Say NO ❌ to Finance Rabbit Holes…

Your organization is counting on you to drive innovation. With digital transformation defining every step forward in today’s business world, it can feel near-impossible to figure out exactly where to jump in.

And with the non-stop daily grind, how should a finance professional know where their efforts make the biggest difference? 

With a path to success paved by hands-on experience, Nicolas Herman CFO of Microsoft Americas Enterprise, found the perfect balance between fueling innovation and maintaining operations (while avoiding rabbit holes and distractions).

A simple matrix for prioritization

In finance, the project list never ends. But innovation without execution holds no value. And if you’re investing your time in the wrong places you might just be standing in the way of transformation or operations (or worse—both). 

Citing Microsoft’s Global CFO, Amy Hood, Nicolas poses two questions to help you determine where your attention should be—and just as important—where you can hand off the reins:

1. Do you control it? 

2. Do you own it?

The solution: 

• If you don’t control it or own it, let it go. 

• If it’s controllable, but you don’t own it, it’s someone else’s work. Let it go. 

• If you own it, but it’s not something you can control, focus on scenario planning. The outcome may not be in your hands, but the response is. 

• If you own it and control it, prioritize. 

If you want to move the needle—focus on what’s in your control and in your domain. Trust others to handle their responsibilities. 

Putting in the work where it matters: The scaling dilemma

Being hands-on organization-wide is never easy. But when you’re working in a global or quickly scaling company, it’s impossible. 

But to drive innovation, finance leaders must stay on top of a changing organization. How can you possibly strike the balance? 

Be intentional with your time
You can’t show up to every single meeting. And, looking at your inbox, you can’t be cc’ed on every email. One thing you can control—your time.

Intentionally carve out regular meetings with team leads to keep up with large-scale trends and initiatives.

Lean into your natural curiosity
You can’t push a business forward if you don’t inherently understand the wholistic fundamentals of the org.

Lean into your natural curiosity to invest in building a personal understanding of the industry and your organization. 

Collective efforts = collective growth
Your responsibility to innovate isn’t meant for your shoulders alone. You have to lean on your team (and other teams) to fulfill their part of the innovation cycle while maintaining day-to-day operations. 

Learn to delegate—and more—learn to trust.

Striking the ultimate balance

When you can say no to rabbit holes and distractions, keep your priorities (and attention) in the proper places and trust others to deliver, innovation and operations can come into alignment. 

You can’t do it all alone, CFO. Luckily, you don’t need to. Tune into The CFO Showtoday for everything you need to know to catalyze your business and your career.

In case you missed it…

Ever feel like you spend incredible amounts of time investing in projects that end up shut down because another team goes over budget or miscommunicates? Joel Dolisy, Chief Technology Officer at WellSky joins to share the importance of the CTO-CFO relationship and how you can build one that ensures no team has to fly blind.

What’s next…

One word can universally describe the outlook for 2024: uncertain. Having experienced a tumultuous journey in recent years, we’ll analyze the potential trajectories of interest rates and investigate inflation’s potential impact on businesses and consumers alike. Benjamin Tal, Managing Director and Deputy Chief Economist at CIBC Capital Markets Inc. joins to help unpack what you can expect in the coming year.

We share everything you need to catalyze your career and revolutionize your business. To hear the best advice from today’s finance visionaries, tune into The CFO Show today.