The Chief Financial Officer | WHERE HAS THE INFORMATION GONE?
To the CFO – Controllable, Fiscal and Operational
The CFO has a fiduciary responsibility to ensure that all that is being stated is accurate, defendable and carefully analysed to determine if there is any risk. The role also holds ownership of human capital and the requirement to maximize utilization, instil and work ethic, process and productivity while managing any compliance that may appear.
The Finance Director knows that the functioning of his or her department is based on the ability to accurately manage cash flow. In small and large companies alike, the ability to invoice as soon as possible is critical. Believe it or not, it is a common occurrence even in large companies for non-visible business to slip by the wayside and the CFO to find out about it purely by accident. “Hi there Jim, oh by the way, that account we were working on a couple of months ago, have they paid the first installment yet?” – Actually no, because we weren’t told to invoice and it didn’t even appear on the forecast. “Oh well, I’ve told you now, so no harm done!” Wrong!
It’s very damaging – Revenue that goes missing means that resources within the company cannot be allocated. This often occurs when there isn't a proper workflow or "change" management process to capture the changes that occur during the course of time in a project. Much maligned by other divisions for holding the purse strings, the CFO’s job is difficult enough assigning resources based on revenue coming in without factoring in sales they don't know about. It is incredibly important they knows when contracts are client approved and ready for invoicing.
Do know the value of your sales resources? Have you ever quantified each sales asset? You probably have a good idea about the value of your personal assets and property. Do you know the value of your sales resources?
Take the FREE SALES VALUATOR to evaluate the sales performance of your sales people.
This will give you an example of our approach to better managing revenue performance