the growth journey.
Even an experienced and numbers-savvy CFO can find it overwhelming.
It can even feel lonely if you do not have someone to lean on when making big decisions.
That is why it is completely natural to feel vulnerable when stepping into new territory. Expectations are high, and you might feel the need to prove that you have everything under control.
It takes courage to acknowledge this. But even the most competent finance manager can benefit from having a sparring partner on the journey to becoming a fully integrated CFO.
Use your network
Find your trusted sparring partner – someone who can both guide and challenge you.
And remember, needing sparring is not a sign of lacking competence. On the contrary, it is a testament to your determination and willingness to grow – both personally and for the company. With a more experienced sparring partner by your side, you can expand your understanding and accelerate your professional and personal development.
Your sparring partner can be several individuals with different perspectives, skills and levels of experience. If the company has an established professional board, there are often members with similar experiences that you might benefit from. Within your network of former colleagues and collaborators, there may also be individuals you could confidentially spar with about the personal journey from skilled finance manager to CFO.
So do not let the fear of vulnerability hold you back.
It is the courageous steps – like seeking advice and support – that shape the most successful leaders. Surrounding yourself with people who can contribute experience and insight, and who can help you elevate your company, is a wise move.
Every great leader has stood where you are now, and the path to success is often paved with lessons from those who walked it before you.
Do you need sparring in your development?
Feel free to reach out for an informal chat. We are here to support you through all aspects of your journey as a new CFO – from the big strategic considerations to the small but important operational details.
Give us a call or send us an email – and take the first step toward strengthening your new role as CFO.
