Last week, a few dozen Fractional CFOs were in my office for our quarterly CFO Mastermind meeting.

We keep most conversations confidential, but I did notice one question came up more than a few times.

While the answer is simple, getting it wrong could cost your firm hundreds of thousands of dollars in lost revenue!

The question?
"What's the best way to structure the monthly strategic CFO calls with clients?"

Get it right and you'll have clients with a clear understanding of where their business has been, where they're at, where they're headed, and what they need to do to achieve their goals.

This is a good thing.

Get it wrong, and you'll have frustrated clients who feel they're not getting the value they hoped for.

Today, I'm going to share the same structure my firm uses, which is the same one I shared last week with members of The CFO Mastermind.

Let's dive in.  

The Case for Structure

I can't overstate how critically important it is to have a set structure for your monthly strategy calls.

Having a set structure not only forces you to think about and prepare for the call, but it also helps you keep your calls on track.

It's VERY easy for what should be a strategic call to get squirrelled into tactical conversations. You've probably experienced it before. Questions about accounting, conversations about inconsequential topics, or simply spending too much time on one single issue.

Regardless, you end up over-indexing on tactical, low-value ideas and underindex on strategic, high-value ideas.

But having a call structure in place serves as a call agenda, helping keep things on track and strategic.  

The Structure I Prefer

For my firm, I like to keep things pretty simple.

1. Start with hellos and "what's top of mind?" (<5 min)

In addition to the normal pleasantries, I like to start every monthly call by asking the client if there's anything top of mind for them.

The reason I do this is because if launch off with my agenda but they have some burning issue in their mind, they won't be dialed into what i'm saying. 

2. Review the financials (10-12 min)

After we get past the pleasantries, we're straight into reviewing the financial statements: the P&L, the balance sheet, and the statement of cash flows.

Now pay close attention here - you shouldn't spend more than about 10 to 12 minutes AT THE MOST on this part of the call.

Why? Your clients aren't paying you to read them the P&L. They want strategy and forward-looking guidance.

If the client asks you a question about the financials that will take more than 30 seconds to answer, write the question down, and tell them you'll get back to them with the answer after the call.  

3. Forecasts and Projections (40 min)

This is the fun stuff!

Yes, this is where you drop in a rolling 12-, 18-, or 24-month set of projections.

But this is also where you show your clients the game plan! You show them what must be true in the financials for them to hit their goals! You explain where changes are necessary for the outcomes they're hoping for to become a reality! You collaborate on operational decisions to ensure actuals align with projections! Indeed, THIS IS THE FUN STUFF!

(As I wrote that paragraph, my internal voice was crescendoing. I hope you could hear it in my writing.)

This is the stuff your clients are paying you for, and that's why you should spend the bulk of your time in this section.

If you fool around in the financials too long, you won't have enough time to invest the necessary time here.

4. Action Items + Wrap Up (5 min)

We finish things up by reviewing all the action items, tasks, and next steps agreed upon during the rest of the call.

I have found that it's important to tie back as many of those action items as possible to the client's goals. This reinforces why the action items are important and increases the chances that they'll get done.

Your Action Item

This CFO call agenda is straightforward but provides the structure you need to ensure you're discussing the most important topics for your client's long-term success.

If you don't have a written agenda for your monthly calls, this is a great time to document one and start following it.

If you do have a written agenda in place, this is a great time to go back and watch some of your previous calls and make sure you're following it.