As CFOs, we often feel pressured to be experts in every aspect of our organization's financial picture.
However, the most successful finance leaders understand that true effectiveness lies not in being a jack-of-all-trades but in mastering the art of delegation.
Dan Springer, a seasoned executive and board member at Docusign, shared a valuable insight at The F Suite Leadership Summit.
"Really going deep on something like an accounting standard, that's not where the CFO is gonna add value," he explains.
As a leader, you’ll feel tempted to dive into every detail of financial operations, but it's a path that can lead to diminished effectiveness and missed opportunities.
So, how can you become a better delegator?
1. Identify your strengths:
Understand where your unique value lies. Is it in strategic planning, investor relations, or driving organizational change? Focus your energy on these areas.
2. Build a complementary team:
Hire individuals who excel in areas where you may not be as strong, such as technical accounting, financial analysis, and other specialized skills.
3. Foster a culture of trust and accountability:
Empower your team to take ownership of their areas of expertise. Provide guidance and support, but resist the urge to micromanage.
4. Develop your conceptual understanding:
While you don't need to be an expert in every financial detail, maintain a solid grasp of key concepts. This allows you to ask insightful questions and provide meaningful oversight.
5. Encourage collaborative problem-solving:
When faced with complex issues, bring your experts together and facilitate discussions. This approach often leads to better solutions without getting bogged down in details.
As a CFO, you don’t need to be a specialist in every domain.
You must attract (and retain) experts who are.