Do you have plans of holding the top financial position in a company? Dr. Wendy Hemingway says its possible.
CFOs are responsible for all financial operations within an organization, including financial reporting.
What makes a great CFO?
Wendy Hemingway, CFO of LSCU says to become an outstanding CFO, there are five traits that you should strive for: strong communication skills, cash flow management expertise, problem-solving abilities, financial modeling mastery, and organizational leadership.
Find out what it takes to stand out in the world of finance in this article.
Strategic Thinking.
Being able to think strategically is vital for CFOs. Wendy Hemingway suggests they need to be able to anticipate and adjust to market changes before they happen, identify trends, interpret financial data effectively, and provide insights into operational issues that affect the company’s performance.
Strategic thinking also includes identifying potential risks and opportunities as well as setting direction for future growth.
Soft Skills.
Excellent CFOs need to be not just financially savvy but also proficient in soft skills.
Wendy Hemingway says they must have great communication skills, developing strong relationships with executives and stakeholders both inside and outside the company.
They should be able to present complex information using metrics and visuals as well as be able to explain it clearly in plain language that non-accountants can understand.
Great CFOs are also highly organized, with a sense of urgency and attention to detail.
Leadership qualities like decision-making, problem-solving, conflict resolution, teamwork, and negotiation are essential for them to lead their teams successfully.
Attention to Detail.
Great CFOs understand that small details matter! They make sure all tasks, big and small, are completed without fail to maintain the accuracy of the financial information.
This attention to detail also extends to their relationships with stakeholders, who appreciate the fact that a great CFO will never lose sight of the details in communication or in reports. According to Wendy Hemingway, without this attention to detail, even the best-laid plans can fall short.
Ability to Handle Pressure and Set Priorities.
As a CFO, you need the ability to handle pressure and make decisions that prioritize key financial objectives.
Wendy Hemingway says the best CFOs are able to understand complex financial systems and adapt quickly in fast-paced environments. They are also great problem solvers, able to quickly develop creative solutions that maintain key financial objectives without compromising the interests of stakeholders or shareholders.
With this type of skill set, great CFOs are able to keep operations running smoothly even in unfavorable economic scenarios.
Expertise in Financial Analysis.
As a great CFO, you must have expert knowledge of financial analysis.
Wendy Hemingway states a great CFO should be able to analyze financial information accurately, identify trends and issues quickly, and present these results in ways that make them understandable to the stakeholders.
Additionally, they should be able to make well-informed decisions based on this data and create plans for both short-term and long-term goals.
Wendy Hemingway Background
Wendy Hemingway has over 20 years of experience as a business consultant and entrepreneur. Wendy received a Bachelor’s degree in Human Resources from Oakland University. Her area of specialization was training and development, with a minor in labor and management studies. Wayne State University granted her a Master of Business Administration degree in Accounting. Baker College awarded Wendy her Doctorate of Business Administration.
Wendy moved to Florida in February 2020 to become the League of Southeastern Credit Unions’ Chief Financial Officer. She loves new challenges and helping entrepreneurs grow their businesses through strategic planning, and execution. She currently lives in Tallahassee (Florida).
