Progress in Your Finance Career to Reach CFO Level & Beyond: Inspiration from Stephen Fern

Stephen Fern, the charismatic football coach turned CFO, turned Managing Director at growing coffee company 200 Degrees Coffee Roasters, in Nottingham, recently shared with us his journey and insights into his fascinating career. His unique story offers eye-opening and valuable lessons for finance professionals aspiring to reach the pinnacle of their careers. Here are the key takeaways that may help to inspire your own finance career journey for how to take your career to CFO level and beyond.

Embrace Diverse Experiences

Steven’s career trajectory was anything but linear. After university, his dream was initially a career in football coaching. After a summer in the US coaching he shifted to finance, influenced by his father's admiration for PWC. Stephen emphasised the importance of diverse experiences, highlighting how his time in various roles and industries—ranging from PWC in Manchester and Brisbane to an insurance company in California—shaped his broad skill set. This diversity allowed him to develop a comprehensive understanding of different business models and financial systems, making him more adaptable and versatile.

Understand the Operational Side

One of Stephen's key points was the significance of understanding what drives the numbers. He noted that while technical accounting skills are essential, it’s equally important to comprehend the operational aspects behind the figures.

"While technical accounting skills are essential, it’s equally important to comprehend the operational aspects behind the figures. Immersing yourself in different roles within the organisation helps you to make more informed strategic decisions." - Stephen

Stephen’s approach involved immersing himself in different roles within the organisations he worked for, whether it was leading wholesale operations or even participating in shifts within the care home sector. This hands-on experience helped him make more informed strategic decisions, a crucial skill for any CFO.

Develop Strategic Thinking and Decision-Making Skills

Transitioning from a finance director to a managing director involves a shift from purely financial oversight to broader strategic thinking and decision-making. Stephen highlighted the importance of communication and strategic planning in his role. He implemented an OGSM (Objectives, Goals, Strategies, and Measures) planning process that involved both top-down and bottom-up approaches. This method ensured that everyone in the organisation was aligned with the company’s vision and objectives, fostering a cohesive and motivated team.

Cultivate a Strong Company Culture

Stephen stressed the importance of culture and execution in any business. He believes that a strong company culture, where core behaviours and values are clearly communicated and demonstrated, is vital for success.

"A strong company culture, where core behaviours and values are clearly communicated and demonstrated, is vital for success. Being out and about, interacting with employees and customers, allows you to embody and demonstrate the values and core behaviours you want to instil within the organisation." – Stephen

Stephen’s leadership style focuses on caring, customer service, and a can-do attitude. He often visits the company’s shops to interact with teams and guests, demonstrating the values he wants to instil within the organisation.

Focus on Emotional and Physical Wellbeing

Reflecting on his career, Stephen underscored the importance of looking after one’s emotional, physical, and mental wellbeing. He shared his own experience with stress and how it affected his health during challenging times, such as navigating the company through the COVID-19 pandemic. Stephen advocates for practices like using the Calm app to manage stress and maintain a healthy work-life balance. He encourages finance professionals to prioritise their wellbeing to sustain long-term career success.

Be Yourself and Build Trust

Stephen’s advice to aspiring finance leaders is to be authentic and build trust within their teams. He believes in the power of being oneself and not trying to emulate someone else’s management style. Stephen has cultivated a work environment where open communication and mutual respect are paramount. His ability to laugh at himself and encourage a relaxed, yet professional atmosphere, has earned him respect and loyalty from his colleagues.

Take Informed Risks

Risk management is an integral part of a CFO’s role. Stephen’s experience as an Enterprise Risk Manager in the US taught him that good risk management processes allow for taking informed risks. He emphasised the importance of understanding the likelihood and impact of risks, and having mitigation strategies in place. This approach enables finance leaders to make bold decisions that can drive growth while safeguarding the company’s interests.

Seek Continuous Learning and External Insights

Throughout his career, Stephen has benefited from learning from his bosses and peers. He recommends seeking out mentors, participating in professional forums, and engaging with industry peers to share insights and experiences. This continuous learning mindset helps finance professionals stay ahead of industry trends and best practices.

Stephen’s journey from CFO to Managing Director is a testament to the value of diverse experiences, strategic thinking, strong company culture, and personal wellbeing. For finance professionals aspiring to reach the CFO level, his insights provide a roadmap for career progression. Embrace diverse roles, understand the operational side of the business, focus on strategic decision-making, cultivate a positive culture, prioritise wellbeing, be authentic, take informed risks, and seek continuous learning. These principles will not only help you advance in your career but also prepare you for the multifaceted challenges of a CFO role.