The CFO and Strategic Planning

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Presentation transcript:

The CFO and Strategic Planning Jeremy Gray Jeremy.pm.gray@cfocentre.com.sg

The CFO as Chief Strategist Why the CFO is better placed to develop strategy than the CEO or COO Skills required to develop and implement great business strategies Organizational structure ideally suited to support CFO as Chief Strategist

Challenges facing a CEO in leading strategic planning Increasing business demands means less time available for Strategic Planning Complex organizations Global competition Increased scrutiny and regulations Shareholder activists Presented with the best possible view of the status of the company COO – potential conflict of interest CFO – more balanced view: Programs that are meeting objectives Challenges in supply chain/logistics Executable strategies

Skills Required of a Chief Strategist Multitasking M&A, Competitive Analysis, Program execution Deep business knowledge Line management experience Ability to plan and execute Comfortable with ambiguity Focus the organization on horizon two (1 to 4 years) Objective Trusted (Source: Accenture Rise of the chief strategy officer 2008) Company Confidential. Do Not Circulate.

What needs to get done Prepare clear strategic plans and gain commitment from Senior Management Strategy cannot just be handed down – communication Strategy is about change – status quo in not a strategy Need real understanding and agreement – clarity avoids confusion Drive change – make it happen Sense of urgency – Competition does not wait Effective execution wins the game Bring focus and discipline to decision making Ensure decisions are aligned with strategy Listening skills Company Confidential. Do Not Circulate.

Some key principles Consider near, medium and long term time horizons But focus on the medium term Marks and Spencer, Kodak Balance strategy creation with execution Money is made executing not strategizing Exert influence appropriately Convince the skeptics Work around them if necessary Develop IT and HR skills Technology and people are key to implementing strategies Company Confidential. Do Not Circulate.

How to be a CFO and Chief Strategist Chief strategist is a demanding role – how can they be combined? Organizational design Separate transactional activities from the strategic Strong FP&A teams Close to the businesses Develop their skills Use them as a sounding board Company Confidential. Do Not Circulate.

Summary CFO’s business knowledge and skill set are ideal for developing strategy Execution and communication are vital The right organization is critical Stepping stone to CEO role Company Confidential. Do Not Circulate.