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Strategic leadership is no longer confined to the CEO’s office. In the modern boardroom (or board Zoom meeting), the relationship between the CEO and CFO is paramount to success.

The role of the Chief Financial Officer (CFO) has evolved beyond traditional financial planning into a pivotal position that helps translate organizational vision into actionable strategies. The modern CFO is no longer a gatekeeper of financial reports; they are responsible for navigating a complex landscape that includes financial planning, risk management, human resources, and overall strategy.

Building a strong partnership with your CFO can enhance your personal leadership skills and those of your entire leadership team. Here are five ways you can support and collaborate with your CFO to achieve organizational success.

Foster Open Communication and Transparency

Open communication is the foundation of a strong CEO-CFO partnership, leading to trust, mutual respect, and aligned goals. CEOs should encourage regular, candid conversations with their CFOs about the organization’s financial health, potential risks, and strategic opportunities. This transparency ensures that the entire team remains aligned when facing critical decisions.

Schedule regular one-on-one meetings to discuss financial reports, market trends, and organizational initiatives. Look beyond the numbers; ask your CFO what story the data tells and what actionable insights they see in their reports.

Empower Beyond Numbers

Today’s CFOs often come from diverse professional backgrounds, including fundraising, team management, risk management, and HR. This evolution reflects the growing complexity of organizational leadership, where financial stewardship is paired with strategic vision and operational expertise. Modern CFOs are not simply financial gatekeepers; they are key players in shaping the organization's direction, leveraging their unique experiences to drive innovation and foster collaboration. 

Their day-to-day work involves less traditional accounting and more strategic analysis. For example, a CFO with a background in fundraising may bring a deep understanding of donor relations and capital campaigns, enabling more effective resource allocation and revenue generation strategies. Similarly, a CFO with experience in HR can play a critical role in talent management, ensuring that personnel and hiring strategies remain aligned with strategic goals. 

As a CEO, it’s crucial to recognize and leverage these strengths. By tapping into your CFO’s broader skill set, you can enhance decision-making processes, ensure that financial strategies are aligned with operational realities, and foster a leadership team that is both dynamic and resilient. This approach not only strengthens the CFO’s contribution but also enriches the entire leadership team’s ability to navigate the complexities of today’s organizational landscape.

Invest in Technology and Tools for Financial Management

The ability to harness technology is critical in today’s organizational structure. The CFO’s role incorporates a robust tech stack that includes accounting, budgeting, reporting, forecasting, expense management, and more.

By leveraging advanced business intelligence (BI) tools and collaborative software, CFOs can provide real-time insights that drive agile decision-making. Investing in the right technology for your team supports financial analysis and forecasting, resulting in accurate financial planning and a stronger strategic foundation.

Support Continuous Learning and Professional Development

Companies are constantly evolving, and so are the demands on the CFO role. Both CEOs and CFOs should engage in continuous learning and professional development. Seek out industry conferences and leadership training in data analysis, technology management, and strategic planning. This ensures that your team stays ahead of trends and can bring innovative ideas to the table. This proactive approach ensures that your leadership remains agile, adaptable, and ready to meet future challenges.

Align on Long-Term Goals

For a CEO and CFO to work together effectively, they must be aligned on the organization’s long-term strategic goals. This alignment involves not only financial targets but also broader objectives such as market expansion, product innovation, or sustainability initiatives. By working closely with the CFO to align financial planning with these goals, CEOs can ensure that the organization is well-positioned for future success. Strategic planning sessions and clear communication will help to ensure that financial and operational goals are realistic, integrated, and understood by all stakeholders. There is certainly precedent for CFOs having proactively proposed initiatives that dramatically contributed to the future success of an organization, not just reporting what has already happened.

Partner to Drive Strategic Leadership Across the Organization

It is no secret that the success of an organization hinges on the strength of its leadership team, and the CEO-CFO partnership is essential to achieving that success. 

With the right strategy and communication, CEOs and CFOs can build a strong, effective collaboration that drives the organization forward. Working together means you are prepared to navigate future challenges and capitalize on new opportunities, creating a legacy of strong leadership while positioning the organization for sustainable growth and success. 

Bill Cox is the CEO and Founder of Martus Solutions, a budgeting and planning software company with over 20 ERP and accounting integrations.