Starting Strong: What Should a New CFO Do First?

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Starting a new role as a CFO can feel overwhelming—there’s so much to address, and the stakes are high. However, having a structured approach can bring clarity and calm to the chaos. Here’s how I approach it, breaking things down into three key dimensions: People, Processes, and Business.

1️⃣ People FirstYour team, peers, CEO, and board are your most valuable assets. Build these relationships early:

• Your Team: Be humble and approachable. Take time to meet everyone individually. Learn their aspirations, challenges, and what commitments were made to them.

• Your Peers: Understand the network you’re joining. What are their pain points, and how can you create quick wins to establish credibility?

• Your CEO: Align on working styles and priorities. Ask, “Why was I chosen for this role?” and “What are your top priorities for me?”

• The Board: Even if you’ve met some members during the hiring process, make an effort to connect with the rest. Understand their perspectives and expectations.

2️⃣ Process: Understanding how things run is essential to identifying opportunities for improvement:

• What systems and software are in use? Are people happy with them?

• How are routines, reports, and data flows structured?

• What’s the organizational “vocabulary” and history of decisions?

3️⃣ Business: To truly drive impact, dive into the numbers and operations:

• Control cash burn. Be detailed in understanding how the company operates and what constraints you face.

• Identify opportunities to optimize cash flow and reduce inefficiencies.

• Develop a clear picture of where the business stands and where it needs to go.

🌟 Pro Tip: Balance learning with acting. While you absorb information, focus on small, impactful wins that build trust and demonstrate your value early on.