Being appointed CFO is the achievement of a lifetime, the culmination of decades of hard work, But, that doesn’t mean it’s easy. There’s a new level of pressure to prove your value – quickly.

The first 90 days set the tone for the rest of your C-suite career. However, it’s not about fixing everything. It’s about listening, learning, and providing direction to profitable financial management.
We cover six focus areas to deliver early wins and lay the foundation for transformation.

Pause, Assess, and Listen

Rushing in where angels fear is tempting, but angels have their reasons. You must figure them out before launching a career of chaos. Start by shadowing staff to see how processes actually work.

  • Do SOPs and policies help or hinder?
  • Don’t scrap legacy systems immediately. They’re like old friends; let employees say a proper goodbye.
  • Identify areas where willy-nilly scaling has broken processes.

People want to be heard and understood. Always consider their input before taking action. These are the foundations for a trusting relationship.

Clarify Boundaries and Priorities

Know your place, and help other leaders define theirs. Establishing clear roles and emphasizing accountability eliminates gaps and redundancies, enhancing efficiency and productivity.

  • Clarify ownership across finance, HR, and payroll; areas prone to overlap.
  • Reaffirm your fiduciary duty to act in the business’s best interests and provide insight into relevant data.
  • Use data to coach other leaders, filling gaps and improving employee satisfaction.

People excel when they understand their key roles in companies.Clear boundaries sharpen focus on core activities and position finance as a trusted strategic partner.

Build Credibility Through Empathy and “Why”

You might have great plans for your department. New brooms and all. But remember, people don’t like change. It’s unsafe. Your job is to flip it, make it safe. Here’s how:

  • Lead with empathy. Acknowledging and addressing concerns builds trust.
  • Ensure your team understands the reasons for change.
  • Welcome input, but clarify that not every idea will be used.

When people understand the “why” and feel like valued team members, change loses its power. Instead, you can develop relationships based on trust, cooperation, and collaboration.

Evaluate Systems and Service Providers

Remember when we said the first 90 days aren’t about fixing? Well, sometimes a little repair work is required. Take providers. Often, their value is not assessed. You can remedy the situation and insist they suggest improvements. If fresh ideas are lacking, say farewell.

  • Benchmark efficiency. Identify systems causing bottlenecks and brainstorm solutions with your team.
  • Look for integration gaps and plug them to save time and improve efficiency.

Implement strong systems and choose forward-thinking providers as early as possible if you want to future-proof the finance function.

Stress-Test Processes Before Hiring

Your assessment might reveal gaps that can be addressed by hiring new staff. Or, they might involve repairable broken processes, excluding the expense of new recruits. You can:

  • Audit SOPs to identify inefficiencies.
  • Automate processes. Integrate new tools if necessary.
  • Recognizing new employees won’t improve anything if problems result from flawed workflows.

Fixing flawed processes is more cost-effective than new hires. Although, sometimes new hires are the solution. Then you must match skills to the job, so you can optimize their value to the company.

Deliver Early Wins and Share The News

New CFOs want to make their mark early, partly to justify their position and partly because early wins build momentum for larger change. For example:

  • Targeting small, high-impact challenges.
  • Punting success because your team is amazing and integral to company operations.
  • Winning support for bigger projects with early, impactful success.

Visible wins build trust and pave the way for future transformation. To leverage the power of early wins, you must spread the news. However, leaders must appreciate the value of change. Spread clarity, not a glut of overwhelming detail.

Winning Trust and Getting Buy-In

The first three months in a new job involve establishing trust and credibility. How much more important is this when you’re responsible for the financial wellbeing of a company?

Success takes patience and people skills (active listening, empathy, respect). You must review current systems and processes to identify problem areas, before you go gung-ho, making changes here and hiring new staff there.

You want quick wins, but not at the expense of trust and willingness to transform. Small wins will win over your team and the rest of the C-suite, and set the stage for long-term transformation.