A CFO's reluctance to try something new, even something that would save the company significant dollars, can be attributed to the initial lack of trust in the advisor that brings the idea to the table.
It takes time to foster a relationship of trust with an individual who has much at stake in a company – whether it’s just a job, equity, leadership position, or just plain reputation.
So if the idea is presented by an outside advisor, that advisor should invest into the relationship and over time gain the trust that is necessary to execute the idea presented.
Additionally, new ideas typically require a lot of work above and beyond the normal day to day responsibilities of the status-quo. So it is imperative to obtain buy-in from every individual that will be involved in the process.
You know how the saying goes, a chain is only as strong as its weakest link. That, I believe is one of the biggest hurdles companies need to overcome when considering new ideas. Everyone has to be on board so that it is properly implemented and successfully launched.
My 1.5 cents.
Jacoline Loewen, BNN The Pitch
Jacoline Loewen See Jacoline on BNN, The Pitch Author of Money Magnet Director, Crosbie Co.
Crosbie & Co.
150 King Street West
416 362 7726