5 key capabilities the CEO and CFO have in common
In today’s fast-paced business world, it is widely acknowledged that CEOs and CFOs play an important role in driving their organizations towards success.
However, achieving success in a difficult business environment requires a unique set of skills and capabilities that leaders must possess.
The following are five main capabilities that CEOs and CFOs should share in order to lead their company to success in a difficult business environment.
1. Robust financial acumen
CEOs and CFOs must have a strong understanding of financial principles and be able to make sound financial decisions. This includes being able to analyze financial data, manage budgets, and allocate resources effectively. In a survey conducted by Deloitte Romania, 77% of CFOs mentioned financial planning and analysis as their top priority for the next 12 months.
2. Effective leadership
Effective leadership is another key capability that CEOs and CFOs must possess in order to lead their organizations to success in a difficult business environment. This includes being able to inspire and motivate employees, create a positive company culture, and build strong relationships with stakeholders. According to a survey conducted by EY Romania, 59% of CEOs cited leadership as the most important skill for success in their role.
3. Transformational innovation
Innovation is critical for businesses to stay competitive and adapt to changing market conditions. CEOs and CFOs must be able to foster a culture of innovation within their organization, and be willing to take risks and experiment with new ideas. According to a survey conducted by KPMG Romania, 89% of CEOs believe that innovation is critical for their organization’s success.
4. Responsive adaptability
CEOs and CFOs must be able to adapt to changing circumstances and be flexible in their approach. In a difficult business environment, unforeseen challenges can arise, and leaders must be able to adjust their strategies and plans accordingly. According to a survey conducted by Grant Thornton Romania, 78% of CFOs believe that adaptability is critical for their organization’s success.
5. Strategic thinking
Another important capability that CEOs and CFOs should possess is strategic thinking. In a difficult business environment, leaders must be able to identify new opportunities and develop creative solutions to overcome challenges. According to a survey conducted by PwC Romania, only 20% of CFOs consider strategic thinking not to be the most important skill for success in their role.
In conclusion
The main capabilities that CEOs and CFOs should share in order to lead their company to success in a difficult business environment are many. These include financial acumen, leadership, innovation, adaptability, and strategic thinking.
These skills are essential for driving growth and overcoming challenges, and they are highly valued by businesses in Romania. By developing these capabilities, CEOs and CFOs can position their organizations for success, even in the most challenging of times.
