dcsimg
 
 
 
 
 
 

10 Ways to Win Over Your CFO

 
 
By Dennis McCafferty  |  Posted 12-24-2013
 
 
 
 
 
 
 
 
 
  • Previous
    Assess Your CFO's Role
    Next

    Assess Your CFO's Role

    Depending upon your company's maturity, he's either a builder (hired within the first five years), an enabler (hired after the first five years) or protector (post-IPO or after a decision to remain private).
  • Previous
    Be Prepared to Defend Past IT Purchases
    Next

    Be Prepared to Defend Past IT Purchases

    Do research. Read analysts' reports. Talk to peers. Demonstrate how tech decisions led to business-serving initiatives.
  • Previous
    Focus on Buying Without Selling
    Next

    Focus on Buying Without Selling

    Like anyone else, CFOs like to buy good things. But don't get too hyped by overselling here. Stick to what's proven and documentable.
  • Previous
    Understand the Essence of Finance
    Next

    Understand the Essence of Finance

    A CFO is primarily concerned with an IT acquisition's impact on cash flow versus earnings, allocation of resources and timing. You need to figure out how the last part will impact the first two.
  • Previous
    Make ROI Stories Relevant
    Next

    Make ROI Stories Relevant

    Find ones within your industry which demonstrate how the tech acquisition in question helped companies solve "real" problems.
  • Previous
    Dig Into the Details
    Next

    Dig Into the Details

    You'll have to answer lots of sharp questions: Is this new tech or is it replacing something old? If the latter, why is it outdated? Is this a one, three or five year investment? License or subscription?
  • Previous
    Always Remember That CFOs Love to Win
    Next

    Always Remember That CFOs Love to Win

    So ask for more than you need, so you have room to give something up.
  • Previous
    Set an Appealing Time Frame for Pay Back
    Next

    Set an Appealing Time Frame for Pay Back

    Hint: Anything beyond three years is not soon enough.
  • Previous
    Know When Not to Bring Up an IT Request
    Next

    Know When Not to Bring Up an IT Request

    Never at the end of a quarter, because that's when the CFO is squaring books while helping sales close deals. And not during any board-meeting week.
  • Previous
    Know When to Bring Up an IT Request
    Next

    Know When to Bring Up an IT Request

    The sweet spot of IT-acquisition pitch timing: Sometime during Q3, when funds are often uncommitted.
 

He doesn't claim to be an expert on all things tech. But you can't address him as if he's an IT neophyte either. He's known for asking the tough questions. But, ultimately, he has the interest of your entire organization at heart. He's your CFO. And it's very likely that you won't be able to justify a single, major tech deployment without his backing. Which means you need to talk his language in proposing an IT acquisition. With this in mind, consider these 10 tips on pitching the CFO from Ken Goldman, who is CFO of Black Duck Software, which markets open-source solutions for governance and compliance for automotive, finance and other industries. For starters, it's wise to focus on shared interests with the CFO instead of your differences, Goldman says. After all, both of you want to see the company succeed. Secondly, you should craft any proposal with a business-minded approach, using sound documentation and dialing back on any blustery sales talk. And you must have an answer for all of his questions—before he asks them. For more about Black Duck, click here

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

Submit a Comment

Loading Comments...
 
eWeek eWeek

Have the latest technology news and resources emailed to you everyday.

By submitting your information, you agree that cioinsight.com may send you cioinsight offers via email, phone and text message, as well as email offers about other products and services that cioinsight believes may be of interest to you. cioinsight will process your information in accordance with the Quinstreet Privacy Policy.

Click for a full list of Newsletterssubmit