CFO Leadership

French icon Edith Piaf once said, “When you reach the top, you should remember to send the elevator back down for the others.” So we wanted to know, how are the women on Vena’s Executive Leadership Team (ELT) sending the elevator back down? Barriers for women in the workplace can come in multiple forms. From lack of access to opportunities to unconscious bias at work, these barriers prevent women from progressing forward in their careers. It's crucial that women have a network and community to help foster their development. Our women executives had mentors and champions along the way and now, they show up for women on the rise. Find out how in this blog series. As we celebrate Women’s History Month in March and beyond, we’ll be highlighting Vena’s women ELT members—Tina Goulbourne, Melissa Howatson, Debbie Lillitos, Tracey Mikita, Allison Munro and Le Truong—in a series of Q&A blog interviews and finding out what career advice they have for you to put you on the path to success. For this blog, we asked them the age-old question:  What advice would you give your younger self?    Women make up 60% of Vena’s ELT, in comparison to an industry average of 24% representation of women in tech C-suites.    What Career Advice Would You Give Your Younger Self? Tina Goulbourne Chief Operating Officer at Vena Don’t let fear of failure be the reason you don’t even try. Know what you care about and what energizes you. Trying to be exceptional at everything will only make you feel like you’re failing everywhere. Spend your time and energy on the things you most care about. Surround yourself with people who genuinely care about you and bring out your best. This greatly impacts your success in life and in work as a result. Be strong enough to walk away from toxic relationships—whether it’s a friend, a partner, a family member or a job. Don’t let anyone undermine your self-worth. Don’t let fear of failure be the reason you don’t even try. If you’re achieving all your goals, you’re not setting your sights high enough. Celebrate the knowledge you gain from the experience and that you had the courage to try.  Stay humble. Period. Remember that your best IS enough. Whatever you are doing, do your best. When you can honestly say that you’ve done your best, you can hold your head high, no matter the outcome. You will always learn something about yourself by doing this. Melissa Howatson Chief Financial Officer at Vena Ask for feedback. Sometimes it's uncomfortable to do so, but it’s so valuable to receive.   Soak it all up: When I was at KPMG, I wish I’d paid more attention to the operations of the various companies I was auditing rather than just focusing purely on the audit. It was such a great opportunity to learn how things are done at different companies, departments, etc. Find mentors: Ask them for advice and bounce ideas off them to learn. Ask for feedback: Sometimes it's uncomfortable to do so, but it’s so valuable to receive.   Debbie Lillitos Chief Customer Officer at Vena Be OK with change—if you need to shift directions in your career a few times to figure out the right path for yourself, that is completely OK and healthy to do. It’s important to start by picking something that you enjoy. Here are some things to look for: Something that you can foresee will give you real satisfaction every day. Something that plays to your natural strengths. Trust your gut (we often have the answers we’re looking for, if we just tune in).  As you navigate your career, work hard with a giving attitude, and be open to learning as much as you can along the way. Lastly, be OK with change—if you need to shift directions in your career a few times to figure out the right path for yourself, that is completely OK and healthy to do. The bonus? You will be more well-rounded as a professional because of it.    Tracey Mikita Chief People Officer at Vena Don’t worry so much about the end goal. Your end goal is going to be an evolving target … Focus on and really enjoy the journey. Don’t worry so much about the end goal. Your end goal is going to be an evolving target, and the experiences you have along the way are going to be really impactful to who you become. To be honest, the “end goal” for me just keeps pushing out! As I look back on my journey so far, the best experiences for me, the things that really pushed me to grow personally and professionally, were the times I took risks. When I went back to school full time in my late 20s. When I made a number of industry changes (from manufacturing to financial services to retail to tech). When I  took roles in a different function. When I pushed myself to take on projects that have been outside of my comfort zone.   Allison Munro Chief Marketing and Ecosystem Officer at Vena  The important thing to remember is to focus on “the thing”—the task, the project, the conversation ahead; not your fear of it. Keep doing the uncomfortable things in your day-to-day. The important thing to remember is to focus on “the thing”—the task, the project, the conversation ahead; not your fear of it. When you use discomfort as your beacon forward, it will truly become your navigator for growth.  Le Truong Senior Vice President, General Counsel & Corporate Secretary at Vena  Be less worried about not getting everything right all the time. Everyone is in the same boat. Be confident. Not just in what you know and bring to the table, but in your ability to learn what you don’t. Be less worried about not getting everything right all the time. Or what it might look like to others when you don’t get it right. As you get further along in your career and life in general, you’ll start to realize that everyone is in the same boat. The problem set may change or look different in some scenarios, but the feeling of not having all the answers never goes away—especially if you are intentionally putting yourself on a path of consistently challenging yourself to learn and grow.    Tune in for next week’s blog to find out what the women on Vena’s ELT have to say about their success habits. Come grow with us! Vena is hiring. We have offices in Toronto, Canada and in London, England. Visit our Careers page for current job openings or follow us on LinkedIn, Instagram, Twitter or Facebook to learn more about life at Vena.

This year, CFOs have had to adapt quickly to the biggest price spikes we have seen in more than 30 years. The Consumer Price Index rose to more than 6% annual rate and the personal consumption expenditures price index rose 4% in September 2022.  These record-breaking numbers are prompting CFOs to raise wages. However, increasing labor costs during an inflationary period is also risky. Yet, in a candidate market, job seekers are less likely to take a salary they struggle to live on.  Responding to labor shortages, many companies have increased compensation. The percentage of small-to-medium-sized businesses that increased their wages last month was the highest in 48 years, with many companies planning to do so in the next three months. 💡Key Takeaways: CFOs facing rising wholesale prices and mounting wage pressures worsened by high inflation can combat these issues by reviewing company assets and liabilities.  Finding an alternative for funding pensions, such as transferring them to annuity providers, can eliminate billions of dollars in pension liabilities for employers in the U.S. Hedge against the falling dollar by considering a currency swap with overseas suppliers. Also, pad your organization's portfolio by investing in TIPS and other lower risk investments.   6 Ways CFOs Can Fight Inflation Source: BBC With labor shortages and the threat of a recession, what can CFOs do to fight against inflation while maintaining a workforce—and affording other operating expenses—to maintain production and boost revenue?  Let's discuss the ways savvy CFOs are leading the fight against inflation for their organizations. 1. Review Accounts Payables and Receivables   CFOs can review the company's payables and receivables from the previous year to free up cash for investments, dividend payments, debt reduction and mergers and acquisitions.  Slow billing, early payments to vendors, weak collection policies, inefficient payment processes and out-of-market conditions can slow down and tie up cash conversion cycles.  Careful analysis of accounts payables and receivables enables you to review each transaction for ways to fight inflation. It usually reveals gaps in processes and undesirable or unnecessary payment or contract conditions with buyers and suppliers. It also allows you to scope out other short-term opportunities to increase working capital.  2. Recover Trapped Cash Working capital might lie dormant between joint venture partners or foreign subsidiaries when there is no operational or tax-efficient way to spend it.  Since partnership dividends are subject to delay, careful balance sheet analysis can help identify partners making late payments or with outstanding balances. This analysis will allow you to set terms for more favorable distributions and payments from these partnerships. By optimizing overall cash management, CFOs can reduce the number of unplanned cash transfers per year and help the organization remain within its budget. Careful balance sheet analysis also gives you more confidence in your numbers when making critical business decisions.     3. Look for Alternatives To Fund Pensions   CFOs with meaningful defined-benefit responsibilities can use one or more of the following options to improve their forecasts: Amendments to existing defined benefit plans Debt-based investing Conversion to defined-contribution plans Adopting cash-balance planning Plan freezing  For instance, a retail giant in the U.S. could eliminate several billions of dollars in pension liabilities for its employees simply by transferring that liability to an entity that provides annuities. Those retiring will not see a benefits reduction and the retailer would avoid market volatility.  4. Purchase What You Can at Today’s Prices   Since inflation erodes purchasing power, CFOs should consider purchasing goods and services they believe will be needed in the future.  If you expect a price increase of 15% or more over the next two to three months, you may want to take a long position. This approach should be for long-lasting inventories, commodities, products and processes.   The CFO must balance the anticipated pricing increases with the financing and additional inventory holding costs. This strategy ignores many companies' longstanding efforts to free up cash by reducing inventory. 5. Hedge Against the Falling USD Consider currency exchanges for combatting the fall of the USD. CFOs whose businesses involve international shipping or rely heavily on earnings from imports might consider using currency swaps or similar financial instruments to limit losses from dollar depreciation. However, economists warn that the treasury manager needs to consider transaction costs and ensure that the secondary currency is also not subject to inflation.  6. Pad Your Organization’s Portfolio Economists say CFOs should consider moving part of their company's investment portfolio into an inflation buffer, such as Treasury Inflation-Protected Securities (TIPS), precious metals or funds that track basket commodities.  Finance executives must also remember that no investment can completely hedge against inflation. Gold does not generate income, and prices for oil and other commodities are often volatile and vulnerable to geopolitical tensions. So, it requires diversification and those who move first in hedging gain greater advantages in the short term.   Hedge Inflation With Better Forecasting CFOs may have limited control over the effects of inflation, labor shortages and rising prices and interest rates. But there are things you can do as a CFO to fight inflation and protect your organization from rising costs, even during volatile market conditions.   When we focus on what we can control, we do more to hedge inflation and even boost profits. Better balance sheet analysis is necessary and Vena’s Excel-based Budgeting and Forecasting Software delivers valuable insights to improve your forecasting accuracy so you can make more informed decisions.  Learn more about hedging inflation. Check out these articles: 5 Things Finance Teams Can Do About Inflation Right Now What Finance Leaders Can Expect in 2023: 5 Predictions 7 Tips on How To Recession-Proof Your Business’s Revenue Planning Process Excel at Forecasting Cut cycle times with our intuitive budgeting and forecasting tools that save time and ensure more accurate analysis. Plan with confidence and simplify your FP&A processes. See Vena in action.

The recent global health crisis taught us that strategic sourcing is critical for organizations looking to build a resilient supply chain to navigate uncertainty and economic downturns.  Economists have been predicting an impending 2023 recession, making now a critical time to work closely with your sourcing team and maximize supplier performances to maintain business continuity.  Let’s discuss how this can help you navigate the uncertainties as we move toward sustainability in an economic downturn.  💡Key Takeaways: As decision makers allocating a company’s resources, strategic sourcing leaders and finance professionals must collaborate to meet resource allocation requests, critical savings targets and growth projections.   Demonstrating trust and credibility with stakeholders is critical for sourcing leaders looking to elevate the role of strategic sourcing in the organization.   Benefits of elevating your strategic sourcing include improved business outcomes, increased savings and efficiency, complete visibility and supplier risk mitigation.  What Is Strategic Sourcing Strategic sourcing is a procurement process in supply chain management that integrates data collection, market research, spend analysis, supplier negotiations and contracts to optimize an organization's supply base. Source: Ejet Sourcing Collaboration Between Finance and Strategic Sourcing As decision makers allocating a company’s resources, strategic sourcing leaders and finance professionals must work together to meet resource allocation requests, critical savings targets and growth projections. Unfortunately, strategic sourcing leaders often get left out of the discussion.  As organizations grapple with new or persisting challenges, they must not underestimate the value their sourcing teams bring to the procurement of resources. Sourcing teams can offer valuable insights into enterprise-wide spending through collaboration with their finance counterpart. Elevating Strategic Sourcing Teams  Sourcing leaders who want to elevate the role of strategic sourcing in the organization must demonstrate trust and credibility with executives and other stakeholders. Strategic sourcing and procurement teams often face the antiquated belief that they are difficult to work with because of their perceived tendency to slow down processes. Savvy sourcing leaders position their team to be seen as an asset to the organization, leaving them free to embark on more strategic initiatives such as:  Leveraging supplier relationships Decreasing or eliminating rogue spending Meeting ESG goals Project prioritization  Sourcing leaders can also work to make their collaborations as convenient as possible within the organization to boost their influence within the company. One way to do this is by conducting weekly meetings where department managers can present ideas or ask questions. When you open these lines of communication, you will offer more value through improved insights. Strategic Sourcing and the Role of Digital Technologies Managing strategic sourcing duties often relies on manual processes via spreadsheets and emails. Even some large business entities still use legacy systems in conjunction with these clunky manual processes to execute these responsibilities.  The possible recession will intensify an organization's need for digital solutions in strategic sourcing. Organizations that do not implement digital processes in strategic sourcing will incur financial losses. These technologies deliver deeper insights for strategic sourcing teams, improve supplier relationships and support efforts to leverage increased cost savings for the business.                                                                                                              Source: Enventure Companies must recognize the importance of investing in tech for strategic sourcing. Equipping sourcing teams with digitized processes will enable them to adapt to market conditions and maintain business continuity.  Benefits of Strategic Sourcing Strategic sourcing teams can use intuitive solutions to better demonstrate their direct impact on the organization's bottom line. Additionally, they can gain increased visibility within the C-suite by delivering the following benefits: Improves Supplier Relationships Sourcing teams can bring deep market insights and expertise in negotiations with suppliers and manage the organization's needs and supplier agreements. With a bird's eye view of relationships with suppliers, strategic sourcing teams can further these connections.  Increases Savings and Efficiency Each dollar saved through strategic sourcing impacts the bottom line directly. Note that savings aren’t just about driving hard bargains. They also come from increased efficiencies through proactive engagements with suppliers and stakeholders.  Automating sourcing initiatives boosts team efficiency by freeing up their time from manual tasks such as financial reporting and data migration, allowing them to focus on more important tasks.  Automation also contributes to operating efficiency by delivering insights that enable sourcing teams to negotiate timely deliveries while retaining inventory at a supplier’s facilities. They can also use these insights to negotiate favorable payment terms with suppliers. Delivers Complete Visibility Strategic sourcing solutions provide a centralized platform for planning, initiating and completing sourcing measures while monitoring suppliers' performances. Maintaining this data in a single repository enables you to track sourcing from start to finish.  Mitigates Supplier Risk Strategic sourcing leaders can contribute enterprise-wide value by delivering real-time insights on supplier risks. You will also be able to ensure compliance with regional and local laws such as data protections policies, the General Data Protection Regulation (GDPR) and even human rights legislation. You no longer have to worry about supplier overlaps or misplaced contracts. Instead, you get a seamless and coordinated process that’s completely visible to all parties, increasing cost savings and ensuring compliance with relevant regulators. Boosts Product Speed to Market Organizations with strategic sourcing and procurement leaders have a deeper understanding of the supply, enabling them to find innovative ways to tackle supply chain challenges. This is especially essential in fast-growing companies or organizations facing uncertainty because they must move quickly to manage supply chain needs. Empower Strategic Sourcing Teams With Vena  Organizations that invest in the best technology and strategic planning solutions to empower their strategic sourcing leaders reap the rewards of increased compliance with their suppliers, improved alignment among departments and deeper insights into resource allocation for upcoming projects.  As companies continue to navigate uncertainty in the supply chain and concerns with the recession, they continue to turn to Vena for insights to help them make strategic business decisions. Maintain business continuity with Vena's most accessible strategic planning software.  Looking to learn more about strategic planning solutions for your organization? Here are some articles to read next: Operational or Strategic CFO | A 6-Point Checklist How To Be a Better Strategic Finance Business Partner 4 Time-Saving Tips for Strategic CFOs Excel at Strategic Planning Improve the overall value proposition of your supply chain by using strategic sourcing to navigate uncertainty. Vena delivers the data you need to make strategic business decisions about your suppliers and value chain.

This is the second installment in a series of blog posts based on Vena’s ongoing “Women in Finance” video series. Each post corresponds with a different interview with a woman in finance leadership. Watch Episode 2 below.   Melissa Howatson didn’t always know she wanted to be a CFO. While today Melissa is Vena’s Chief Financial Officer, there was a time when she thought she might take a completely different path.  In recognition of Women’s History Month, Melissa spoke to Wendy Braithwaite, Chief Financial Planning & Orchestration Officer at Microsoft Canada, for Vena’s second Women in Finance video, “Harnessing Your Finance Leadership Potential.” There, she explained how she shifted into finance very early on. “I actually did a co-op in teaching when I was in high school,” she says. “And then I did one in accounting and I was really torn. I didn’t know which way to go. I’m very happy the journey’s taken me down this path.” After high school and university were over, Melissa’s path took her from senior accountant at KPMG on through increasingly bigger leadership roles. But her journey is just one journey. Every financial leader follows a different path to get them where they are. And if your dream is to be a CFO one day too, so will you—following the opportunities that come your way and chasing your own unique leadership goals.  Still, there are some key pieces of advice every young financial professional with leadership dreams can follow to keep on track for future CFO success. 💡Key Takeaways: The path to CFO starts with a relevant education and certifications that will assist you on your journey—which might simply mean a bachelor’s in finance, but could also include additional education such as a master’s degree and/or CPA credentials. To put yourself on the leadership track, you need to ask for opportunities that will get you noticed—whether that means asking for a chance to lead projects, for feedback along the way or for additional opportunities to set yourself apart. Don’t wait to develop the skills you need for a CFO position. Take a look at what your favorite finance leaders bring to the table and start developing those skills early on—including both technical and soft skills. And find mentors that will point you in the right direction. The Path to CFO and Five Tips To Get You There You have to start somewhere. And if becoming a CFO is your ultimate goal, that means putting together the right list of credentials to get you there. That starts with an appropriate education and any additional certifications you think will help. A bachelor’s degree related to finance or business might be enough, but you could also pursue a master’s degree and/or CPA qualifications as well. After that, it’s all about gaining the requisite experience you need and working your way up the leadership track. Ultimately, it’s a combination of education, experience and best practices that will set you apart. Along the way, there are a few tips you can follow to stay on track with your leadership goals. In her interview, Melissa offered these five: 1. Ask for Feedback Asking for feedback serves multiple purposes. Not only does it help you learn from your colleagues, mentors and leadership team—giving you a better frame of reference to fix any mistakes or to make improvements you might not have noticed yourself—but it shows you have a willingness to learn as well. And that’s an important trait to have if you’re hoping to tackle a CFO position one day.  But asking for feedback “can be scary sometimes,” Melissa says.  So how do you find the courage to ask for the feedback you know will make you better—while also staying open to possible criticism too? One way is to be specific. Asking specific questions in specific situations can help guide the feedback and keep any criticisms situational rather than soul-crushing. “It's lower stakes feedback,” Melissa says. “[Such as] ‘What could I have done better?’ or ‘Tell me where I went wrong?’”  By asking those types of questions regularly of the people you admire, you can start applying that feedback to your job and ongoing projects—and put yourself in a stronger position for promotions and future career growth. 2. Lead From the Side Even if you aren’t yet in a leadership position, you can still gain leadership experience. Just try “leading from the side,” Melissa says. “It can be ‘There's a project and can I be on this and take on a bit more of a leadership role?’” she explains. “It doesn't always have to be formal leadership.”  Those experiences can set you apart and show your managers that you have what it takes to expand your role and take on new responsibilities. They can also help you hone your leadership style and build soft skills such as communication, listening and empathy. Plus, you can start to figure out where you excel and what you still need to work on (in fact, it may be a good time to ask for feedback!).  That’s the kind of work that gets noticed—putting you on the leadership track. 3. Seek Out New Opportunities The common thread between the last two suggestions? They both started with asking. Because you can’t always wait for opportunities to come to you. Sometimes you have to ask for them. “If you asked me earlier [in my career] about things I would do differently, that's something that I would've done differently,” Melissa says. “I think I waited for leadership to happen to me. In hindsight, I would have been more proactive. So I think that if somebody aspires to be a leader or thinks maybe they will but doesn't know, ask for those opportunities to have those experiences.” Asking can come in different forms: applying for promotions and new jobs you think will help you get ahead, for example, or asking your leadership team for the chance to get involved in new projects that will expand your skill set. Whatever the case, the idea is to round out your abilities and make yourself a better leader overall. Which brings us to our next two suggestions. 4. Build the Skills That Matter The best leaders have a range of skills they can draw on—including both the technical skills required in their industry as well as non-technical, soft skills such as decision making, communication and collaboration.  While the skills that matter will vary depending on the path you choose to follow, identifying those skills early will help you develop and build on them throughout your career. To figure out what skills you need, look at the leaders around you and where they excel, and examine the skills that make your colleagues or managers stand out.  By adding more tools to your own toolbox, you’ll make yourself the obvious choice when the next leadership role opens up. 5. Get Help Along the Way We talked about the importance of mentors in our last Women in Finance blog post, and Melissa reiterates the need for them as you build a career that will take you into leadership circles.   “Mentorship has been so key to helping me get where I am and having those places where you can go and bounce ideas off or get feedback from others,” she says. “And so I'd encourage anybody who's looking to move into leadership to look for some strong mentors.” To find the right mentor, go in with a specific goal in mind. For example, are you looking for industry-related help, seeking out gender-based advice or trying to find assistance getting over specific obstacles in your way? Knowing what you want and where you need assistance will help you choose the best mentorship fit from your professional network.  And if you’re a woman, that doesn’t necessarily mean you need to find another woman to take on that role. “I've had some amazing male mentorship as well,” Melissa says. Conclusion If you're a finance professional with ambitions to make it to the highest ranks of financial leadership, it’s never too early to start your journey. By putting the right skills, learning and best practices into place—and working on your leadership abilities—you can get yourself onto the leadership track.  From there, it’s just about having the confidence to know you can make your goals come true. Want to learn more? Watch Vena’s newest Women in Finance video, "Harnessing Your Finance Leadership Potential" with Vena CFO Melissa Howatson. The next interview, with Vena’s Vice President of Finance, Muneerah Kanji, is scheduled to be released March 22, 2023.

This is the first installment in a series of blog posts based on Vena’s ongoing “Women in Finance” video series. Each post corresponds with a different interview with a woman in finance leadership. Watch Episode 1 below.   A young Christine Harms was working in a restaurant when she first decided to pursue a career in finance. Early on in her college experience, the current Controller for the Arizona Cardinals had rejected her initial studies in electrical engineering, deciding it wasn’t for her. But she didn’t have a back-up plan either. “I went home and ran a restaurant. Or helped to run a restaurant,” she remembers. “And the owners were like, ‘You know, you're really good with accounting. You're doing all the headcount, you're doing all the payroll, you're doing all the bills, you're doing all of this—you should be an accountant.’ And I took that to heart and I researched it and said, ‘Okay, I'm gonna be an accountant.’” That was just the start of the journey that brought her to her current role. But there was a jagged path in between—including a period spent working in nonprofits, time off to start a family and some decisions that felt risky at the time. But for Harms, it was her mother—a first-generation immigrant turned small business owner—who inspired her at every step along the way.  “She's now in her seventies and she's very successful,” Christine says. “She taught my brother and me, ‘Do what you're good at and enjoy what you're good at. And you can do everything you want to do, you just have to learn it.’” While that might have been the case for Christine, though, is it still true for women today making their way up in finance? And how does the newest generation of female finance professionals navigate their own path to the top echelons of finance success? Christine spoke to Wendy Braithwaite, Chief Financial Planning & Orchestration Officer for Microsoft Canada, for “Building a Successful Career in Corporate Finance,” the first of Vena’s Women in Finance video series. There, she offered some words of advice for young women starting their own careers in finance today. 💡Key Takeaways: While women are gradually taking on more financial leadership positions, the balance of top-level finance jobs are still held by men—and there are still challenges in the way for women looking to make it to the top. The reason women aren’t making it to the top in greater numbers is multifold. Not only are they missing out on promotions early on in their career, but inadequate work-life balance is burning them out and a fear of failure and a seeming lack of mentorship opportunities are holding them back. To help build a clearer path to leadership roles, women need to get over their fear of failure, while finding a company that supports them, asking for the mentorship opportunities they need and pursuing a path they love—taking informed risks along the way. Why Aren’t Enough Women Making It to the Top? Before we look at Christine’s advice, let’s examine the state of women in finance today. Are they making it to leadership positions—and if not, why not? The truth is, while a similar percentage of women and men enter finance, women still aren’t making it to the top in the same numbers as their male counterparts. In financial services as a whole, women make up just 19% of C-suite positions throughout the United States. That’s even lower than the 22% average across industries. While the good news is that there are more female CFOs than ever before, the ratios are still widely uneven. And even today there are still a range of challenges getting in the way. These are just a few: 1. The “Broken Rung” If women and men are entering the financial services workforce in near equal numbers, but very few are making it to those top-tier positions, something must be happening along the way. And part of that is just a numbers game. Because the truth is, women are less likely to get promoted early on in their career—from entry positions into managerial roles. And that means they’re less likely to find themselves in a position later on to reach senior leadership too. “Within financial services, only 86 women are promoted to manager for every 100 men,” McKinsey and LeanIn.Org revealed in their 2021 Women in the Workplace report. In fact, they found that that’s pretty much the standard across industries. That “broken rung” early on in the career ladder presents systemic challenges that make it harder for women to make it to the top. 2. A Lack of Mentors The right mentors can help guide you—pointing you toward career-enhancing opportunities and becoming a sounding board for decisions along the way. In that role, they can be key to your professional growth and embolden you with the confidence you need to excel. Yet research shows that 63% of women haven’t had a formal mentor—even though 67% rate it as highly important for the advancement of their career. Of course, many women seek out other women when they look for mentors so the fact that there are fewer women in leadership roles can make it seem like there are fewer mentors to choose from. Yet, it’s also the case that female leaders simply aren’t being asked. In fact, 54% of women in leadership positions have only been asked a few times or less to be a work mentor, while 20% have never been asked at all. This despite the fact that 71% of those leaders say they always accept mentorship requests. 3. Inadequate Work-Life Balance Even today, women still spend more time on household responsibilities than men. This is true in every country around the world and is the case whether a woman works full time or not. In fact, research has shown that while women spend more time on “family activities” compared to men, they spend the same amount of time on “work activities.” Not surprisingly, then, work-life balance can be a struggle. That struggle to find a balance can lead to a higher risk of burnout and lower productivity overall. Both of which can affect a woman’s performance, damage her review scores and negatively impact her overall career trajectory—making top-level success harder to achieve. 4. Fear of Failure “Failure isn’t the opposite of success, it’s part of success,” Arianna Huffington once said. But fear of failure can often get in the way of actually achieving that success. This is true for anyone, but can especially be the case for women, who often feel a pressure to be perfect, something they’re taught from a young age. A global study of female students, published in 2021, found that this fear was particularly prevalent among high achievers. The study pointed to that fear-of-failure gender gap as one of the reasons women are underrepresented in certain occupations. Fear of failure—and an overall lack of confidence—can be a real obstacle, then, for women trying to get to the top. Not only because failure can be a learning experience that can make us better leaders, but because that fear can make us give up on those bigger dreams before we even have a chance to realize them. Advice for Future Female Finance Leaders Of course, those aren’t the only challenges women face in the workplace today. There are still biases that pervade many workplaces that can also get in the way when it comes to getting ahead. Despite those challenges, though, women entering the finance field today also have a wealth of opportunities available to build the type of career that will make those leadership roles possible. And with more female CFOs than ever before, the trajectory is clearer than it once was. So what can the next generation of female finance professionals do to put themselves on the fast track towards top-level success? Here are a few pieces of advice: 1. Find a Path You Love “I love numbers,” Christine Harms says. But when she first started her education in accounting, it still took her some time to find the best place to apply that love of numbers to her future career.  “I had never in my life received a C in any class and my very first accounting class was a C and I thought, what have I done?” she remembers. “But it got a little easier and I got a B. Then I went into managerial accounting. And I think that the different approach of financial accounting and managerial accounting is what tipped the scale for me.”   Of course, university isn’t the only opportunity to switch gears and find a new path that works for you. You’ll have those opportunities throughout your career, as you follow different career trajectories and explore different positions. And when you do, it’ll be easier to find the path you love and excel in.  “There are so many different areas of finance, honestly, that you can find your niche in what you find intriguing, interesting, fun. And it's not really a career once you find that point,” Christine says. “It's like doing what you love to do every day.” 2. Find a Company That Supports You Positive work-life balance is possible. And it’s even more possible at a company that does what it can to support it. You just need to find the right workplace. That might mean seeking out a company that offers flexible working hours that let you easily juggle things like childcare and family appointments as well as work. It may mean choosing to work with companies that provide mental health benefits or have a culture that recognizes your overall accomplishments, not just the hours you spend behind a desk. But most of all, it means finding a company that actually cares about your overall well-being and career progression—and will support you in your journey. Because when you find those companies, charting out a path to a successful career can be as easy as asking for it. “Your job and the people you work with, you have to let them in—to tell them ‘This is what I want and this is what I'm going to work for,’” Christine says. “‘And I'm going to do the best job I can for you, but these are also the things that I desire.’” 3. Ask for Mentorship Opportunities Research shows that men are more likely than women to seek out mentorship opportunities—as well as to offer them. But there’s an easy solution.  By seeking out and asking for the mentorship opportunities you want, you can start to reap the benefits the right mentor can offer. As we saw earlier, 71% of female leaders say they always accept work mentorship requests. And if you approach someone who, for whatever reason, doesn’t accept your request? Well, that doesn’t mean you need to stop looking for someone who will. Someone like Christine, for instance, who loves being a mentor. “Being an advocate and mentoring career growth not only makes me feel good, but it makes my team members feel good and it teaches them more,” she says. “I think the biggest motivator for me is being able to share my knowledge, to share my understanding of what I can help someone else with in their career.” 4. Take Informed Risks “Don't be afraid of change,” Christine says. In fact, taking calculated risks is often what it takes to get ahead.  Yet women have long been seen as more risk avoidant than men in the workplace—probably at least in part because of that aforementioned fear of failure. But 2022 research in the Psychology of Women Quarterly also shows that their risk taking isn’t always met with the same positive response as that of their male counterparts.  Does that mean women should avoid risks altogether? No. But you should embrace workplaces that will reward those risks—whether they’re made by a man or a woman. And while you can learn which risks will get the best response, you shouldn’t let roadblocks along the way stop you from taking more. Take applying for a job, for example. Women apply to 20% fewer jobs than men—in part because they feel like they need to meet 100% of a job’s criteria to be considered. Men, on the other hand, will apply after meeting only 60% of the requirements. Taking a risk, and applying for that job anyway, could go a long way to helping you realize your goals. 5. Face Your Fears “There’s nothing in the world that anyone can’t do if they would just put their mind to it,” Christine says.  But that doesn’t mean your goals are going to come easy—and that there won’t be failures along the way. And being afraid of that failure before it happens isn’t going to help you achieve your goals. In fact, by accepting the fact that you will fail at some point, and understanding exactly what it is that has you so scared, you can start to face your fears and get past them—so that they don’t get in the way of your success. "Fearlessness is a muscle,” Arianna Huffington said. And like all muscles, it takes some exercise to develop. The Next Generation of Finance Somewhere out there, the next generation of female finance leaders is already forging their way to top-level success. While you may not know yet what the future has in store, you have the goals to get you there. And that’s where it starts. Finding the path that will make those goals a reality is the next part. Thankfully there are female finance leaders—Christine Harms, for example—to provide inspiration along the way. Watch the entire Building a Successful Career in Corporate Finance video, featuring an interview with Christine Harms. And stay tuned for the next interview, with Vena CFO Melissa Howatson, scheduled for release March 15, 2023.

This blog was originally published on March 5, 2021 and revised on February 14, 2023. FP&A&U You’re SUM stuff! It’s accrual world without you!  Can’t stop, won’t stop. 😆 But puns aside, Valentine’s Day is a great reminder to show your finance team some love. A little heartful appreciation for all their hard work, dedication, teamwork and support adds up when it comes to building positive and supportive relationships in the workplace.  So how can you recognize and celebrate your team, help them feel valued and appreciated and brighten up their day not only on Valentine’s Day, but every day? Read on to discover five ways to show your finance team you love them.      1. Know and Understand Them as People Learn to understand that the same people you count on every day to bring their “A” game are also the same people who live their own unique lives. This InHerSight article on the signs of a positive workplace culture says that one of the signs is that “people feel safe talking about their lives outside of work.” Make it a point to get to know the individual players on your team, whether they have kids, spouses or pets. Try to remember important details about their lives and ask them about them sometimes.  As the article says, “If a company prioritizes a sense of belonging and acceptance—and a work-life balance—employees are likely going to feel more comfortable bringing up the jaw-dropping final score of their kid’s soccer game or what their weekend plans are with their partner.” As a finance leader, it’s important to build a relationship with your team. It shows that you don’t just care about their productivity, but that you genuinely care about them as people. Not only will you understand what motivates them, but you’ll also get to know what they need to succeed in their role. “If a company prioritizes a sense of belonging and acceptance—and a work-life balance—employees are likely going to feel more comfortable bringing up the jaw-dropping final score of their kid’s soccer game or what their weekend plans are with their partner.” 2. Try the Little Things  Sometimes it’s not always about the grand gestures because little things can go a long way too.  According to this Quantum Workplace article on the importance of employee recognition, it says, “When employees feel valued, they’re more engaged, motivated, and likely to go the extra mile for their company.” Their research found that when employees believe they will be recognized, they are 2.7x more likely to be highly engaged. “When employees believe they will be recognized, they are 2.7x more likely to be highly engaged.” Measures such as an unexpected appreciation email to a team member, congratulating someone on a personal milestone, helping them enroll in a training course or having your team leverage tools to make their lives easier for budgeting and reporting are ways to keep your team motivated personally and professionally. Showing that you’re invested in your team’s personal growth is a great way to send the message that you care. Whatever it is you do, just make sure it’s genuine and from the heart. 3. Just Say “Thank You” According to this Workhuman survey highlighting the importance of humanity in the workplace, over 60% of respondents said a simple “thank you” would make their hard work feel more appreciated. Although your team is being compensated, money isn’t the same as a “thank you”. A human expression such as this can build a relationship of gratitude within your team so they know their long hours aren’t going unnoticed. Now, how you say it is completely up to you. You could send a handwritten note to your team or have lunch delivered to them to express how grateful you are for their dedication. However you get it done, this small expression of gratitude is a big way to show your team that they are valued. 4. Celebrate The Big Moments  Meeting goals at work is always worth celebrating, but you should always make a point to celebrate the moments in your team’s lives, such as birthdays, anniversaries and personal milestones. According to this article on Risepeople.com, they say, “When it comes to celebrating workplace milestones, there are no real ‘best practices.’ The way you reward and celebrate your team members should depend on the team members themselves and on your company. Not everyone likes rewards in the form of public accolades or gifts, and not everyone is motivated by the same things.”  With that in mind, creating a culture of appreciation means celebrating each of your team members in their own unique way. Making time to acknowledge the special moments in their personal and professional lives shows them that it matters to you too. “Not everyone likes rewards in the form of public accolades or gifts, and not everyone is motivated by the same things.”   5. Reward Them Accordingly Lastly, don’t forget to incentivize work that goes above and beyond. The ability to give your team bonuses or other monetary incentives is a monumental way to show appreciation. According to this Forbes article on monetary incentives in the workplace, “Extra money is always a valuable reward. For some people, money is the ultimate motivator, especially for employees who have financial goals to achieve. Employers can offer cash rewards to employees who strive for top performance, go above and beyond or meet set goals. This instills a sense of purpose and satisfaction from accomplishment and a job well done.” “For some people, money is the ultimate motivator, especially for employees who have financial goals to achieve.” Rewarding extra work with extra pay is the ultimate way to retain your team and keep morale high, especially during unpredictable times. But other monetary incentives, such as profit sharing, tuition reimbursement, referral programs and additional time off, are just as effective. Why You Should Appreciate Your Team  As a finance leader if you show your team that you support, love and appreciate them to the fullest extent, they’ll continue to stay dedicated to your mission. Labor Planning Made Easy Appreciation goes a long way. Use a smarter workforce planning solution and save your finance team all the hassle and headaches. They’ll love you for it.

Looking ahead is a natural part of finance. In fact, we spend a lot of time doing it. But we also look back, examining historical data to get insight into current trends—and use the past and present to try to predict what the future will bring.  The beginning of a new year, then, is a good time to consider the past, present and future. To look at the past year to see where it brought us—then examine what possibilities the year ahead might offer.  Unfortunately, for a lot of finance teams, 2022 was a bit of a roller coaster. It left us in a place of market uncertainty, with a need for agility and cautious optimism about the future. And in 2023, I expect the need for agility will continue to be a reality. But we’ll also be more ready for anything that may come. So let’s look back a bit. Then look forward to some of the ongoing trends finance professionals should keep top of mind to navigate the year ahead. 💡Key Takeaways: 2022 saw its fair share of uncertainties—starting with a war for talent and ending with an economic downturn. But those uncertainties have inspired finance teams to become more agile—making them more ready for anything ahead. There’s no reason to think there won’t be more uncertainty in 2023. But finance will continue to evolve to be an effective partner to the rest of the business. To do that, they’ll look for new skill sets and ways to work smarter, embracing new technologies that help. With the right people, processes and technology in place, finance teams can become more certain in the face of uncertainty, and can continue to help their companies stay on track. A Look Back at 2022 If you’re in finance, you’re probably reflecting on 2022 and what it means for your business going forward. After a couple of tumultuous years before it, caused mostly by the pandemic and its repercussions, the year brought a whole slew of new uncertainties we all had to find our way through. It started with a war for talent. Finance leaders began the year looking for the right skills to build out their teams, all in the wake of the Great Resignation, which saw some top talent walk away. But a shortage of talent—and the question of how to attract and retain the right employees—would only be the first challenge. Unstable supply chains, rising inflation, escalating interest rates and spiraling economic conditions became the new realities—putting us on track for a possible recession. So while the war over talent eased some, those new macroeconomic uncertainties put finance teams in a new line of fire.  Finance teams have had to pivot quickly, shifting priorities in the light of the new economic climate: optimizing costs as access to capital became more challenging and finding ways to balance the bottom line with the top line more rapidly. Growth goals are still top of mind, of course, but it’s become a balancing act. Today, most are focused on more measured, responsible growth.  And as we go into 2023, that’s what’s top of mind, with organizations looking for the technology, talent and processes that will help move them forward toward those goals. But none of us are forgetting the number of changes we’ve encountered over the last few years either. In these uncertain times, agility is still key—and it’s going to continue to be a priority for finance teams this year.  The good news is that agility is something we’re all getting used to at this point. 5 Predictions for 2023 So what can we expect for 2023? First of all, I don’t think we can expect the economy to suddenly bounce back. There’s probably more to come before we start to climb back from the current market shifts. And who knows what other surprises are in store for us along the way? But I do think finance teams are in a better place to handle those changes—and will continue to put the talent, tools and processes in place to excel in these uncertain times. With that in mind, here are my predictions for 2023: 1. Finance Will Focus on Evolving New Skill Sets The war on talent may have eased since the start of 2022—but that doesn’t mean it’s over. Finance today needs an evolving set of skills—and leaders will continue to look for and develop them in 2023.  After all, today’s finance teams need to be strategic partners to the rest of their business. They need to be leaders in their organizations. And they also need to be technology superusers, using tech to stay ready for anything. To be successful in those roles, they require skills that the finance function might not have sought out 10 years ago.  Those include technical skills to drive their technology investments, but also soft skills like communication, problem solving, influence, empathy and the ability to listen. These latter skills will help finance teams collaborate better with the rest of the organization, to understand the points of view of other departments and build a business that works together toward common goals. 2. Teams Will Look for Ways To Work Smarter As they continue to develop their role as strategic business partners and build the skill sets they need to excel in that role, finance teams this year will also look for new ways to work smarter and get the most out of the resources they have. With that in mind, they’ll search out places to add efficiencies to the processes that drive them and find ways to optimize their costs and the team members they have. Smart finance teams have already been doing exactly this, of course. But in times of uncertainty like those we’re seeing now, it’s more critical than ever. So don’t be surprised if you see more of this in 2023—with more scenario planning, for example, and more inputs to better determine the best course ahead.  But this is also where some soft skills—such as communication, empathy and listening—come in. Because only by collaborating and communicating with the entire organization can finance understand where those efficiencies and cost savings can be successfully added without affecting your organizational goals. Working closely with HR, for example, will be more critical than ever, in order to identify the best opportunities to improve productivity—whether that be through automation or process improvement, or by improving clarity on priorities, decision making or span of control. 3. They’ll Embrace New Technologies To Help Them Whether you’re increasing your use of automation or finally embracing artificial intelligence (AI), the way to achieve many of those efficiencies and cost savings is through the use of technology. I don’t think that’s new, but in 2023, we expect to continue to see this grow, as finance teams build on their technology stacks to get more out of less.  AI, for example, has long been seen as “the next big thing,” but I think acceptance has been gradual—and that gradual acceptance will continue to build this year. All while more and more finance teams see the need to further automate manual, repetitive tasks. But point solutions aren’t enough. Teams need integrated end-to-end solutions to build those efficiencies into your business. These end-to-end solutions can help you leverage an entire ecosystem of technology that works together seamlessly.  4. They’ll Become More Certain in the Face of Uncertainty At this point, uncertainty has basically become the status quo. Since the beginning of the pandemic, we’ve experienced one market challenge after another, forcing finance teams to pivot again and again. And 2022 has shown us that isn’t likely to change. This year, though, I think organizations should be more ready for whatever comes next, just by virtue of what they’ve already gone through. With workforces more firmly enmeshed in remote and hybrid work, many finance teams already have the tools in place to facilitate collaboration across distributed teams and build connections across their organization. Many have identified the technology that will help them stay agile and have put in place the processes and people they need to respond to change. Those that haven’t yet recognize the need. In 2023, then, I believe teams will be well-positioned to meet challenges head-on. With so much change behind them, they’ll reach a point where they have much of what they will need to help them navigate through it—including tools such as scenario planning and rolling forecasts that boost their agility and keep them looking forward. 5. They Won’t Lose Focus of Their Long-Term Goals Uncertainty—and the need to be agile in the face of it—doesn’t mean letting go of long-term goals. Having more of a handle on those market changes now means that finance leaders can continue to focus on long-term planning in 2023. They can continue to lean into their business strategy and be an important voice in helping to shape that strategy and how it ties into long- and short-term plans. That means connecting the dots from where you are now to where you hope to be in five or 10 years. Because while those dots might change formation as you pivot in the face of change, your long-term goals don’t need to change. It might just mean rethinking your plans and restructuring the steps to get you there. But I think finance leaders have realized that they can’t lose sight of their overall objectives in the meantime, or let that uncertainty pull them too far off track. With this realization, they’ve opened up all sorts of opportunities for 2023. Conclusion A new year isn’t a completely fresh start. We’ll continue to see many of the same trends play out in 2023 that we’ve seen over the last couple of years. But that’s a good thing too—we’ve learned from everything the market has thrown at us so far. Hopefully, that means we’ll be ready to take on whatever it is that comes next too.  Here’s to all the possibilities that 2023 will bring. Plan for Anything With Vena Vena Complete Planning combines what you love about Excel with the power of the Vena Growth Engine to drive agile, business-wide planning, resilience and growth.

CFOs are constantly weighing the company's resources, return on time and human capital against company health and shareholder value. So why should CFOs pay attention to capital allocation now? One reason is that recent global crises have forced companies to change their capital plans on the fly. Some companies were able to change, but many were unable to because they didn't have a working plan.  In addition, environmental, social and governance risks and activist shareholders force many executives to anticipate long-term strategic implications. For example, finance leaders should consider the impact of these challenges on critical investments, such as how climate change will affect new manufacturing facilities in vulnerable regions of the world. Additionally, government tracking and implementation of new tax regimes will have a significant impact on how much and how quickly businesses can leverage tax equity for their capital investments. Yet capital allocation is not just about achieving higher returns with less spending. It's about measuring the return on internal investments and maintaining the cash flow that enables those investments.  Proper capital allocation gives companies a real edge over their competitors. In this post on CFO insights, we explore how better capital allocation decisions and an appropriate strategy can help bridge the gap between profitability and growth.    💡Key Takeaways: With so many allocation options to consider, better-than-expected earnings and positive cash flow often present a dilemma for CFOs. Three key elements of smart capital allocation include diversification, insight-based technology and growth, including a balance of investments and paying operating costs.  In capital allocation, remember to review trends and begin small, building upon each decision.  Don’t use buzzwords and fancy lingo in communicating with shareholders regarding critical capital allocation decisions. Use simple terms and be precise and concise. What Smart CFOs Know About Capital Allocation Better-than-expected earnings and positive cash flow are desirable in and of themselves, but with so many allocation options to consider, they often present a dilemma for CFOs.  Some capital allocation options may include returning cash to shareholders through dividends, repurchasing shares, issuing special dividends or increasing research and development (R&D) budgets.  Source: YouTube  Alternatively, companies may choose to invest in growth initiatives. This may include spending on acquisitions and organic growth or finding ways to expand operations. Regardless of how you allocate capital, maximizing shareholders’ equity (SE) is often your top priority and determining which allocation provides the greatest return always presents a challenge.  The question to ask yourself would be, is there a better strategy?  3 Key Elements of Smart Capital Allocation Before we discuss the three elements of smart capital allocations, keep in mind that you cannot set anything in stone.  The market changes rapidly and a well-thought-out strategy for today may prove catastrophic in the future.  That’s why we recommend reviewing and revising your capital allocation strategy regularly. Companies that continually evaluate their allocation strategies and adjust them accordingly are worth more and assume fewer risks than companies that do not.  Along with reevaluating your allocation strategy regularly, focus on these three elements of capital distributions: 1. Diversification Liquidity is a nearly guaranteed aspect of any market, and ultimately the uncertainty that this fluidity supply makes investment diversification so critical.  Unfortunately, current trends for many organizations are to simply pile large amounts of capital in the same place instead of diversifying to reduce risk and boost returns.                                                                   Source: The Financial Wellness Blog 2. Insights Smart capital allocation requires data-driven insights. The right FP&A software solution offers a strategic perspective of long- and short-term financial goals, economic growth trends, stock market data and more.  All organizations—especially those that haven’t been operating for long—can improve their financial futures with insights from FP&A software that helps their business manage capital allocation.  3. Growth Capital allocation inevitably involves decisions regarding trade-offs. Organizations must find the right balance between investments that serve the long-time needs of the business, those that drive growth and those that carry a higher risk but have the potential for high returns. Capital Allocation Do’s and Don’ts  Capital allocation can be tricky to navigate if you haven’t been doing it for long. As the CFO, knowing what to do (or not to do) when it comes to allocations requires prudence. First, review trends that similar organizations follow regarding capital allocation.  The CFO in the scenario depicted by the chart below determined that 50% of capital allocation should go towards breakout systems. They have allocated only 5% of the company’s cash and the remaining 45% for options trend following capital allocation.  Notice the CFO here focused their strategy on growth and maintaining profitability, not paying returns to stakeholders. Invest back into the business or plan for future instability.                                                                                Source: Theta Trend Notice the CFO here focused their strategy on growth and maintaining profitability, not paying returns to stakeholders. Invest back into the business or plan for future instability. While the above example does seem a bit simplistic, keep in mind that when you begin developing a capital allocation strategy, the best practice will be to keep money in the company, spending it in ways that foster long-term stability and profitability. Now that we have covered the do’s, let’s review some of the things you want to avoid with these capital allocation don’ts:  Don’t Confuse Conventional With Conservative: Just because something’s common doesn’t make it the best or safe decision.   Don’t Ignore Base-Rate Probabilities: Don’t torture a spreadsheet to rationalize your decisions.  Don’t Assume You’re Right Because Others Agree:  Capital allocation requires critical thinking, so be skeptical when making decisions, even when people agree with you. Don’t Use Buzzwords and Fancy Lingo: In communicating with shareholders regarding critical capital allocation decisions, use simple terms and be precise and concise. Don’t Do Things That Don’t Make Sense to You:  Regardless of who is doing them.  Make Better Capital Allocation Decisions With Vena Build better budgets with smarter capital allocation. Simplify the process and plan for your company's financial future with confidence,  knowing you're working with a leader in FP&A insights.   With Vena, track variances between allocation periods and use this data to make informed allocation strategies. A detailed audit trail ensures transparency and accountability, giving you 100% control over your number.    Excel at Real-Time Allocations Tedious processes are a thing of the past with Vena. Our allocation software integrates directly with your general ledger, eliminating the need to manually enter journal entries. Vena's plan templates have allocation rules that suit your organization, making it easy to allocate funds to different departments with a single click.

Cultivating a customer-centric mindset will put your organization in a position to stand out over your competition. Organizations that fail to prioritize the customer experience risk, well, everything. Customers and their needs should be at the center of every decision an organization makes, and the first and last question in every business decision should be, "Will this work for our customers?" Your responsibility as the financial expert is to ensure this question is part of the discussion. 💡Key Takeaways:  While we have always heard "the customer is always right," it's the CFOs responsibility to ensure that processes benefit all customers.  CFOs help cultivate a customer-centric mindset by implementing and practicing operational-wide customer empathy. What are their emotional needs?    Improve relationships and deliver timely services to customers. It will ensure that they feel like a priority, enriching their customer experience. The CFO role entails ensuring company-wide information sharing so everyone is on the same page. If a system gets updated, they make sure every team is ready. Training with customer-centric scenarios will help them better understand where the customer is coming from and how to meet their needs.  Source: YouTube 5 Ways CFOs Are Helping To Cultivate a Customer-Centric Mindset  We all know the saying, "the customer is always right." You've likely used it at least once to describe a situation or to stop an argument. In today's customer-centric world, personal expectations are rapidly spilling over into the business world.  Taking a customer-centric approach is more critical than ever. Here are five ways  CFOs can play a role in cultivating a customer-centric mindset. 1. Operationalize Customer Empathy   Empathy is a buzzword we often hear, but few organizations recognize what it means, and much fewer practice it.  Customer empathy is recognizing a customer's emotional needs, understanding their reasons and responding to them appropriately and effectively. It's surprisingly pretty rare. Instilling empathy as a universal value that informs everything an organization does means leaders must do more than pay lip service. Slack, an enterprise communications software company, operates with a pillar of empathy.  Employees spend significant amounts of time reading customer messages and observing their behavior. They attempt to intuitively understand what customers want and need. Slack cultivates a customer-centric mindset throughout its entire enterprise.  2. Improving Relationships  Understanding your customers better helps build better relationships. As all CFOs know, that is the key to success in any business. When you know your customer's pain points, you can help them solve those problems and become successful.  3. Delivering Timely Services to Customers  Once you understand who your customers are and what they want, the next step is to ensure that your organization's resources get appropriately deployed to deliver service on time. It could be as simple as ensuring that your organization continually shares that information with customers. Alternatively, it could be something more crucial to your organization.  Perhaps you are evolving and adapting your product line to meet changing customer needs or looking to track growth based on customer behaviors. Maybe you can better understand what customers can and cannot afford and restructure their pricing model accordingly. 4. Sharing Information Across the Company  To better understand your customers, the CFO can take the lead to ensure the business shares information and enables a 360-degree view of each customer. You can ask the following  questions: What patterns emerge when you combine sales data with customer service data and even spend data?  What can you learn as a business about better serving your customers?  How do we find our fastest-growing customers?  How are their needs changing over time?   This type of analysis is not possible without an organizational perspective. Who could be better suited than a CFO to lead this customer-centric effort? An automated solution providing the company with a central database of information also allows anyone with permission to pull a report.  5. Train With Customer-Centric Scenarios  Equally important, this customer focus extends to the culture throughout the entire company. Employees must be people centric, considering every customer. It may mean training or retraining employees to think that way.   A strong voice from the leadership team can interject on behalf of the customers and offer training with customer-centric scenarios. For instance, the finance manager can train the sales team on the significance of each product price point. They can discuss why it is better for every customer when salespeople do not discount services for some or offer products at reduced pricing.  In this case, as the CFO, you would bring the customers' needs into the discussion. How a Lack of Customer Focus Can Hurt Your Business Before we dive into why your organization must cultivate a customer-centric mindset, let's review how this strategy will benefit your organization. As you can see from the image below, all strategies lead back to what is best for the customer.  Image Source: Oktopost Of course, not understanding customer needs as they change over time can lead to poor customer retention.  Lack of understanding hinders efforts to acquire new customers. Your organization becomes obsolete and receives bad word of mouth from disappointed current customers. Establishing a Customer-Centric Culture With Vena Solutions    The CFOs role is ever evolving as the needs of the company change. Automation makes it easier for finance professionals to complete accounting tasks so they can lend their insights to other business decisions.  With Vena, you get a strategic data hub that brings all your business-wide data and source systems together into a central database to ensure data accuracy. When you trust your data, you can make better customer-centric business decisions.     Your Customers, Vena's Solution With more accurate reporting and streamlined business information, you can spend less time on tedious accounting tasks and more time establishing a customer-centric mindset at your company. .