Innovation, creativity, and thinking outside of the box are buzzwords in the business world. There’s good reason for it because the smallest difference in a product or service can drive exponential profits. Innovation and creativity may be the center of the talk, but these words merely orbit around the power of an idea. After all, an idea sparks innovation, creativity, and outside thinking into action.
Ideas are critical to success. In fact, they are one of the most important requirements for a bright future. However, the problem is that businesses suppress ideas in their efforts to cultivate them. One way they do this is by looking for ideas in the wrong places. Business leaders succumb to the fallacy that in order to think outside of the box, ideas must come from outside of the existing frameworks.
Creativity loves restraint, so working within the systems you already have is always the first place to start. Business leaders just need to work differently within these systems. The most crucial way they do this is by collaborating with their CFO. The CFO magazine article titled “Collaboration: the ‘Magic Ingredient’” shows this value. The article points out that companies with flat or negative revenue and profit growth had CFOs who had isolated financial functions. On the other hand, at the fastest-growing companies, 63% of respondents said finance had a strong influence over the supply chain and procurement, and 70% said that finance influences innovation of new product development.
Finance manages the lifeblood of business, making CFOs the most central individuals to a company, with exception to the CEO. That is why CFO involvement is a strong indicator of the innovation, creativity, and ultimate success of a company. Put more emphasis on the CFOs role, and if you don’t have one, outsource a CFO.
TOP CFOs is here to provide outside ideas for your inside operations. We guarantee our work will increase your firm’s innovation, efficiency, and profitability as much as it has for all of our current clients. Contact us today to get your free consultation and see how our expertise will take your company to new levels of ideas and profitability.