By Rich Bond
Last week I gave a presentation to a Vistage group of chief executives. I went in with the assumption that I needed to tell these business owners and CEOs that a good financial function could benefit their organization. I fell flat on my face.
Instead, I found out how heavily this group already relies on their CFOs. Finance was not a problem for them.
The CEOs said their CFOs’ biggest contribution was in giving them timely Key Productivity Indicators (KPIs), and secondly in helping to keep their Days Sales Outstanding (DSO) down.
They do have other issues they are facing, which is a large part of why they have been long-time Vistage members. Vistage is a peer-to-peer counseling group. The members basically advise and mentor one another, which gives them an extra boost in achieving their goals.
Other business owners, who don’t appreciate or understand finance, could learn a lot from these chief executives.
If you want to find out what a solid financial executive could do for your company, shoot me a message, and we can talk.