• FREE RESOURCES
        • Accounts Payable
          Finally! The trick to securing greater T&E compliance
          Benefits
          Rooting out folks who don’t belong on your health plan: A 6-point dependent audit checklist
          IT
          3 costly misconceptions about biz email compromise
          Credit and Collections
          Collecting via email: 4 must-make moves in your subject line
          Accounts Payable
          5 Tough-to-spot signs that an invoice is fake
  • PREMIUM CONTENT
        • Staff management
          120 Proven Communications Tips for Today’s CFO
        • Payroll
          Handling Nonexempt Employee Pay: Stay Compliant and Avoid DOL Audits
          Accounts Payable
          T&E Best Practices: Complete Guide to Ensure Compliance
          Payroll
          Payroll Best Practices: 4 Ways to Save Time and Money
        • Staff management
          Email Best Practices: A 6-Question Quiz
          Staff management
          Innovative Communications Strategies: An Email Case Study
          Staff management
          A 5-part Framework for Successful Workplace Communications
        • SEE MORE
          PREMIUM RESOURCES
  • CORONAVIRUS RESOURCES
  • LOGIN
  • SIGN UP FREE

CFO Daily News

  • FREE RESOURCES
        • Accounts Payable
          Finally! The trick to securing greater T&E compliance
          Benefits
          Rooting out folks who don’t belong on your health plan: A 6-point dependent audit checklist
          IT
          3 costly misconceptions about biz email compromise
          Credit and Collections
          Collecting via email: 4 must-make moves in your subject line
          Accounts Payable
          5 Tough-to-spot signs that an invoice is fake
  • PREMIUM CONTENT
        • Staff management
          120 Proven Communications Tips for Today’s CFO
        • Payroll
          Handling Nonexempt Employee Pay: Stay Compliant and Avoid DOL Audits
          Accounts Payable
          T&E Best Practices: Complete Guide to Ensure Compliance
          Payroll
          Payroll Best Practices: 4 Ways to Save Time and Money
        • Staff management
          Email Best Practices: A 6-Question Quiz
          Staff management
          Innovative Communications Strategies: An Email Case Study
          Staff management
          A 5-part Framework for Successful Workplace Communications
        • SEE MORE
          PREMIUM RESOURCES
  • CORONAVIRUS RESOURCES
  • Accounts Payable
  • Credit and Collections
  • Payroll
  • Accounting
  • Benefits
  • Finance Technology
  • More
    • Employment Law
    • Strategy
    • Policy and Culture
    • Fraud
    • Payments and Transactions
    • Budgeting and Forecasting
    • Banking
    • Staff Management
    • Cost Control
    • Supply Chain
    • IT

The employee that many CFOs aren’t close with but should be

Rich Coleman
by Rich Coleman
March 7, 2013
2 minute read
  • SHARE ON

A survey shows that these two executives are becoming increasingly unaware of the others’ impact. And it’s only hindering progress for the company.

A survey of 600 CFOs and chief marketing officers (CMO) found that the two just aren’t communicating as well these days. In fact, more CMOs reported sharing marketing information with their CFOs than CFOs reported receiving it.

And the same study also says most CFOs believed that marketing could have a positive impact on profitability but 40% of them didn’t know if CMOs were even trying to do so.

What this suggests is a big disconnect between not only the CMO and the CFO, but between the Marketing and Finance departments in general.

Both sides can benefit

It should go without saying, but this is not a good thing. Marketing is concerned with boosting sales numbers and act as the direct connection between the consumer and the company. If Marketing is doing its job right, that means your job will get a little easier.

Harvard Business Review recently posted their suggestions on how CFOs and CMOs should work together toward building a better business relationship where both sides can benefit. Here are some key takeaways:

  • Get to know them. A simple first step but a necessary one. If you’re familiar at best with the CMO, then the best bet is to get to know each other. Set up a day where the two of you can grab lunch and try to make a weekly thing of it. Make it clear that you’ve got a real interest in the Marketing side of operations and offer your help in any way.
  • Give them the reports they need. When planning out strategies, Marketing will work better if they can factor in overlooked areas like advertising costs, commissions and sales support costs. Give them any pertinent data they need, but also take the time to get filled in on details of upcoming campaigns or projects, whether it’s the criteria for success or certain formulas.
  • Provide a counter balance to risk. No one knows risk better than the CFO and they should be consulted whenever a marketing operation is in the works, especially if it’s an unconventional campaign. But also listen to the CMO when they factor in the risk of not taking following through. Collaboration in this area can provide positive results as both the CFO and CMO examine risk differently.

Do you have any tips for collaborating with the Marketing department? Let us know in the comments below.

Keep Up To Date with the Latest Finance News

With CFO Daily News arriving in your inbox, you will never miss critical stories on accounting, benefits, payroll & employment law strategies.

Sign up for a free CFO Daily News membership and get our newsletter!
  • This field is for validation purposes and should be left unchanged.
CFO Daily News Logo
  • ABOUT CFO DAILY NEWS
  • ADVERTISE WITH US
  • WRITE FOR US
  • CONTACT
  • Accounting
  • Benefits
  • Payroll
  • Policy and Culture
  • Employment Law
  • Fraud
  • Finance Technology
  • Accounts Payable
  • Credit and Collections
  • Strategy
  • Payments and Transactions
  • Budgeting and Forecasting
  • Banking
  • Staff Management
  • Cost Control
  • Supply Chain
  • IT

CFO Daily News, part of the SuccessFuel Network, provides the latest Finance and employment law news for Finance professionals in the trenches of small-to-medium-sized businesses. Rather than simply regurgitating the day’s headlines, CFO Daily News delivers actionable insights, helping Finance execs understand what Finance trends mean to their business.

Privacy Policy Terms of Service
Copyright © 2021 SuccessFuel

WELCOME BACK!

Enter your username and password below to log in

Forget Your Username or Password?

Reset Password

Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.

Log In

preloader