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 Frustrated CFO 