Decision Making: A Road to Leadership

You must have passion for what you do and find fulfillment in working with people and influencing positive outcomes. Being a CFO involves more than just the traditional role of an accountant. As a CFO, you can shape the direction of the company, make a difference in people's lives, and contribute to its overall success.

While having the qualifications of a Chartered Accountant (CA) can open doors and provide a strong foundation, it's ultimately up to you to make the most of the opportunities presented to you. Your qualifications may give you credibility and expertise, but your actions, skills, and leadership will determine your success in the role.

It is crucial to work closely with the CEO, COO, and other C-suite members. They are your internal customers, and building solid relationships with them can help you understand their goals, align financial strategies with the company's vision, and effectively contribute to the decision-making process. By collaborating with the rest of the leadership team, you can have a significant impact on the company's direction and success.

Make sure you have a strong understanding of the CFO role and the importance of building relationships, taking ownership, and driving positive change. Keep nurturing your passion and leveraging your skills to make a meaningful impact in your field.

Throw away the textbooks, the acronyms, the catchy catchphrases, the ideas, and the ideologies. The "New Normal" has arrived. Should we WFH, WFO, offshore, right shore, outsource, insource, digitize, automate, cut, grow, or transform? My head is spinning just thinking of the complexities and opportunities.

In the midst of this complex and ever-changing business landscape, it's important to strip away the jargon and focus on the fundamental principles that drive success. At the core, businesses are driven by people, both in their ability to build and destroy. To navigate this new normal, it's essential to lead from the front and by example.

There are three types of successful leaders. The first type excels in people leadership and surrounds themselves with a great team. The second type thrives on unique ideas, concepts, and continual innovation. The third type encompasses the best of both worlds. They understand the value of people, embrace their team's strengths, and foster an environment that encourages empowerment and testing of ideas. They are rare (like unicorns), but we must strive to be these leaders.

 

Legacy leaders, the ones who leave a lasting impact, possess a combination of great people skills, knowledge, and innovative thinking. They are humble enough to recognize that they don't know everything and willingly empower those around them. Even if they have their own ideas, they are open to running with the ideas of others. They focus on people’s strengths! These leaders have always upheld the simple principles of business, making them well-equipped to adapt to new landscapes and concepts.

Building a great team is crucial. By articulating the organization's purpose, vision, values, and non-negotiable, leaders create an environment where individuals choose whether they align with the team or self-isolate. Those who join become leaders.

Becoming a great legacy leader and a smart decision-maker takes time and discipline. Embrace learning, ask questions, listen, and be unafraid to make mistakes, as long as you learn from them quickly. Decisiveness is essential; a prompt bad decision is often better than indecision. Empower your team, embrace their ideas, educate them, and empathize with them. Eulogize, celebrate their success, and acknowledge their contributions.

Avoid getting caught up in trivial matters and distractions. Instead, focus on tasks that have a significant business outcome. Assess the risks and potential outcomes, considering alternative approaches when necessary. Accept that an acceptable level of risk always exists, and balance governance accordingly.

Lastly, be yourself. Authenticity is key in leadership. By embodying these principles, continuously developing yourself, and leading with integrity, you can become the leader your team needs.

These are my thoughts and perspectives on leadership and business principles. I believe in the importance of people and their impact on businesses. I must re-emphasize the value of being a great people leader, surrounding oneself with a strong team, and embracing innovation and continuous learning.

It is important to make decisions, even if they turn out to be wrong, and learning from those experiences. Being decisive and adaptable is essential in a rapidly changing business landscape. Additionally, you must focus on tasks and initiatives that have a meaningful impact on the business and consider the acceptable level of risk.

Be true to yourselves, continually develop your leadership skills, and prioritize what truly matters for your teams and organizations.

Stay focused, be adaptable, and strive for continuous improvement as a leader.