Making Big Overhead Cuts with Surgical Precision
By Andy Burrows
[First published 21 October 2016]
What do you do, as a Finance Director or Senior Finance Manager, when the Board suddenly decides that one of their key strategies is an urgent round of cuts to make cost savings in overheads? And I don’t mean the 5% “budget task” or absorbing inflation. I mean what if there’s a downturn in the market and the level of overhead is no longer sustainable, and they feel the axe needs to fall to the extent of reductions of, say, 25%, 30% or even 40%?
The challenge of achieving those savings is going to be a collective responsibility, involving all directorates, but Finance is going to get the job of co-ordinating the review and making sure management take it seriously.
I guess if you work in Finance long enough you will see this kind of thing. It happened to me once.
Putting Yourself Out of a Job?
In fact, there’s a double-whammy for Finance. The costs of our function are part of the overhead costs of the...
So you want to be a CFO? – 12 actionable tips to plot a course to the top role in Finance!
By Andy Burrows
[First published 28 February 2018]
“What are the things I need to do to become a CFO in the future?”
“How can I make the transition from Financial Controller to Finance Director?”
These are the kind of questions I get from people from time to time. They probably ask me because of the breadth and length of my experience.
So, I thought I’d write something that gives a few pointers around how I would answer those questions.
[BONUS: I've created a free workbook to help you come up with your action plan from these tips.
It's called the CFO Career Action Plan Workbook.
Get it by clicking here!]
So, without further ado, here are those pointers…
1. Do a great job now
I’ve seen several career-minded people fail because they spent so much time and energy thinking of plotting their career that they didn’t do a good job. And that’s a shame.
Careers are made up of levels and steps. And you don’t normally get to...
Why the “Future CFO” Should Spend Less Time Business Partnering, Not More
By Andy Burrows
[First published 14 June 2018]
The title of this article may sound strange in an age where Finance business partnering is one of the megatrends in Finance. But bear with me. There’s a good reason why I’m going to argue that “the future CFO” should do less business partnering, and not more.
I’m going to start by arguing that, contrary to popular belief, the CFO’s role has already changed such that they are now seen as THE Finance Business Partner. There’s no need to berate them any more for being mere beancounters and scorekeepers. As a generalisation, especially in medium to large enterprises, most CFOs are seen as the CEO’s right hand, and it’s those two roles together that face the business owners.
But I’ll also argue that this has made CFOs so busy that they’ve become disconnected from the Finance function. They now almost look at Finance from the outside, as just an overhead to cut wherever...
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