A strong start to the role will ensure that a new CFO will have all the information and insights they need to drive value and improvement across an organization. When focused on gathering information over the first 100 days, you can quickly get up to speed, build relationships, and establish credibility to enable results.
It’s a good idea to break down your first 100 days in a series of critical reviews:
- Review your spending. Gather details of every cent that leaves your company, who it goes to, and what it’s for. While this is a big task, it’s an important one! Understand what’s overdue, when the liability for current payments arose, and whether you’re habitually making any payments unnecessarily early.
- Review your suppliers. This step entails gathering the current terms you have with suppliers, which suppliers are responsible for the bulk of your spend, whether you have loyalty discounts, and which suppliers you’ve used in the past but no longer do business with.
- Review your risks. The goal of reviewing both quantifiable and conceptual risk is to find problems before they show up as cashflow issues – such as erroneous data leading to duplicate payments, not spotting errors, or lacking visibility of spend.
- Review your processes. Walk through the actual process. This could even mean taking a random invoice and walking through its journey along the payment process. Or maybe it is just outlining the step-by-step process in place. During this phase you should be able to identify your staff’s skills, whether you need extra resources or whether you are under-utilizing talent.
By conducting a thorough review process you’ll basically be turning unknown unknowns to known unknows that can then be addressed.
While you can’t do everything in your first 100 days, you most certainly lay the groundwork for success. We have created a simple guide to help you with the process.
Download the CFOs First 100 Days in Office guide now