Capital management is the lifeline of a business’s existence and determines if a startup can make it to the next stages of growth and beyond. The management of a business’ capital falls under the responsibilities of the chief financial officer. An obstacle that entrepreneurs can run into is ensuring that they select the right person for the role of the CFO, as the job holds much of the company’s fate in its hands.
Ferrari Energy understands how stressful and difficult it can be to pick the perfect person for this critical role. Below, the prominent oil and gas company provides insight into eight skills and traits business owners should seek when searching for a chief financial officer.
1. Ability to work with and adapt to technology
Technology in the world today is constantly advancing and being integrated into multiple facets of our lives, including business. This means that a chief financial officer must have the ability and enough technical knowledge to integrate new technology seamlessly into the company’s operations and business model.
2. Exhibit trustworthiness
As the job title reveals, a chief financial officer is the one who takes care of the banking and financial statements for the company. When overseeing the company’s financials, entrepreneurs need to make sure they can trust whoever they choose and that the person exhibits a high level of ethics.
3. Profound skills in analytics
The role of the chief financial officer is currently defined as very transactional, but entrepreneurs should be aware that the function is transitioning to a more analytical position at its core.
4. Practice resourcefulness
It is common for the chief financial officer to take charge of finding professional investors, but an individual that knows the game of resourcefulness will maximize opportunities for alternative funding sources and reduce the company’s spending.
5. Great risk management
Good chief financial officers have an enhanced skill level in risk management to help their chief executive officer navigate the risks that come with the everchanging business landscape. With risk management expertise, chief financial officers can make the business resilient and strengthen the business model.
6. Quality communication skills
“It is essential for entrepreneurs to be able to communicate clearly with their chief financial officer, and chief financial officers should have the capability to communicate effectively will all owners of the business, management, and vendors,” said Adam Ferrari, CEO of Ferrari Energy. Entrepreneurs should be on the lookout for an individual who can communicate even complicated subjects to their fellow employees.
7. Pay attention to detail
Attention to detail is an absolute must for chief financial officers. Business finances are made up of the fine details that a chief financial officer has to closely monitor. The CFO of a company has to make sure all accounts are properly balanced for the organization to continue to run smoothly on the financial side of things.
Hiring a chief financial officer that infuses versatility into their work ethic is something that will go miles for a company as the situations and changes a company encounters are often unpredictable. All decisions should be made with the business’ best interest in mind.
About Ferrari Energy
Ferrari Energy is a mineral and leasehold acquisitions company founded by chemical engineer Adam Ferrari. The company focuses on empowering and partnering with landowners to ensure they understand the profits and benefits they can get from their land. Ferrari Energy provides numerous services, including engineering valuation and acquisition of mineral and leasehold rights, mineral title analysis, oil and gas lease review, and paystub analysis to confirm accurate well interests and payment amounts.