I don’t like being told No. It has never sat well with me, especially when there is no good reason for it, or I question the reason given.

I’m also not a fan of being stopped when I’m trying to get somewhere. Have you ever driven up to an intersection in the early morning only to have the light turn red, and yet there is no oncoming traffic for whom the light turned green? Drives me crazy.

No. Stop. You face this reality when trying to get approval for spending from the CFO. You can feel like you are James Bond seeking to save the world only to be up against another version of Dr. No.

How do you do all that you can do to change your CFO from Dr. No to Dr. Go, even if the market is unpredictable?

And let’s give credit to our CFOs, who like you, are professionals trying to do their very best for the sake of the company: They have a major role which is to ensure that every investment is realistic to help the company achieve its goals.

In other words, we want the same thing; it’s just that we often approach the intersection from different directions.

When The CFO Is In NO Mode

Here are some common reasons a CFO might decline or be hesitant about a technology investment:

• Lack of Clear ROI
• Budget Constraints
• Unproven Technology
• Redundancy
• Integration Concerns
• Maintenance Costs
• Cultural or Change Management Concerns
• Vendor Reliability
• Security Concerns
• Short-Term vs. Long-Term Value
• Alternative Investments
• Economic or Industry Outlook

The above is reasonable. Essentially, they represent a CFOs need to exercise understanding, analysis, risk mitigation, liability management, and strategic implementation.

We can work with that.

When The CFO Is In GO Mode

They are your partner.

They prioritize and promote your initiatives.

They have a confident perspective on the future.

We love them - So what is involved in moving a CFO from overly-protective parent to enthusiastic partner?

The customer journey.

The thing your marketing team talks about.

Depending on who you read, it’s the four or five or seven stages a person goes through when deciding to do business with you.

I will make it simple. There are three stages you must honor with your CFO when trying to gain approval for minor to major purchases:

Awareness

This is where you make your CFO aware of what you want to do. There are three keys to address and a fourth dynamic:

• You must clearly articulate the motivation. What is the benefit you seek? What is the desired state you wish to be in, and what is the current state that is in need of improvement? In other words, the company can be “there” and will benefit x,y,z, while the company is “here” and is hindered by a,b,c. You must answer “What’s wrong with what we have today?”
• You must demonstrate the value. Why is what you want to do (or who you want to do it with) better than the alternatives available to do it?
• You must justify the cost. If it isn’t the cheapest, why is it the most cost-effective?
• What is the trigger? What happened that brought this up in the first place? Why now?

Analysis

Whereas awareness is about motivation, analysis is about education. Essentially, in awareness, you are working on an If/Then proposition. If this is the reality of our current state and the possibility of our desired state, and if the value is found in the preferred alternative, and if the cost is justified, and if the trigger merits attention, then the proposed purchase is a strategic benefit.

In analysis, you prove the If statements. Provide the CFO with what you know and the rationale behind it. And here is the key: Then ask, “What, if anything, am I missing?” Draw them into partner mode (Dr. Go) not just decision mode (Dr. No).

What are the use cases, the testimonials, the vendor qualifications, etc?

Action

The CFO is valued because of their acumen. They must read the market, ride the waves, roll with the CEO and react to executive initiatives coming from intelligent people.

In considering the customer journey, and providing what they need so that they are as informed as possible, you have done what you can to get them to yes.

But so often we don’t do the work in advance. Because it is work.

Yet, every spend you seek, small or extensive, merits the investment. The above can be translated into a major presentation, or it can be leveraged in a simple conversation or email. Either way, your CFO will appreciate the attention you give it.

If it's still No, save your work. Seek to understand the market conditions behind the decision. Honor, and then return again.

The CFO is often cast in a villain role. Work with them, and it’s likely that underneath the overcoat is a superhero, who, like you, is just trying to save the day.

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