INTHEBLACK December - January 2022 - Magazine - Page 11
environment, they are also looking to increase profitability.
This needs to be supported by a sound strategy.”
Neal Logan, career development product manager at
CPA Australia, agrees: “Data shows that strategic planning,
strategic leadership and business strategy are also among
the desirable skills listed in job ads for CEOs.”
The data also confirms that the top skills required of
CEOs are highly likely to be among those developed
by finance professionals throughout their career.
“These skills include risk management, budgeting, financial
management, accounting and internal auditing,” says Logan.
“However, the data also shows that soft skills will need
to complement the technical expertise that CFOs have
gained along the way. These include communication
skills, teamwork, collaboration and negotiation skills.
Business development, change management and creativity
are also skills that companies seek in a CEO.”
STRONG COMMUNICATION
Winterbourn points to the shift in expectations of leaders that
was prompted by the pandemic, where employees have relied
on CEOs and business leaders amid wide-scale uncertainty.
“I think CFOs need to be willing to have open conversations
with their teams and to genuinely listen to concerns.
“However, it’s not just about communicating within the
organisation. If a CFO wants to become a CEO, they must
be prepared to be the public face of an organisation.
“Stakeholders, such as customers and the broader community,
now have higher expectations of business, and CFOs
must be capable of clear and confident communication,”
Winterbourn says.
THE GOLDEN
RULES OF WORLD
BEST PRACTICE
LEADERSHIP
The late Phil Ruthven AM, founder
of IBISWorld and the Ruthven
Institute, drew from data on
Australia’s 2000 largest businesses
going back decades, and identified
a set of key rules and practices for
leadership that drive world best
practice (WBP) profitability.
The golden rules that result
in a WBP leader are:
• Focus on one business at a time
• Know your industry and its
lifecycle phase
• Be forever innovative
• Emulate world best practice
• Develop strategic alliances
• Be the master of your own destiny
• Outsource non-core activities
• Don’t own hard assets
• Manage your finances wisely
• Develop a unique
organisational culture
• Plan from the outside in
• Lead from the inside out
11
DEC 2022
JAN 2023
intheblack.cpaaustralia.com.au
