What Your Finance Leader needs to Succeed
In the dynamic world of startups, finance leaders face unique challenges. To better understand their pain points and aspirations, we recently conducted a survey within our network of finance leaders and participants of the Future CFO Programme. The feedback we received was invaluable, shedding light on the areas where finance leaders seek support and growth. In this blog, we'll delve into these insights, explain why addressing these aspects is crucial for their success and how you as their manager can support them.
Building a Supportive Community
Finance leaders in startups often miss the community they had during their early days in big 4 firms. This sense of belonging, mentorship, and shared experiences can be a driving force in professional development.
In the high-stakes world of startups, the need for a supportive community is even more pronounced, especially now remote and hybrid working is more common. Startups operate with limited resources, smaller teams and often need to pivot quickly. One of the most highly rated aspects of the Future CFO programme (GrowCFO’s comprehensive nine-module development program, designed and delivered by senior level finance leaders) is the collaborative peer group format. GrowCFO has created an incredible network of Finance leaders, who can all find solace and guidance in this community. They are at similar stages of their career and can relate to the daily challenges. If you feel your Finance leader could benefit from networking opportunities, peer support, and mentorship, this could be a great way to provide them with a sense of community and camaraderie.
Identifying Skill Gaps and Upskilling
Understanding skill gaps and evolving with the changing demands in startup finance is essential. Startup finance requires a broader skill set than traditional corporate finance roles but their usually isn't time for Finance leaders to self reflect and upskill. Their role usually requires them to be versatile and adaptable, capable of handling financial modelling one day, and data analytics the next. This pace of change in startups demands constant learning guided by the analysis of where they have skills gaps. The Future CFO programme kicks off with the GrowCFO Competency Framework, through which participants rank themselves against the 45 skill sets required from a CFO. This analysis sandwiched with on-demand workshops led by GrowCFO’s professional mentors, will address the participants areas of improvement. So, whether your finance leader needs financial modelling, data analytics, or risk management support, Zanda and GrowCFO provide detailed assessment and tailored training that can enhance their skill set.
Gaining Confidence at the Board Level
Influencing at the board level can be a daunting task for many finance leaders and over 80% of aspiring and first-time finance leaders have little or no boardroom experience. Very few have conquered the most common challenges regularly faced by CFOs during board meetings and it's a crucial aspect of their role. Boards make strategic decisions that impact the entire company, and finance leaders are uniquely positioned to provide the financial insights necessary for these decisions. Confidence in board-level interactions not only leads to better decision-making but also enhances the finance leader's standing within the organization.
On the Future CFO programme, participants take part in the Virtual boardroom, which will help prepare them to confidently deal with real-life boardroom situations by exposing them to a handful of case studies taken from our experienced CFO community. This unique offering hones their communication and leadership skills through expert guidance and practical scenarios, so they can step into their next board meeting with confidence and experience.
Enhancing Strategic and Commercial Involvement
Startup finance isn't just about numbers; it's about driving strategic decisions and commercial success. Finance leaders are no longer confined to the back office but are essential players in driving the startup's growth. Understanding the bigger picture and being actively involved in strategic discussions is pivotal. The Future CFO programme emphasizes the strategic and commercial aspects of finance leadership, helping participants make more informed decisions that impact the bottom line. By understanding the bigger picture and being actively involved in strategic discussions, our finance leaders can drive growth.
The challenges faced by finance leaders in startups are unique, and their aspirations are admirable. The desire for a supportive community, skill development, confidence at the board level, and strategic involvement are all areas where our Future CFO Programme excels. Our commitment is to help finance leaders thrive in the fast-paced world of startups.
So, If you're a finance leader looking to address these challenges and fulfil your aspirations or a Founder wanting to support their finance leader's growth, we invite you to learn more about the Future CFO Programme. Read below what some of the Future CFO programme alumni have to say about the course....
Register here, if you are interested in joining our next Future CFO cohort!
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Check out some of our other blogs:
How to retain your Senior Finance Talent in the Current Climate
Beyond Finance: The Strategic Approach to a CFO's First Weeks
Redefining Culture Fit: Shifting to Culture Add and Cognitive Diversity
Is an Economic Downturn the perfect time to Launch a Startup?
As an expert in partnering with early-stage tech start-ups, feel free to get in touch if you require advice or are keen to hire that first or even second person for your finance function.