Drawing from hard-earned experience and the shared wisdom of global leaders like McKinsey & Company, here’s how South African CFOs can unlock their potential and become indispensable to their organisations.
1. Strategise and Leverage Technology
Perhaps biased, coming from a financial software, advisory and personalised services provider, yet absolutely true. Technology is an enormous business growth enabler. But let’s not get ahead of ourselves.
Your first step is clarity of purpose. Align your finance function with the broader organisational strategy. This isn’t just about managing financial health, identifying growth opportunities, and making calculated investments.
Then, to stay ahead, consider how technology—like AI-driven automation software—can streamline processes. Automated reconciliations from multiple data sources increase efficiency by up to 70% and improve accuracy.
2. Focus on What Truly Matters
Incremental progress has its place, but bold moves are what set high-performing CFOs apart.
Instead of spreading resources thin, invest heavily in areas with the potential to yield high returns. For example, channel significant capital into transformative initiatives, such as acquiring cutting-edge software or funding innovations that enhance operational efficiency.
As obvious as this sounds, the reality for many South African CFOs is that they face significant pressures that make it challenging to prioritise such initiatives. However, in most cases, the rewards far outweigh the risks. We have witnessed businesses overcome cost pressures, skills shortages and many more adversaries by implementing the right technology.
3. Simplify, Simplify, Simplify
Finance departments are notorious for over-complicated systems and duplicative reporting. Review your processes and eliminate redundancy. Streamlined workflows and clearly defined roles free up time to focus on high-value activities. For instance, adopting centralised data dashboards can consolidate financial reports and provide real-time insights.
4. Set the Tempo for Success
Building agility into your operations is key. Develop standardised templates for routine tasks and establish clear governance structures. Ensure your team can pivot swiftly to meet new challenges. For example, have a playbook ready for variance analysis or risk management scenarios, allowing you to address issues proactively rather than reactively.
5. Cultivate a Forward-Thinking Culture
Cultural inertia can hinder progress. To create a high-performance environment, prioritise transparency and accountability.
- Clearly communicate strategic priorities and track outcomes using quantifiable metrics.
- Encourage innovation and collaboration by rewarding teams that take calculated risks and deliver results.
6. Adopt Microhabits for Macro Impact
Success often lies in small, consistent habits. Regularly review your priorities to ensure alignment with organisational goals.
Delegate operational tasks to your team and focus your energy on strategic initiatives.
Reduce unnecessary meetings and commit to self-discipline—whether through consistent routines, reflection, or setting boundaries to maintain work-life balance.
If You Want To Go Far, Go Together.
As a South African CFO, your role is pivotal in driving financial performance and organisational transformation. You can transcend traditional finance functions by focusing on strategy, simplifying operations, and adopting the right technologies. But if you want to emerge as a trusted partner in the boardroom, keep good company.
By that, we mean having someone in your corner with keen insight into your unique challenges and the expertise to guide you through them.
Most successful leaders will tell you that there is wisdom in seeking advice. At Signature Business Solutions, we offer consultancy over and above our financial automation software and cloud solutions.