We’re not talking about damages such as people stealing from the cookie jar or number leaking.It’s actually shown by the research from business software provider Epicor, which surveyed financial leaders in 11 countries, that strict traditional CFOs could be holding your business back from progressing. The downfall of Tesco will have been a major wake-up call for business across the country, and indeed the world, as the supermarket has spent the past year recovering from severe financial injuries. Reporting a £6.4bn loss in April 2015, the worst in its 96-year history, the firm has fallen into the realm of the worst financial scandals of the past 15 years. Of course, British leaders will want to avoid such disaster striking and they may have felt compelled to breathe down the necks of finance departments and CFOs for a spell. So who is really leading the financial departments of the world’s businesses, and are they tech-savvy or do they just do what their gut tells them? It turns out the six distinct groups they can be defined by include: 1. Politicians – 27 per cent At 27 per cent, the politician is the most common type of CFO, according to the study. Described as possessing a cautious and methodical team-based approach, politicians consult widely with staff for big decisions and would rather delay instead of experience a mistake. Additionally, they’re more likely to believe collaboration is a challenge that needs to be addressed, ahead of CFOs overall.
Read more on the financial leaders:
- CFOs embracing leadership skills can head for the top
- Diluting grey hair to create the next generation of finance leaders
- The role of the FD and its power to influence the board
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