A day in the life of a CFO
The role of a Chief Financial Officer (CFO) is multifaceted and challenging. It requires a keen balance of strategy, leadership, and financial stewardship. In our recent interview with Steve Mitchell, CFO of Redgate Software, we got an in-depth look at the day-to-day responsibilities of this crucial role.
Although Steve serves as a CFO for a mid-sized business, he has worked in businesses of all sizes and his insights resonate with CFOs across various sectors.
The diverse demands of a CFO’s day
For a CFO, days are typically jam-packed with meetings, with responsibilities that span far beyond managing the finance department. Steve not only oversees the financial team at Redgate, but also manages the legal, IT, and information security departments. This is common for many CFOs, particularly in mid-sized organisations, where the CFO’s role extends into areas such as procurement, regulatory compliance, and facilities management.
CFOs face a variety of challenges in their role, with balancing short-term financial stability and long-term business growth being one of the most significant.
They are responsible for making key decisions that impact not only the company’s financial health but also its strategic direction. Navigating these challenges requires constant context switching—moving from high-level board discussions about future investments and risk management to addressing immediate operational concerns, such as budget constraints and procurement decisions. To a CFO it can feel like they have two full-time roles at once.
Additionally, CFOs must stay informed about evolving market trends, regulatory changes, and technological advancements to maintain a competitive edge. Managing business risk while driving growth, all under increasing scrutiny from shareholders and stakeholders, makes the role complex and demanding. These pressures mean CFOs rely heavily on data-driven insights and trusted internal and external advisors to make sound, forward-thinking decisions.
As a vendor, it’s crucial to understand that when you get into a CFO's diary, you’re likely only one of many priorities.
Getting into the CFO’s diary
Many vendors ask how to secure a meeting with a CFO. According to Steve, the key lies in leveraging internal champions within the organisation. Internal champions—those who believe in your solution and are willing to advocate for you—are invaluable when trying to reach a CFO. If an internal expert, such as the IT director or head of procurement, has already vetted and recommended your solution, this can be a powerful trust signal to the CFO.
When making your org charts to identify likely champions, Steve mentions that while he trusts his direct reports, a well-regarded individual lower down in the organisational hierarchy who has earned his trust by demonstrating their ability to deliver value can also act as a crucial internal champion.
Timing is equally important. "If someone catches me at the right moment," Steve explains, "when we’re already considering a similar solution, I might be more inclined to take a meeting." Tools that provide insights into what a business is currently exploring or interested in can give vendors the upper hand in pitching at the right time. For example, if the business has recently focused on improving cybersecurity, knowing this and highlighting how your solution addresses that pain point could increase your chances of securing a meeting.
Additionally, Steve relies heavily on his network built over the past 25 years to inform his buying decisions. He often turns to trusted contacts from previous roles, especially when considering new solutions or vendors. Recommendations from this network carry significant weight, as Steve has built relationships with people whose judgment he trusts, and who have navigated challenges with him in the past.
This network-based approach highlights the importance of cultivating strong professional relationships beyond the immediate sales process. For vendors, this means that building long-term trust with key industry players can eventually lead to referrals that could open doors to CFOs like Steve Mitchell. Therefore, nurturing industry relationships and providing value consistently is just as crucial as making the pitch itself.
By understanding a CFO's decision-making process and the importance of trusted recommendations, vendors can develop more targeted and effective strategies to secure that all-important meeting.
Navigating the conversation: understanding the CFO's priorities
Once you’re in the room, it's essential to understand what matters most to a CFO. At the core of a CFO’s focus is growth—driving value for shareholders by building a sustainable, profitable business. This means that CFOs are interested in solutions that save money and enable business growth.
For instance, Redgate, a business with a subscription-based model, prioritises recurring revenue. A vendor that can demonstrate how their solution will help increase this key performance indicator (KPI) is more likely to gain attention. On the other hand, solutions that only save costs, such as productivity tools aimed at reducing headcount, may not always be top of mind—especially if the business is in a growth phase rather than a cost-cutting one.
Steve also highlights the importance of being data-driven when presenting a business case. CFOs are logical, analytical thinkers who respond well to clear, quantifiable metrics that show how your solution will impact the business. Offering case studies, particularly those that directly relate to the CFO's business model or industry, can strengthen your pitch significantly.
How to make a lasting impression
So, what sets a successful pitch apart from the rest? Steve shared an anecdote about a particularly persistent salesperson who caught his attention. This individual had listened to a podcast in which he had spoken and used insights from the podcast to personalise their pitch. The salesperson followed up several times, demonstrating their knowledge and understanding of Steve’s priorities and pain points. He eventually agreed to a meeting—not because the product was groundbreaking, but because the salesperson had shown persistence, diligence, and an ability to relate their solution to the CFO’s broader business goals.
The takeaway here is clear: to make a lasting impression, a vendor needs to demonstrate not only the value of their product but also a deep understanding of the CFO’s world and the specific challenges they face.
Conclusion
CFOs increasingly view themselves as strategic business leaders, not just financial gatekeepers. To successfully engage with them, vendors must recognise their broad responsibilities, which extend beyond managing finances to driving overall business growth. Leveraging platforms like LinkedIn, podcasts, and professional networks to share valuable insights can help build rapport with CFOs. Moreover, vendors should focus on identifying and cultivating internal champions and presenting concise, data-driven proposals that align with the CFO’s key growth objectives. By understanding the complexities of a CFO's role and tailoring their approach accordingly, salespeople can build meaningful, long-term relationships that benefit both parties.
This blog is part of a series exploring the roles and challenges faced by the C-Suite executives so sales and go-to-market teams can discover how to secure that all-important meeting. Each blog is accompanied by a webinar and a cheat-sheet, available to inspir'em sales and leader members. Log in to listen to these webinars today
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