Why Today’s CFO Requires Constant Learning
Australia has seen steady economic growth for the past 25 years. However, a recent survey says that leadership needs to change.
There are many reasons why your management team should undergo continuous learning. It benefits the company and makes the individuals on your team stronger, giving them skills that will last a lifetime.
Leadership learning as a CFO is no different. The benefits to the company, the team, and the individual are countless.
Want to know what they are? Keep reading to find out!
The Role of a CFO in the Future
In the past, CFO, or chief financial officer, managed the financial transactions of a business. This included duties such as analyzing the financial health, cash flow, and planning for the weaknesses and strengths of a company.
Those looking to pursue a career as a CFO need to have a background in finances and economics.
However, a CFO’s role in the future may require much more. They need to see the bigger picture of the entire organisation. The duties of a CFO may expand to a much larger role within the company.
For example, a CFO should be able to lead by example, bring the team together, and develop key skills such as problem-solving and communication.
What Is Leadership Learning?
Leadership learning can involve many different aspects. First, it can bring forth new candidates for a strong management team. Teaching your team both hard and soft skills can significantly benefit the company as a whole.
However, an established management team may benefit from new skills as well. The world is ever-changing, and leadership needs to be aware of the different methods of streamlining the area of their expertise.
Leadership Learning: The Different Areas
Continuous learning will prove helpful in many different areas. We will discuss the beneficial areas for a CFO to expand their skills.
Finance and Business
The world is changing every day, and these changes affect both finance strategies and business plans. The pandemic is an excellent example of why keeping up with financial trends is extremely important.
More than 5,000 businesses went bankrupt due to the pandemic in Australia this year. The companies that continued to make a profit adapted and changed their business plan to keep up with the new way of living in a pandemic.
The pandemic is not the only factor that pushes for change. Experts say that the entire role of a CFO has changed drastically in the last couple of years. As part of the business, the CFO now has become less of a bookkeeper and more of a public face of the financial team.
Additionally, the CFO and CEO work closely together to make the proper decisions for the future of the company and its employees. It is important to understand that the role of a CFO does not come down to analyzing data and crunching numbers.
It has become a career where people skills are crucial to advise stakeholders and not only ask the “what” but also the “who, why, and how” of every business decision.
Technology and Data
AI and deep learning are making great headway in the world of finances. Although a CFO does not need to code, they should have a basic understanding of what their systems can and cannot do.
Additionally, they need to have the proper expertise to analyze the data that AI systems provide. Our world, especially in the financing sector, is continuously shifting towards digital transactions.
Experts agree that, as time moves forward, cryptocurrency and NFTs may be the new way to conduct business. The financial world has not yet shifted, but it is said that change is coming soon.
On top of the regular CFO skills, they also now need to partially become a data scientist due to the advancements of technology. However, reading data is not the only thing that is needed in the digital world. Hackers are on the prowl for weak points in businesses. They may commit fraud, theft, and use your company to wash dirty money.
It is essential that, as a CFO, one is aware of these issues. Additionally, they should lead their team to mitigate some of these issues.
Continuous Education: Start With Leadership
Your management team can make or break the success of the company. Continuous leadership learning is essential for the benefit of growth in your business. Additionally, personal growth within your team can greatly benefit the confidence of each member and allow them to perform better than ever.
Are you looking for a program for your CFO? Check out our programs to see what fits best for you!