Tag: financial job

One CFO’s Personal Tools for Frustration Relief


So, my fellow CFO’s and Controllers, as promised in my previous post, here are the few tricks I use to privately release my frustration after calmly presenting the composed image to the rest of the world.  They are in no specific order.  I pick whichever feels right at a particular moment.

(1.)  Go to the washroom, enter a stall, close your eyes and start cursing.  Five minutes of swearing usually gives a tremendous relief.  The volume doesn’t really matter.  If raising your voice helps you personally and you are sure nobody is around, go ahead.  For me, however, loud whispering (the way actors whisper on stage, so that everyone can hear them), works the best.  The dirtier the better.  Just pretend that you are in a Martin Scorsese or Quentin Tarantino movie.  If you know other languages, use all of them.  Remember, don’t call the objects of your frustration by their names, but keep their faces in front of you mentally.

(2.) This release method is not my original.  It was shared with me by one of my European colleagues and she has learned it from someone else – I am sure it’s been passed on from one generation to another.  I can vouch that it works like a charm.  You have to create a “Page of Frustration.”  Draw some monster on it, something absolutely revolting.  Your artistic abilities make no difference.  You can ask a child to draw it for you.  The most important thing is to write the title and the destruction instructions on the page.  For example:  “Page of Frustration.  In case of emergency, throw it on the floor and stomp it to shreds.”     For some people “viciously crumple and tear it into small pieces” seems to be more appealing.  Whatever works! Make yourself a stack of copies and keep them in your desk.  Make sure that you don’t run out!

(3.) Another useful inventory for a chronically frustrated CFO or Controller is a favorite treat.  Don’t get me wrong – the last thing I want is for anybody to become a closet eater, consuming large quantities of food in search of unattainable solace.  No!!!  That’s not what I am talking about.  I am talking about very small quantities of very small treats, eaten at a very slow pace: three of Godiva chocolate pearls, or five gummy bears, 1/2 oz of trail mix, etc.  Separate them into these small portions in advance, keep only few in your office and consume only as a release remedy.  It works more as a meditative solution than as aggression liberation, but sometimes that’s all you need.

(4.) On my Front Page Raison d’etre, I talk about the therapeutic effects of writing.  And I maintain that committing your grievance to paper is the best form of releasing frustration, tension, stress and anxiety.   You can do it in different ways.  You can pour your heart out in a diary.  You can pretend to write a letter or an email to the source of your pain (without sending them out, of course) describing the situation, verbalizing your feelings, expressing your concerns.  Or you can go a step further towards more satisfying resolution.  You can write that email and send it to me.  Not only that I will become the receptacle of your turmoil, but I will give it even bigger audience by sharing it with other CFO’s, Controllers, etc.

Job Search: Out of Work for a Long Time


The media, politicians and economists are trying to convince everyone that recession has ended many months ago.  Well, good for recession, but from what I observe, a lot of folks are out of work.  There have to be a reason why unemployment benefits are extended up to 72 weeks in most states. 

Let's face it, the "employment gaps" are far longer now than they have been in many years.  It is especially true for CFO's and Controllers whose small and mid-size employers went out of business or contracted to the level of not being able to afford senior management.  Even though I never believed the old recruitment fable that every $10K of your desired compensation translates into one month of job hunting, the basic rules of statistics prove that it takes longer to find a high level position simply because there are less of them.  Now the available openings are further reduced by the economic contraction.  There are government aid packages designed specifically to stimulate hiring by small businesses, but it will take long time before we will see significant impact.

Knowing all that, nevertheless, does not prevent recruiters and HR managers from asking you point blank, "Why you have been out of work for such a long time?"  They know why.  They ask because they want to see how you handle the question.  Your ability to present yourself in the best light during an interview and explain the employment gap on your resume in the most appealing way is a very sensitive issue.

That is why I highly recommend that everyone, even those who are not actively looking at the moment, read The Ladders' article Why Have You Been out of Work So Long?

I don't always agree with their material, but what I like about The Ladders' advice pieces is that they give us the point of view of the hiring professionals, the very people on the other side of the table.   Those on the job market need to cater to their expectations and their mind-set.  This particular article has the most straight-forward advice on the employment gap issue I have ever seen.

I have to say, however, that almost until the end they got me worried because it seemed that the article practically recommended to make up a story to fill the gap: say whatever,  except that you were just looking for a job.  Only in the last paragraph the actual activities are implied.

And I would like to elaborate on that.  Please, don't make up stories – you never know where that may lead you.  Nobody looks for a job for 12 hours every day.  So, use your spare time to occupy yourself with one of those recommended activities, and then you can tell people about them.  Even if you buy a SOX manual and study it on your own, you can say that you have significantly expanded your internal control compliance horizons.


              

The Importance of Prioritization for CFOs & Controllers


My very first post CFO's and Controllers' Many Hats  addressed (in two parts, as the matter of fact) the inescapable issue of overwhelming span of functional control tackled by all financial execs.  The issue has been described as a major source of both frustration and pride.

Well, whether you are proud or not of being a natural choice for a million of high-level responsibilities, keeping all balls in the air is a managerial skill mandatory not only for your professional success, but for taming the frustration as well. 

Both mathematical rules of optimization and circus performances teach us that there is a limit to the number of items you can juggle at the same time without dropping them.  This is why Prioritization and Delegation are two most important organizational tools for a Controller or CFO. 

Let me share with you my own Top Three Rules for each of these tools.

Prioritization:

Rule #1.  Assign priority scores to each task.  Let's say, 1 to 10 with one being the lowest.  The highest priority on your list should always be given to the task that in a long run will benefit the bottom line the most.  For example, writing an angry answer to your boss's email asking whether you are busy right now has lower priority (I would say, 2) than looking at your cash position and deciding whether you need to use your credit line or cash availability to finance today's operational expenses (definitely a 10).

Rule #2.  As much as you can, try to block certain time periods with periodic tasks of high priority in advance.  There are such things as SEC reports, monthly budgets, weekly cash flow projections, etc. etc. that occur periodically.  Prevent yourself from cramming at the last moment by assigning priority scores and scheduling these tasks ahead of time.

Rule #3.  If you work in a privately held business (and most small and mid-size companies are) and report directly to the Owner/President/CEO, be ready to push his/hers priority higher up on your list.  I know it sounds almost psychotic, but being flexible when it comes to your boss's requests sometimes can save you the boatload of frustration.  However,  it does not mean that you have to drop everything and attend to his needs.  Many people make that mistake.  Instead, you need to provide him with reasonable time frame and explain why the task at hand is more important for HIS BUSINESS.  I will get back to the issue of flexibility in scheduling discussion.

Delegation:

 Rule #1.  Don't be afraid to delegate important functions to capable subordinates because you are afraid that they will undercut you.  First of all, if you are a good match for your position and do your job to the best of your abilities,  you should be confident.  Secondly, by overwhelming yourself with extra tasks you diminish your own efficiency and undermine yourself.

Rule #2.  NEVER do your subordinate's job because you believe that you can do it faster and better.  This is a bad mistake many of us make.  When we do that, we damage ourselves in two ways: by wasting our own valuable time and by not letting our subordinates to improve and develop.

Rule #3.  Always make time for training and advancement of your subordinates.  By building strong and reliable accounting/finance staff you better your own chances for success .  

Honestly, it took me a while to develop and even longer to start implementing these rules, but I can vouch for their effectiveness. 




The Ethicist Randy Cohen Talks About Your Boss


You worked real hard day in and day out.  You applied yourself to the very best of your abilities.  Finally, you have reached the senior/executive management position.  Now, you are the CFO, the Controller, the Director, "the right hand," "the most important person in the company without the title" – it doesn't matter what they call you: you've achieved it.  And it's irrelevant that the business is small – in this small pond you are a big fish.Does this mean that now you can tell your boss, the owner of the company, to stop watching porn on your computer after work and leave it on overnight?  Even my favorite columnist Randy Cohen, cannot give you a clear answer in his response to one of our peers' query in June 27th New York Times Magazine - The Ethicist: Porn in the Office.He is trying, though: yes, it is not right that the boss doesn't close the browser, that he leaves it for the next user to see, but he doesn't really do anything illegal either, etc, etc, blah, blah, blah… 

The point is that our dear entrepreneurs do not separate themselves from their businesses.  They treat their place of work as their second home: watching porn, meeting with their friends, letting their kids and pets run around.  This could be a $200 million business you helped to build, but THEY REALLY DON'T CARE WHAT ANYBODY THINKS.  It wouldn't even come to their minds to consider the possibility that somebody may be offended, or simply surprised, by the images on the computer screen.  And it is not about porn.  It's one thing today and another tomorrow – the principal (pun is always intended) attitude is always the  same.

And the unfortunate truth is that no matter how important you are to the company, you cannot criticize them, because they will never forget it.  They will hold the grudge forever, because subconsciously they feel that they are untouchable royalty in their little kingdoms and NOBODY dares to point out their shortcomings.  And if you are experienced and shrewd enough, you will not say a boo (neither would I).

So, here you are, frustrated out of your mind by the unbalance between your professional achievements and organizational position on one side and inability to exercise your personal freedom on the other.  All I can advise you to do at this point is to pick your favorite from my list of coping devices listed in One CFO's Personal Tools for Frustration Relief. That's all you can do.

One CFO’s “Page of Frustration”


I thought I'd show you my own Page of Frustration.  However, I insist that if you decide to use this method of release,  you should create one for yourself according to the general description I provided in item 2 of my previous post One CFO's Personal Tools for Frustration Relief.  The process of designing your own Page will not only help you to work out the real reasons behind the frustration, but will also have a therapeutical effect.

  Page of Frustration-med