Gary McGaghey is a well-known entrepreneur who helps CFO’s make the right decisions when managing a company. He offers tips and strategies that act as guidance. Gary considers CFOs as the central role of a company; therefore, how they operate matters. However, they contribute to the company’s growth in different ways depending on the strategies used. How they implement those strategies is what helps the company avoid risks and invest in more opportunities. His advice to them is they should develop strategies that can help generate value for the company.
Since CFOs have the top roles in the company, they usually forget about communication with the team and the organization in general. They focus too much on financial matters forgetting that the organization also needs care. Gary McGaghey recommends that CFOs should create a healthy organization by partnering with the company. Knowing how the company is performing against competitors is also vital. Gary encourages the CFO to measure performance to determine customer satisfaction and outside competition. In terms of operational skills, CFO should ensure they take charge of checking functions like logistics, property, and IT since they play a great role in the company’s growth.
When CFOs work to help the company’s financial issues, they forget that having a strong team can be handy. Gary McGaghey advocates for chief financial officer to build a strong finance team that can help strategize other ideas for the business. CFO should also have great communication skills that can help build trust with the stakeholders. A company can only succeed when it has built trust between its investors, clients, stakeholders, and even the media. Gary’s six tips to CFOs are to anticipate the unanticipated, respond quickly, ask lots of questions, build relationships, build a strong finance team and establish credibility. All these tips can help them create a good working environment and grow the company’s finance.