How CFOs benefit from Community and Diversity

09/13/2024 15:30:00 +0800

In the ever-evolving world of finance and business, the role of a CFO has never been more critical. As a CFO of an important, unique and complex organisation, you're a critical player when it comes to strategic vision and execution. Recently, I had the opportunity to dive deep into the power of community and diversity in the room, thanks to my experience with the US-based global coaching program, Strategic Coach. As I continue to reflect on my experience, I thought I'd share in more detail the learnings that I see are highly relevant for CFOs striving to elevate their impact.

The Intentional Quest for Diverse Perspectives

Investing in professional development is a cornerstone of growth, and for years, I've engaged with elite circles in Australia and global online communities. Yet, I found myself seeking a new dimension—a community that could offer perspectives beyond those prevalent in my usual networks. I started searching, using my current support networks and coach and that is how I chose Strategic Coach, a program structured around four facilitated workshops per year in Los Angeles.

My intention was clear: I wanted to be in a room with international business leaders operating at a different scale. The choice to invest in travelling to the US for these workshops was driven by a desire to gain fresh perspectives and broaden my horizon beyond the confines of familiar circles.

The Power of Diversity in Perspectives

One of the most striking revelations was the vast opportunity present in the business world. Engaging with a diverse group of business owners from various industries underscored the limitless potential available in an equally challenging, uncertain and volatile market. There were businesses represented in the same industry, who were experiencing dramatically different results. I couldn't help but think - for every company in Australia who is contracting under the challenge, there is another one out there that is expanding under the same challenge. What was different between the two?

Possibly a Playmaker CFO.

My interactions with an incredible CEO, struggling to deal with the pipeline challenges of selling high end large scale theme parks, highlighted the crucial role CFOs play in bringing the discpline of execution to a CEO's need for the freedom of creation. The CEO's struggle to transition from large-scale projects to smaller, scalable opportunities was a vivid example of how the CFO's role is pivotal in translating strategic vision into actionable, financial realities.

Which of these CEOs might need a Playmaker CFO?

Time Out of the Business: A Catalyst for Growth

Taking time away from the business was another valuable lesson. My eight-day hiatus allowed my team to step up and get on with things without me. Was everything perfect? No. But that's not a useful question, is it?

I was having this conversation with one of my CFOs earlier this week, and she was reflecting on her own challenges not being 'always on'. I asked her a classic coaching question: "If the roles were reversed, and if I were experiecing those same challenges, what advice would you give me?" After a sly look, she said 'I'd ask you 'what's the worst that can happen'?'.

And she's spot on. While I was away, did the business burn down? No. Were our clients taken care of? Yes. Taking time out created invalable space for my team to discover new ways to solve problems and to work together without me and my (well intentioned!) disruptions.

Through the conversation in the room, it was clear the other CEOs in the room in LA - having only taken one or two days of their week off - also struggled with the idea of letting go. It was great to see that not only was I not alone, but upon my return, how much I could see the team had grown.

Networking and Community: Building Meaningful Connections

Networking and community engagement were central to my intention and my experience. The time together in the room, meeting new people with different roads to success and business models, was invaluable because it showed me 'what else' was possible. Do I intend to do everything that I heard and learned? Absolutely not! Will I dial in on certain areas that I think will benefit my clients. I sure will!

The experience challenged me to expand my vision. Hearing about others' grand aspirations encouraged me to rethink and elevate my own goals.

My takeaway: sometimes your vision needs to be bigger, and the obstacles are simply the pathways to growth.

The Role of Reflection and Vision

After such a big day, I had the benefit of spending the following day with one of the CEOs in my cohort. We had decided that it would be useful to debrief and synthesise the day together so we could really get the benefit of the day. This process of reflection we did together emerged as a crucial component of my learning.

She helped me see patterns that I couldn't. She provided language for ideas that I struggled to articulate. And I did the same for her. The other thing - I now have nowhere to hide. I'm accountable to her now, which means my likelihood of implementation has skyrocketed.

Sometimes the value of an experience is multi-faceted. And sometimes the ROI is measured in more ways than a financial gain. The value of being in a community is not just in attending a session but about reflecting on, integrating and implementing the insights gained.

I'm back to LA in November...I can't wait to share further insights then.

Are you part of a community where you can hear new perspectives and grow your vision?
Do you have someone that makes your ideas better and holds you to account?
How can you take more time away from your business and allow your team the space to grow?

Love to hear your thoughts...

Author: Alena Bennett

Alena works with leaders and their teams to connect technical and leadership skills so they can deliver to deadline without killing their people.

She is a mentor, trainer, facilitator and coach. Contact her today on [email protected].

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