A VIEW FROM THE TOP

The role of CFO is essential in ensuring the smooth running and growth of a business. Steven Strauss, chief financial officer of the Burlingtons Group, explains why

As someone in the rather fortunate position of being group chief financial officer (CFO) for two fantastic businesses, I was delighted to be asked to discuss this role and its impact on a business. Of the two organisations at which I am CFO, one is an innovative, true one-stop professional services firm, and the other is an innovative fintech investment incubator, delivering a number of regulated financial solutions. Both operate within highly regulated environments, providing world-class service to clients. I am, of course, referring to Burlingtons Group and Quantum Financial Holdings.

Times Of Turmoil

When asked to write this article, I thought I would cast my mind back to key issues that have arisen over the past few years.

I think it is fair to say that the UK economy has been through some very interesting times recently. We have had political uncertainty and turmoil; had to live through Brexit and the issues arising from it; had what has clearly become a cost-ofliving crisis; and had to manage the Covid-19 pandemic , as well as the impact of the unfortunate events in Ukraine.

Putting all these issues to one side, British businesses operate within one of the most complex tax systems in the world. Despite promises from successive governments over the past few years –and, indeed, longer – the UK tax system continues to become ever more complex, with Brexit merely adding levels to this complexity.

It may seem odd to focus on tax as a key issue, but one only has to look at the impact of former Chancellor Kwasi Kwarteng’s mini budget to see what can happen when scal policy is misjudged – or introduced in a way that provides less than full clarity.

Scope Of The Role

So, what is the role of the CFO, and how do we manage all of the above? How does the role allow businesses to navigate the complexities of the UK tax system, and deal with the challenges arising from political turmoil , the costof-living crisis , and the ongoing impact of Covid-19, which – while perhaps not now seen to be as deadly as previously – is still having a significant impact on many people on a day-to-day basis.

The first part of the question is fairly easy to answer. The CFO is, ultimately, responsible for managing the financial actions of a company. The role includes management of the historical data and performance, as well as the forwardlooking side of tracking cash flow, financial planning, and identifying the business’s strengths and weaknesses. The CFO must also put in place strategies to focus on those strengths and manage the identified weaknesses as effectively as possible.

The second part of the question is more difficult to answer, as there are many strategies to deal with issues facing the CFO. The skill is to ensure that you deliver the best strategy in a manner that is cost-efficient and effective. The role requires you to liaise with the senior management team, but also to motivate the team working for you. It also ensures that the business delivers strong financial management that is well understood, has clear financial practices, and operates with clear controls from top to bottom.

Enabling Growth

With all of the issues identified earlier, one might think that this is a fairly daunting role. The reality is, however, that working with good people, and for businesses that deliver excellent service, makes you proud to be part of that organisation. One can really enjoy the daily interaction with colleagues, as well as delivering an excellent finance team and financial management.

I hope this brief overview has given some background to the role of the CFO from a personal perspective. In future articles, I hope to focus on some of the fantastic services delivered by Burlingtons Group and Quantum Financial Holdings, and I look forward to continuing to contribute to the dynamic growth of both businesses.

Those who have spent time in Greece or have connections with the country will know the scale on which the Greek diaspora celebrates Easter. For many Ellines, Easter is the biggest celebration of the year, especially as it coincides with the weather getting noticeably warmer. Arguably there’s no better time to visit Athens, eat some souvla and soak up the atmosphere than in spring. We all know this most ancient of capitals as the birthplace of democracy, and the opportunities to immerse yourself in the culture are plentiful; the Parthenon (nearby you will nd the Temple of Athena Nike) is the obvious choice and dominates the city, but it’s worth investigating a little further and visiting the gargantuan Temple of Olympian Zeus, as well as the Odeon of Herodes Atticus. If you have time, maybe you can solve the question over the Poseidon/ Zeus debate and the Artemision bronze?