If a week is a long time in politics, then 180 days might seem like a lifetime in the finance hotseat.
However, that 180 days (or two quarters) is the time it takes for a new-to-role CFO to make an impact or ‘own the numbers’, according to Deloitte report ‘The CFO view: Making an impact’.
While conventional business wisdom proclaims the first 90 days of a new leadership role as a vital transitionary period, those who have been there and got the t-shirt can testify that time passes quickly in a busy senior finance role.
Deloitte report author Richard Horton states that while a lot can be achieved in the first three months, the first quarterly report or figures are likely to be a legacy from the previous incumbent.
According to Horton, it takes two quarters or 180 days for good CFOs to assess their talent, understand how the business operates and build critical relationships.
With 40% of senior executives leaving their role within 18 months of being appointed, a good transitional period is crucial to the success or failure of a finance executive.
With this in mind AccountingWEB looks at five key areas a new finance director or CFO should be looking to focus on during this pivotal 180 days:
- Step back, take a breath
- Understand how your business makes money
- Check what’s left behind
- Clear time in your diary
- Get to the data that matters
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