“Are You Strategic?”
In the November 1, 2009 edition of CFO Magazine, Booz & Company Principal Christopher Click (North America) said strategically-minded CFOs should look for new and pragmatic approaches to motivate business units. “Some CFOs might look into improving working capital because it’s simply part of the finance function, a box they should check, said Click. “If you’re preparing monthly reports for the business units, walk down to the business leader and say, ‘Hey, as I looked at your results, I was thinking maybe there’s a way to drive down working capital to fund the build-out of the customer-service network in the Middle East,’ or some other desirable project,” he added. That approach is strategic in several ways, according to Click: The CFO gets credit for addressing an issue face-to-face instead of by telephone or e-mail, and may succeed in motivate staff to work harder on an otherwise uninspiring task.