Working as an interim senior finance professional offers a whole host of benefits. You’ll experience greater freedom and flexibility than you would with a permanent placement, whilst still playing a key role in helping an organisation achieve its key objectives. Nevertheless, whether you’ve taken on the position hoping to make it permanent or it’s a temporary stop in your career path, succeeding in this type of role brings with it a unique set of challenges. In this piece, we’ll discuss some key considerations that will help to ensure success.
Prepare in advance
Unlike a permanent senior finance position, with interim roles, there’s often no ‘settling in’ period – you’re expected to hit the ground running. If you’re entering a business as an interim CFO, for example, it’s vital you understand the business, the key stakeholders, and gain a preliminary understanding of financial circumstances before you start your role. In many cases, positions such as these will only become available when issues have arisen, so it’s important to bear in mind that you will be walking into immediate challenges. The more you can accomplish ahead of time the better, and the easier the transition for you and the wider team will be. It’s a good idea to arrange some time to speak with the hiring manager, relevant stakeholders and your direct reports in order to discuss some of the challenges that may await you. It will also be helpful to request any available financial reporting that will enable you to begin strategising and arrive fully prepared.
Meet your team
Although this step may not be practical for everyone, meeting your new colleagues in person is a great way to assess team dynamics and scope out some of the potential challenges that may lie ahead. If you’ve been brought on board as a senior finance professional to fix existing problems or clear a backlog, it’s important to be conscious that some of your teammates may be wary of your appointment to the organisation. Sitting down with colleagues with whom you’ll be working closely can be a great way to dispel any worries, and provide assurance that you’re there to support everyone and improve processes and culture moving forward. Additionally, this will provide you with an opportunity to assess performance and capabilities within your team in order to decide who will need greater support in order for long-term objectives to be achieved.
Engage with the wider business
When the finance team is off balance, this can translate to poor performance for the organisation as a whole. In order to be successful, the finance team needs to have a clear understanding of the finance time-table, team deliverables, business KPIs, and gain clarity surrounding roles and responsibilities within the team. With this in mind, it can be useful to liaise with key stakeholders within each department upon your appointment. For interim CFOs, this will mean establishing a rapport with the whole of the senior leadership team and any key personnel within the management structure. What are their frustrations with regards to financial management? How can your team better support them in the future? Once they feel like their requirements have been taken into consideration, you’ll likely find that communication will improve, allowing the finance department to run more smoothly.
Be transparent, and authentic
Be mindful of the fact that you’re there to learn about the organisation from your colleagues just as much as to provide your expertise. When goal setting, be sure to discuss strategy as a team, and build consensus surrounding important decisions. Clearly set out your reasoning, and adjust when new information becomes available. Once you’ve begun to achieve success, be sure to publicly share the credit with your team as well as other members of the organisation who have assisted you, and act as a mentor to junior members who could benefit from your skills and experience. All of these qualities will help to set you apart as a leader, and increase the chances of a permanent appointment if this is one of your goals.
Consider wellbeing
With employee burnout increasing throughout the pandemic, it’s vital to bear in mind the stress levels of your team. This is especially important due to the fact that your appointment likely follows a period of recent upheaval, during which some team members may have needed to carry a heavier workload. Ensure that either you or a member of management is conducting regular check-ins with employees to ensure that they aren’t overloaded, and that they have all the tools they need to complete their work to the best of their ability. Remember to be patient, flexible, and approachable, and consider advocating for additional staff incentives or training.
Take extra care when working remotely
If you’ll be working from home for a significant proportion of time, consider that this can create additional challenges. For interim senior finance professionals who may have limited in-person interactions within an organisation and may only be there for a short period of time, communication is critical. You’ll need to be clear and proactive in your interactions, as key information can get lost in translation through email or phone calls. With this in mind, it’s a good idea to follow up often, and double check that employees are clear on the directions they have received. You might also consider initiating video calls on a regular basis, as this can help to establish trust and rapport.
Plan for the transition
By the end of your appointment, you may well have your company’s finances in tip top shape. However, as the job comes to an end, you’ll need to think about how best to prepare for your departure. Here, documentation will be key – financial processes you have been working on should be carefully detailed, along with strategies you have implemented. This will allow your successor to pick up processes right away and continue the programme you have established, allowing for a seamless transition. In addition, it may be helpful to leave an assessment of the finance team and other key stakeholders within the businesses, outlining their strengths and weaknesses, as well as which areas you believe still have room for improvement.
In conclusion, it’s important to bear in mind that teams in need of an interim senior finance professional are often in the midst of change, and dynamics will continue to shift during your tenure. Because of this, it’s important to create a sense of stability, as well as work on building authentic relationships that will help drive your team to success. If you can achieve all this, you will have made a positive impact and secured a successful legacy.
To explore how we can support your executive search requirements, please get in touch with a member of our executive team for a confidential discussion or email info@grgexecsearch.com .