As a result, CFOs will need to shift from crisis-management mode to a new, forward-looking mind-set. "I think the strategic CFO will be in greater demand because you're not going to reduce your expenses to success. That's a short-term fix, but not all expense-cutters are great growth CFOs," says Wilson. Some companies will also be seeking merger-and-acquisition experience, says Williams, as they look to grow by absorbing weaker competitors. Financing expertise will also become more important as some companies begin to test the market for initial public offerings.
To retain the goodwill they've earned during the trials of the past year, finance chiefs will have to demonstrate their ability to adapt once again. After the go-go capital raising of the late 1990s, the strict controls environment of the early 2000s, and the fight for survival of 2008–2009, CFOs now must take the long view to identify — and find the capital to fund — new opportunities for their companies.
"It will be a really important juncture for many CFOs. Lots of CFOs are really good at cutting costs, and they were in their glory days during the downturn," says Leahy. "But being a great CFO means you need to blend driving today's operating performance with building the business for the future, and that's one of the hardest parts of the job." Those who can shift their focus from short-term survival to long-term growth will cement their reputations as strategic partners and continue to advance their careers.
Kate O'Sullivan is a senior writer at CFO.
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