On rejoining the CFO community after a two-year hiatus – and with 10 years in the CFO hotseat – I’m excited to share some of the reflections, and failings, that have led me to where I am today.
One of the hardest parts of the CFO job is managing stakeholders. Some people seem to navigate this as naturally as driving to work on autopilot. And for the rest of us, there is hope!
Managing multiple stakeholders with conflicting expectations can feel overwhelming. It’s often not about the numbers; it’s more about smart communication and building trust.
The insights I’m sharing have come from both experience and watching other people’s experiences. The story relates to the advice of “build during the good times”.
There was a CEO working with some close friends of mine. When they presented to him, they couldn’t get a few words in before he’d interrupt. He would then raise his voice and leave no room for anyone else to contribute. I once saw them get an email from him. Just seeing his name come up – they froze and became defensive.
I’m not a fan of that leadership style at all. But my friend showed me that that email and the points the CEO raised made sense. The content wasn’t wrong, the problem was the relationship. He hadn’t invested in building trust. So even when he was right, he got resistance.
So here are the tips:
- Know who your stakeholders are: Understand what matters to them and what they’re really trying to achieve. Context brings clarity.
- Treat them like partners: If there's an issue, bring them in early. Solve it together. You don’t have to have all the answers alone.
- Build during the good times: Don’t wait for a crisis to engage. They say our personal relationships need five positive interactions for every negative one. I think professional ones need the same ratio. Make sure you’re not only associated with problems.
- Use the urgent/important matrix: When they make a request, understand how urgent and how important it is to THEM. Your team will thank you for this so work can be properly prioritised!
The reality is: our jobs are not just about spreadsheets and controls, they are about a complex stakeholder set that needs things from us. Learning how to navigate that is a big part of success.
For more tips from Luke click here.
