By: Zach Miller
As the business world changes quickly, CFOs and COOs are often asked to take on more than just managing finances and operations. This can be especially challenging for those who are suddenly promoted into bigger roles, sometimes called a “battlefield promotion.” In such cases, executives will need to align new skill acquisition with adopting fresh perspectives to meet their expanded responsibilities’ requirements. As Edith Hamilton, Executive Coach for CFOs observes, this transition from leading in finance to leading operational excellence is challenging: yet simultaneously, it can be an unparalleled opportunity for vast personal and professional growth.
She highlights one particular case of a CFO from the healthcare industry who was thrown headfirst into running operations and has now been tasked with driving critical process improvements, enhancing cost efficiencies, and leading business development. The challenge was huge because these new responsibilities had to be balanced against his old financial ones so that the company continued to live up to the high expectations of its private equity stakeholders.
Recognizing the need for expert guidance, the CFO (“Stephanie”) reached out for support from a coach with rich experience at the crossroads of finance, operations, and business development. The unique combination of skills this coach possessed — intertwined with deep knowledge of financial management, process improvement, operations, and executive coaching — was transformative in helping the CFO navigate the challenges posed by her new appointment.
The coaching process began with an in-depth assessment of the CFO’s current skills and leadership style, ensuring that Stephanie’s challenges in this extended role would be addressed. This enabled the coach to tailor the suite of coaching tools specifically to what the CFO needed to build the additional skills for operational leadership. It was much more than an equipping role for the CFO: the process helped Stephanie excel and make meaningful improvements across the organization.
Through the coaching process the CFO gained a better understanding of operational strategy and how to integrate it with her financial knowledge. She also refined her decision-making skills to align financial goals with operational objectives, while fostering collaboration among teams and enhancing communication with stakeholders. The shift in perspective needed to view operational challenges as opportunities for growth was a critical element that equipped the CFO to guide her company during tough times of transformation.
The outcomes of this coaching engagement were profound. The CFO transitioned seamlessly into her expanded role, driving significant process improvements and cost savings that surpassed expectations. The firm’s CEO observed firsthand how these achievements impacted the bottom line and demonstrated the tangible value of strategic coaching for modern executives in their professional growth. The CEO later commented that “this was so practical and so effective, I would have paid for the CFO coaching for Stephanie out of my own pocket!”
In this case study, Edith underscores the importance of targeted coaching for CFOs and COOs when faced with new challenges and responsibilities. In highly demanding industries like healthcare, information technology, transport, and professional services, having a coach who understands what one is experiencing behind the scenes makes all the difference. Coaching can be a powerful tool for personal, team, and organizational success by helping executives build the skills they need in broadened roles, as described in the Fortune Magazine profile in which the CFO was mentioned.
When private equity and executive leadership come together, financial skills must be matched by strong operational abilities. Only 25% of CFOs whose companies are purchased by a PE firm are still in the seat 2 years later. Private equity relies on coaching to help leaders succeed in growth, process improvement, and cost savings. Moving from a “battlefield promotion” to operational success, CFOs can overcome challenges and thrive in their expanded roles with the right support.
Executives do not have to walk this journey alone in their quest for operational excellence. CFO coaching can transform challenges into opportunities for success, both for the leaders and their teams.
Published By: Aize Perez
