{"id":10297,"date":"2018-02-13T15:22:00","date_gmt":"2018-02-13T20:22:00","guid":{"rendered":"https:\/\/www.sage.com\/en-us\/blog\/?p=10297"},"modified":"2023-03-30T05:02:34","modified_gmt":"2023-03-30T09:02:34","slug":"new-cfo-take-these-six-steps-for-success-plus-two-pitfalls-to-avoid","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-us\/blog\/new-cfo-take-these-six-steps-for-success-plus-two-pitfalls-to-avoid\/","title":{"rendered":"New CFO? Take these six steps for success (plus two pitfalls to avoid)"},"content":{"rendered":"
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\n\t\t\t\t\t\tNew CFO? Take these six steps for success (plus two pitfalls to avoid)\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

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Taking on a new CFO role\u2014whether you are joining a new firm or have recently been promoted\u2014is inevitably accompanied by a pivotal period of transition. It\u2019s what you do with this time that may determine your success.<\/p>\n\n\n\n

Sage Intacct works with many finance leaders in the SaaS industry who are entering that transition. And recently, I had the opportunity to interview a few CFOs about how best to navigate this important stage.<\/p>\n\n\n\n

First off, there are two key questions that should serve as your North Star in determining where you should put your time and energy.<\/p>\n\n\n\n

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  1. Why did they hire you? Companies vary by stage, space, ownership, culture, and hundreds of other factors, but they chose you\u2014and your skillset\u2014to help them solve a problem. Remember this for confidence when the roller coaster ride takes off and as your guidepost when you must make decisions.<\/li>\n\n\n\n
  2. Where are you going to add value? Create a plan that pinpoints where you are going to get the early wins to establish yourself.<\/li>\n<\/ol>\n\n\n\n

    Once you answer those questions, follow these six steps to set yourself up for long-term success.<\/p>\n\n\n\n

    1. Interview the Team<\/strong> \u2013 Avoid an inclination to jump right in and start problem-solving. Listen first, and give everyone a voice. Also, take the opportunity to share the values you will use to make decisions, so your team knows what to expect from you.<\/p>\n\n\n\n

    2. Know the Current Trends<\/strong> \u2013 Dig into the metrics of your business and the marketplace. These will influence the business.<\/p>\n\n\n\n

    3. Know the Business<\/strong> \u2013 Paul Morrissey from Battery Ventures has some great advice on this. While you may be correct based on gut, too much credibility is lost early if you can\u2019t prove why you know something must change.<\/p>\n\n\n\n