Top expertise - but is that enough?
The demands placed on finance executives - especially CFOs - have changed massively. In addition to overall responsibility for finance, reporting and corporate planning, they are now increasingly acting as sparring partners for the CEO, drivers of strategic transformation and shapers of company-wide future issues. In addition, new regulatory frameworks, ESG requirements and volatile markets make the role more complex than ever.
In such an environment, it is no longer realistic to be an expert in all areas. Anyone making decisions in the front row today needs input from colleagues who are familiar with similar challenges. This is exactly where the added value of a strong network comes into play.
What are the advantages of strong networks for finance executives?
Good networks offer many advantages. Depending on your personal situation and objectives, different aspects can take centre stage. Sometimes it is about strategic exchange, sometimes about access to new contacts, sometimes about inspiration for concrete decisions. The decisive factor is what you need at the time. However, three central advantages always stand out:
- Exchange ideas at eye level: Exchanging ideas with other executives helps to avoid blind spots. If you know how other companies deal with new reporting obligations, financing crises or tools, you can make faster and more informed decisions. The nature of the exchange is crucial here: no one benefits from superficial small talk at events, but rather from open and honest dialogue partners who are willing to provide real insights and, conversely, also want to benefit from your experience.
- Early recognition of trends: If you talk to the right people, you can recognise strategic developments before they are widely discussed in the media. Whether new software solutions, best practices or emerging risks - a good network is often a better early warning indicator than any market study.
- Career boost & visibility: In the world of finance, in particular, many exciting positions are offered under the table. Visibility in relevant networks increases your chances of finding out about such opportunities at an early stage. Those who regularly interact with other executives are not only perceived as competent colleagues, but also position themselves as potential candidates for new roles.
What characteristics define a good network?
Not every circle of contacts is automatically a valuable network. A good network is based on trust, openness and mutual benefit. It offers:
- Relevance: The topics that are discussed relate to your reality. For example, new reporting requirements, dealing with volatile working capital or strategic financing issues are discussed. No superficial industry talk, but content directly related to your role and responsibilities.
- Depth instead of small talk: Real networks go beyond event contacts. They enable honest dialogue, even about uncertainties or wrong decisions.
- Diversity: Different perspectives - from other industries, company sizes or roles - broaden your own perspective.
- Mutual giving and taking: Those who only consume are not a valuable part of the community. A good network thrives on the contribution of each individual - be it in the form of impulses, contacts or constructive feedback.
From numerous discussions with CFOs and financial managers, we know that many are looking for a trusting environment in which they can openly exchange ideas on strategic, technical and personal issues.
That is precisely why we are actively committed to networking. For example, we are an exclusive cooperation partner of the Finance Executive Summit, a high-profile event that brings together finance executives from a wide range of industries to discuss current challenges and future trends in the financial sector.
In addition, we maintain our own network with the Finance Executive Community Hamburg, where currently, around 150 financial executives are in regular contact with each other. This network was created because we saw how high the demand seamless exchange is and how valuable it is to actively create networks like this one.
Networks with real added value arise where people deliberately create structures and consciously promote exchange.
Conclusion: Networks as a strategic success factor for finance executives
Expertise remains the basis of every successful finance function, but today it is often no longer enough on its own. Those who network with other finance executives not only gain expertise, but also orientation, security and strategic foresight. Well-maintained networks can become a real competitive advantage.
Our tip: Start in your immediate (work) environment. Take a look at your existing contacts. Are there sparring partners you can really build on? Where could new impetus come from? And in what form would you like to exchange ideas on a regular basis? Investing in a strong network pays off.
