Not able to attend some of our events?  Interested in finding out what you missed?  Let us be your “go to” resource by providing you with program recaps.Orange_County.jpg

Here are some highlights from September’s west coast panels:

Building A High Performance Team (presented by our Orange County chapter)

Developing a strong team with effective problem solving and troubleshooting skills is one of the most crucial aspects of attaining success in business.  So, what is the best way for a CFO to achieve this goal and continue to motivate employees? Here’s what our panelists advised:

  • Seek creative ways to recognize and inspire your staff, both as individuals and as a group.
  • Educate all employees on what it takes to do their colleagues’ jobs. 
  • Hire a personal coach to take a fresh, objective look at what can be done to drive performance.  
  • Familiarize yourself with all facets of your organization.
  • Implement 30 day reviews for new hires to see if their experience continues to match company culture.

Suggested exercise:

All of your team members should write down their individual job descriptions with three bulleted items, listing what they do every day. Look closely at this list on a regular basis and figure out if their performances align with the same goals and standards set for the company. 

Recommended reading:

Extreme Ownership:How U.S. Navy SEALs Lead and Win by Jocko Willink

Return on Integrity: The New Definition of ROI and Why Leaders Need To Know It by John G. Blumberg

Convergence of Strategic Planning and Budgeting (presented by our San Diego chapter)

To be most effective, the budgeting process and strategic planning efforts must be aligned.  Thus, as a CFO, what is the best way to create this sense of balance?  Our expert panelists offered several suggestions: 

  • Each quarter, review the actual versus budget to recalibrate strategies.
  • Bring all departments together regularly to discuss current results against the budget.   
  • Execute a planning process with realistic expectations, considering company vision, metrics, and compensation plans.
  • Ensure that the entire company takes ownership of the numbers.
  • Encourage two-way communication to identify gaps between numbers and the realities of the situation.
  • Keep each department’s activities targeted to what they control.
  • Consider discretionary bonuses and profit sharing in your compensation plan, showing employees that they can impact profits and be rewarded for it.
  • Meet privately and regularly with your company CEO.
  • Create a “Balance Scorecard”, making sure that the metrics, compensation plans, budget, and strategy are all in alignment.

Suggested software for modeling and forecasting:
Budget Maesto

To find out more about our west coast chapters, visit their individual pages:  San Diego, Orange County, and Los Angeles. For further details or specific questions, contact Toni Clubb, West Coast Regional Director, at toni@cfolc.com or Stacy Hall, West Coast Marketing Director, at stacy@cfolc.com.

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