Gary McGaghey, CFO Expert and former Group CFO of international companies, has extensive experience in financial strategy. He is currently the Managing Director at PwC, where he oversees strategic finance projects for clients. Recently, Gary was interviewed on Idea Mensch about his work as a Chief Financial Officer. One of the most important things Gary mentioned during this interview is that businesses should focus more on cash flow than profitability to ensure success. This is because cash flow can change in a day, and businesses need to be prepared. Learn more
Gary McGaghey also provided some tips on how companies should manage their finances: -It’s important to stay up-to-date with market trends and economic changes; this way, you will know when or if any risks need more attention from the business. -Companies must always remember they have boundaries and limits – these keep them safe by making sure they do not invest too much money into one project. -A variety of financial strategies may work well for different types of projects depending on what company goals are being accomplished through each strategy, so make sure the plan fits your needs best!
Cfos are in a difficult situation because they are expected to keep the business running and make it grow. To do this, one must be well informed about the financial strategy being used.
Gary McGaghey says that a single financial strategy will work everywhere; each business is different and requires unique attention. It would help if you listened to everyone around you to learn how to properly manage the company’s finances.
CFOs’ top concern was a corporate tax reform that would affect them, but their main concern now is how to drive the company’s growth. CFO’s need to set clear goals for their companies to keep track of whether or not the financial strategies being used are working well with those goals. Gary says setting up milestones along the way will help create this goal-oriented plan instead.