The Day In A Life Of A CFO, Feat. Bill Price
Last week, MineralTree CFO, Bill Price was featured in PYMNTS’ Commanders In Chief Series. As Bill explained, being the CFO at an emerging technology company involves much more than handling the company’s finances. Here’s what it really takes to be a successful CFO, according to Bill:
- It’s important to get involved and help influence every department. From helping to develop proper compensation plans for the sales team, to negotiating contracts with vendors in all areas of business, the CFO job means wearing many hats. Each day is different and requires you to work closely with every department to understand what they need and how you can be most helpful.
- Manage your time effectively. Priorities are always shifting and strict deadlines are a constant. Efficiency is key in order to stay ahead of the game and you have to streamline and automate processes so you can provide answers in real-time. In addition, it helps to have a staff you can trust so you can delegate and know that thing will be done right.
- Never stop teaching. Whether it’s during a quarterly company-wide meeting or a weekly department meeting, take the time to educate your team about the important financial news and business decisions that are being made. When people understand why decisions are made, they’re much better at their own jobs.
- Think about investments, not expenses. Don’t think of it as spending money; instead, think of every purchase as an investment f. The return you’ll get from those investments will come in many forms – it might be revenue or it might be something else like a new hire or improved efficiency. It’s important to maintain a mindset that always considers how money will work for the organization and the bottom-line benefits expenditures will achieve.
- Separate personal and work life. We live in a world where people are always connected. Being connected 24/7 is a double-edged sword. It helps companies and individuals increase efficiency, but you have to be disciplined in how you use it.