Sponsorship Key to Success for CFOs
As the world takes a leap towards the fourth industrial revolution, Chief financial officers (CFOs) are becoming a strategic leaders playing diverse and challenging roles. Today, CFOs are not only responsible for managing financial function and team, but also accountable for administering what they will likely sponsor—and what they will not.
Sponsorship has become the pinnacle to lead and drive any initiative to success for a CFO. For instance, sponsorship spans the trivia of tangible resources—such as capital, people, customer connections, or subject matter resources—to make a project more successful. Sponsorship can be more on the symbolic side and less on the tangible side. There are possibilities that sponsorship can be the specification of a particular job and project opportunities for high-potential individuals so that they can imbibe skills from new experiences.
Sponsorship has the ability to uplift the prestige of an organization and provide transparency into a project or an individual. It also teaches how to face failure of a high-risk project, because the entire team would have put their heart and soul to accomplish a difficult task.
Sponsorship is the significant aspect for CFOs to embrace innovative initiatives and manifest that within the organization. As sponsorship is disrupting the financial landscape, here are some of the ways CFOs can use sponsorship to make an impact.
The secret sauce for the success of a CFO is based on four major pillars including innovation, collaboration, Leadership, and Brand. Each of these is related to the four faces of the CFO as strategist, catalyst, steward, and operator.
CFOs must provide strategic direction and long term strategies to sustain and grow the future performance of the company.
It is the responsibility of the CFOs to maintain balance capabilities, costs and services that levels to fulfill the organization’s core responsibilities efficiently.
As a business leader, CFO must protect and preserve the significant assets of the organization, hedge against risks and accurately inform internal and external stakeholders.
Adapt to changes in people, process and systems across the organization to execute strategic objectives.