In this episode of CFO Weekly, John Ferrari, VP of Finance and Administration (CFO) at Northern Virginia Community College (NOVA), joins Megan Weis to discuss the role of a CFO as a business leader or the strategic CFO in higher education and the importance of financial stewardship and data-driven decision-making in enhancing student outcomes.
John is a senior executive with expertise in business reengineering, data analytics implementation, and financial management. Besides his role at NOVA, he is also a Board Member of AAFMAA, a Non-Resident Senior Fellow for the American Enterprise Institute, and a Senior Strategy Mentor for Strategic Education International.
In this episode, we discuss:
- How the CFO is driving student success in higher education with strategy and data
- Driving collaboration through transparency and team empowerment
- Change management strategies for CFOs
- How the role of a CFO is evolving to incorporate a more customer-focused approach
- Cultivating future leaders in finance
Key Takeaways:
From CFO to Visionary
Balancing the traditional CFO role with being a strategic leader is about more than just managing finances; it's about using resources to drive student success and adapting to a rapidly changing workforce. Focusing on the outcomes, like students securing better jobs post-graduation, and leveraging data to inform strategic planning, allows the college to ensure its programs stay relevant and impactful. Moreover, empowering staff with accessible, actionable data helps them anticipate trends and make informed decisions.
"The role of a CFO at the college is not just to account for money; it's really about how those resources that the college has, how you use them to increase the outcomes of the students." According to Ferrari. - 05:19 - 10:46
Breaking Down Silos
To break down silos and foster collaboration, transparency is key. A CFO should make budget data accessible to all departments, ensuring everyone understands where resources are allocated and why. Regular meetings, though sometimes unpopular, are essential for keeping teams aligned. By pushing decision-making down to team members and only stepping in when consensus can't be reached, leaders empower their teams to work together effectively and break down barriers, encouraging collaboration across departments.
As Ferrari said, "I think the CFO is the absolutely critical player in breaking down silos." - 10:47 - 14:40
CFO Leading Higher Education with Impact
Leading teams through change is all about giving team leaders specific problems to solve rather than repetitive tasks. This empowers them to see the big picture and make necessary changes, fostering innovation and growth. Also, for a customer-focused approach, meet customers where they are, whether that means updating technology or improving user experience to align with how people interact today.
"If you want people to change, you have to empower them to change, and you have to let them see the big picture, as well as let them go to change things." Ferrari said. - 17:38 - 21:49
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