Saras Seth, a career interim of several years, joined Prince’s Trust as Interim Chief Finance Officer earlier this year and has since joined permanently. I recently caught up with him to discuss his experiences of leading as a CFO through lockdown and how the priorities within his role changed during this time.
How did you feel about going into lockdown not long into your new role?
It was as a challenge; I was a new member of the team but as the CFO I was central to most of the decisions being made within the organisation at this time. I had to learn how the organisation worked very quickly. As an experienced interim, I quickly assimilated what needed to be done. I had a similar experience four years ago whilst I was at the BBC. At the time, we had no offices for three-four months, and I had to manage the whole team remotely. Being an interim did not affect how I behaved, you look at what needs to be achieved and endeavour to get it done, no matter what.
How has your role at Prince’s Trust been able to respond to the pandemic and beyond?
Currently the main objective for any CFO is to preserve cash. In the current climate the finance professionals have become the most important cog in the wheel, and they drive the organisation forward whilst also adopting a defensive/ survival mode. Most CFOs will have this skillset and you find yourself almost taking control of the ship, providing guidance inside and outside of the organisation. You find yourself running lots of scenarios and numbers and what the hypothesis are, updating the board and the team constantly. The role becomes critical as it is the only one that can present what might happen in the future.
We discussed the CFO role being the driver for change within organisations. How would you describe your leadership style and how have you motivated your teams during this change journey?
Interestingly, during the pandemic there have been far fewer staff for the business to manage due to furlough. All organisations have their own DNA, processes, and momentum but with fewer people you find yourself trying to navigate a business which is becoming leaner. You make structural changes within the organisation and learn how to operate with less staff. Staying positive is important and to succeed over this period, you must simplify things. At the Trust we looked at what adds value and focused on that. Being clear with the team on what you expect to be achieved and give realistic timelines. It feels more prescriptive (due to remote working) and there is more clarity and centralisation. To keep the organisation engaged, you must know what you need to stop or continue doing to keep the business on track.
How do you think your role might be changing as we emerge from the pandemic?
The role of a CFO will be challenging for the next three to five years. The challenges that will be in place for this role will be one of constant evolution. Mapping forward as far as possible but not committing too far forward in a hard sense. There will be more scrutiny and focus on the delivery of our services and to navigate the future you will need to be as agile and as nimble as possible. Organisations will start to centralise a lot of their processes and then outsource to reduce committed costs.
What changes do you see for finance more generally as we look to the future?
There will be a bigger focus on governance and oversight by the Trustees. It will cover GDPR, risk, forecasting and safeguarding. There will be an increase in scrutiny from the board and specifically the Treasurer in this current environment. My current challenge right now is governance, forecasting, asset management and commerciality.
Give us your insight into what positive changes have occurred due to COVID?
We have found ways of stopping doing things which were not adding value and have focused on the tasks that pay dividends. One of the insights we have had at the Trust is that remaining teams have become focussed more on core processes and Charities will have to find a balance between the value add they require and the amount of resources they want to commit to things ; we may find that many Charities are over-resourced as delivery models change.
What has been the biggest challenge?
Trying to improve processes and quality of insight whilst working remotely. It has been challenging trying to relay information virtually through technology. Working on projects remotely without excellent collaborative digital tools has been difficult.
What have you learned about yourself in lockdown?
I have found out I am not a big fan of working from home and I have learned that the work/life balance line has become exceedingly blurred!
What will be your next priorities at the Trust?
My next focus will be on the improving the quality of information.
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