The roadmap for new CFOs

Creating and following a comprehensive roadmap is essential for new chief financial officers to effectively navigate their transition, as the first three months are a critical period to establish a strong foundation for leadership, agenda setting, and tenure.

According to Gartner, while most organisations do not have a formal onboarding orientation program, the most effective executive transitions tend to have a structured plan in place to address the need for establishing strong working relationships and managing competing demands.

CFOs new in the position are expected to build strong relationships and align finance goals with the broader organisational strategy.

Michelle Carlsen, director analyst in the Gartner Finance practice, says the transition of a new CFO can lend opportunities to accelerate the CFO’s success and impact the organisation, but it can also be both stressful and rewarding.

"It’s important to take control of onboarding with a well-thought transition process," says Carlsen. "We have put together The New CFO’s Roadmap, which identifies five steps as CFOs transition into their new leadership role. "Proper onboarding, which includes preparation, assessment, planning, acting, measuring and communicating, will greatly accelerate success and value to the organisation."

As new CFOs prepare, Carlsen says they should resist the urge toward immediate action. Instead, the focus should be on learning about the organization, its products and customers, executive peers, and the finance function and leadership team.

Additionally, it is important to prepare for key stakeholder and staff discussions that will provide invaluable insight into the CFO role.

Source: Gartner (NOVEMBER, 2024)