Chief Financial Officer (CFO) or a Finance Director (FD) are vital when an organisation considers the setting of its objectives and below are four ways in which they can help your business.
Setting objectives – An FD helps directors and management of a business identify suitable objectives that help support its overall mission and vision.
Defining objectives – objectives must be appropriately designed to meet the required SMART criteria. An FD helps directors ensure that the goals that they are setting are congruent and appropriately phased. It is easy for objectives to be in the long term, but this can often conflict with short-term objectives, an FD can help balance and define these objectives.
Monitoring outcomes – by gathering information, either monthly or quarterly, to see whether the organisation meets its objectives. If objectives are being missed, FD's investigate why to help directors take action.
Updating objectives – objectives are based on the organisation's mission. They must be realistic and relevant to the organisation's circumstances. If any of these factors change, the objectives may need to be updated to ensure they continue to be useful. Finance Director's are typically involved in monitoring the organisation's environment; they are well placed to aid management with updates to objectives.
Whether you need help defining and monitoring your business objectives or management reporting, book a free call with me to see how I can help. My Virtual FD services are provided on a day rate with additional monthly finance reporting and monitoring along a meeting to discuss your business to ensure you are on track to meet your goals and objectives.