6 essential lessons for modern CFOs

Strategic leader, collaborator, innovator, and communicator – the role of a modern CFO encompasses all of these and more. 

CFOs today are tasked with balancing financial expertise with creativity, guiding businesses through uncertainty, and building trust across their organisations. 

But what does all of that look like in practice? We look back at the last season of The CFO Playbook, were we asked world-class CFOs, finance leaders, and founders from some of the fastest-growing companies for their insights. 

Our CFO, Sacha Herrmann, offers his view on these valuable conversations as we recap our 2024 episodes.  

Here’s what they said. 

Stand for your beliefs 

Leadership isn’t just about making the tough calls. It’s about standing by them, especially when it becomes uncomfortable. 

Baron Anyangwe, Finance Director at We Are Fulfillment, shared his experience balancing risk and reward.  

Recalling a specific moment in his career as Head of Finance at Marks and Spencer, he reflected on his involvement in the brand’s launch of its organic range. 

He says with conviction: “And, you know, if I lose my role, so be it. But I believe strongly in this, and our customers will either reward us for those decisions or not.” 

This is a powerful reminder for CFOs. You’ll face tough calls, but conviction in what’s right for your business, customers, and values should guide you. 

In your role, that challenge could come in the form of adopting sustainable practices, investing in employee wellbeing, or supporting bold product decisions.  

Anyangwe reminds us that standing firm in your beliefs will earn you respect and loyalty from customers and stakeholders alike. 

Embrace data analytics and AI 

When Giles Andrews OBE co-founded the world’s first peer-to-peer lending business, Zopa, he invested heavily in machine learning. 

The platform gave customers access to loans tailored to specific financial goals, such as consolidating debt or funding major life events and intelligent investments driven by advanced machine learning algorithms. This included predictive analytics to assess risk and dynamic algorithms to optimize investment outcomes. 

Andrews’s investment in data analytics and AI gave the company insights, allowing Zopa to lower default rates and outperform traditional banks. 

The lesson? Actively engaging with the latest tech can help you supercharge your financial decision-making and unlock opportunities for operational innovation. 

Learn from failure 

No career is without its missteps. 

Richard Dana, CEO of Tembo Money, shared the story of his first business venture in the volatile travel industry. The experience was harsh but valuable. 

So much so that when Dana co-founded his next venture, he partnered with Founders Factory and Aviva, two powerhouse organizations. He says the partnership gave his business financial stability, strategic support, and customer access. They reduced risks and set the stage for long-term success. 

The takeaway: failures can teach you resilience, sharpen your decision-making, and equip you to approach future challenges with wisdom.  

Embrace the lessons they bring. 

Be a co-pilot to the CEO

Huiming Chen, CFO at American biotechnology company Illumina, describes the ideal CFO as someone who operates seamlessly between strategy and operations, acting as a co-pilot to the CEO: 

“The best CFO is good at both operational and strategic sides… that can always have that bigger picture thinking, be the co-pilot to the CEO.” 

This dual role requires CFOs to focus on the big picture while staying grounded in day-to-day realities. 

Whether you’re mapping out a five-year growth strategy or resolving immediate operational challenges, your role as a CFO is to act as a stabilizing force and a strategic partner. 

Value iteration over perfection 

Former ASOS CFO Helen Ashton has a refreshing take on decision-making: 

“I’m less worried about an outcome and more worried about are we just heading in the right direction? Everything is a journey, and it’s like give it a go, just do something, and then we’ll go again.” 

This mindset is critical in today’s fast-paced world. Waiting for a perfect solution can stall progress. Instead, focus on consistent improvement and iteration. Encourage teams to try, learn, and refine as they go. 

As Helen says, it’s a journey. Just keep moving forward. 

Build trust through transparency 

Trust is a cornerstone of leadership, and for CFOs, it starts with clear, open communication. Mehjabeen Patrick, Finance Director at Arts University Bournemouth, emphasizes the importance of being a transparent and inspiring communicator who fosters engagement across departments. 

This doesn’t mean sugarcoating challenges or hiding tough realities. It’s about creating an environment where people feel informed, valued, and aligned with the company’s vision.  

When trust is strong, teams are more collaborative, resilient, and motivated to tackle challenges together. 

Conclusion 

Last year’s interviews with CFOs and financial leaders highlighted that success requires balancing conviction, adaptability, and collaboration.   

Listen to the full episode here:

Apple podcast: https://podcasts.apple.com/gb/podcast/6-essential-lessons-for-modern-cfos-with-sacha/id1551001321?i=1000684204599

Spotify: https://open.spotify.com/show/6FKXlXQUpNSPrSZi7UFMKK?si=4245e478960b4938 

Amazon Music: https://music.amazon.co.uk/podcasts/02ecdff1-ac49-4305-b4c5-9e11ff301d89/episodes/2e9fbc3a-0312-4457-bf3c-709cb3647269/the-cfo-playbook-6-essential-lessons-for-modern-cfos-with-sacha-herrmann-from-soldo

This season, we’ve got an exciting lineup of guests and a new showstopper question – their reflection on what Progressive Finance means for them.  

Don’t miss an episode, subscribe here:  

Apple podcast: https://podcasts.apple.com/gb/podcast/the-cfo-playbook/id1551001321

Spotify: https://open.spotify.com/show/6FKXlXQUpNSPrSZi7UFMKK

Amazon Music: https://music.amazon.co.uk/podcasts/02ecdff1-ac49-4305-b4c5-9e11ff301d89/the-cfo-playbook