INTRODUCTION

The partnership between Elon Musk and CFO Deepak Ahuja saved Tesla from not one but two near-bankruptcy crises, putting the company on a path to becoming the world’s most valuable car company. Here’s what we can learn from that:
 

(If you’re reading this article as a CFO, here’s an insight on how to stand out and be a kickass CFO).

1. THE GLUE THAT HOLDS YOUR BUSINESS TOGETHER

CFOs keep their eyes on the bottom line, making sure each dollar is being spent wisely and efficiently, that inventory is being managed properly, and that budgets are met. They know how to manage risk so your company can grow without worrying about going under. They're also responsible for preparing financial statements for external stakeholders—the people who invest in your company or loan money to you—as well as board members who have oversight over strategic direction of your firm.

2. YOUR CFO IS YOUR BUSINESS STRATEGIST

The CEO and CFO are a team. Their job is to take the business where it needs to go, and they can't do that alone. As the chief financial strategist of your company, the CFO plays an important role in helping you figure out how you're going to get there.

A good relationship between CEO and CFO means that:

• The two parties understand each other's roles within the company.
• They can help each other fulfil their responsibilities; and
• They don't waste time on unnecessary tasks (like fighting over who gets credit for something).
  

3. HONESTY IS KEY

You need to think about the future. You need to think about the big picture, and you need to think about your business strategy. If you’re building a business, then it’s not just about making a product and selling it today—it's also about keeping that product relevant five years from now or ten years from now. And if you don’t have any ideas for how things are going to change in the next few years, then you might want an outside perspective on where your company is headed.

Honesty is a key characteristic to look for in a CFO. The CFO is often the one person the CEO can rely on to deliver the unvarnished truth, even if its painful. A good CFO can help with this kind of thinking because they know how businesses work and how money flows through them; they're able to put these two things together so that their companies make decisions based on what's best for them financially in both short-term and long-term situations (and beyond!).

Your CFO cannot be a lapdog. They need to have their own voices, there should be healthy debates sometimes and that’s good for business.

4. THE CFO CAN HELP YOU SEE THE BIGGER PICTURE

As a CEO, you are in charge of the company’s finances and understand the current state of things, but your CFO will have a much broader perspective. As the top financial leader, they can look at everything from macroeconomic trends to industry dynamics to competitor behavior. They may be able to help you see where your business stands with respect to other companies in your industry or market. They can help you see what’s moving or changing so that you don't find yourself on the back foot when there's an opportunity for growth or change.
 

5. THERE IS MASSIVE VALUE IN A GOOD CFO/CEO RELATIONSHIP

As a CEO, there is a lot of value in having a good relationship with your CFO. They are your right hand who can help you keep your company on track and get the most out of it. They also make great sounding boards when it comes to making the best decisions for your company.

As the head honcho, it’s easy for CEOs to get caught up in their own heads about what needs to be done next and how they can do it better than anyone else—which is why it’s so important to have someone like this by your side who will point out all of those areas where maybe there are some other options that aren’t immediately obvious but could still be effective at solving some of those problems.
 

CONCLUSION

There’s a reason why CEOs and CFOs are often seen together. They need to work closely with each other to make sure they’re on the same page and helping each other out. A good relationship between the two can be extremely beneficial, but only if you put the time into it.