Strategies for Balancing Immediate Goals with Sustainable Practices!

The world of finance is often presented as an intricate web of statistics and strategy, but its true core rests in its impact on businesses and communities. Financial leaders are more than just numbers crunchers; they are growth architects who shape their organizations’ futures while navigating challenges and opportunities. Their insights may drive creativity, improve sustainability, and eventually revolutionize how businesses operate in an ever-changing market.

As Leylaty Group‘s Chief Financial Officer, Bashar Weshah leads the way in financial leadership. His career has been defined by a deep understanding of how finance connects with strategic planning and operational performance.

Bashar’s passion for statistics and problem-solving has driven him to take on crucial financial initiatives that have stabilized and driven his firm ahead. His accomplishments demonstrate a dedication to not only meeting immediate financial objectives but also assuring long-term success through new tactics and sustainable practices.

Here are some interview highlights:

What inspired you to pursue a career in finance, and how did you become a CFO?

My inspiration to pursue a career in finance stemmed from my strong interest in numbers, problem-solving, and understanding how businesses operate. Early in my career, I recognized that finance plays a critical role in shaping a company’s strategy and growth.

Over time, I honed my skills through various roles in financial analysis, budgeting, and management. This experience, combined with a deep understanding of financial planning and leadership, eventually led me to the role of CFO, where I can contribute to the overall success and long-term vision of the company.

Can you describe a key achievement in your career that you believe sets you apart as a visionary CFO?

A key achievement that I believe sets me apart as a visionary CFO was leading a comprehensive financial restructuring during a challenging period for my company. By developing a strategic cost-cutting plan and identifying new revenue streams, we were able not only to stabilize the business but also to increase profitability in a highly competitive market.

This initiative required a forward-thinking approach, balancing short-term financial health with long-term growth opportunities, and it demonstrated my ability to navigate complex challenges while driving sustainable success.

How do you approach strategic planning within your organization, and what methodologies do you employ?

Strategic planning is a highly collaborative process for me. It’s essential to ensure that financial strategies are not just about numbers but are aligned with the company’s overall goals. I work closely with department heads to integrate financial planning into their operational objectives, ensuring that our short-term goals feed into long-term growth.

I rely on tools like SWOT analysis to assess our strengths, weaknesses, opportunities, and threats, and I use scenario planning to anticipate potential market changes. Data-driven forecasting is also key in shaping our strategies, giving us the agility to adjust as needed in real time.

In what ways do you support technology and data analytics to handle financial performance and decision-making?

By leveraging advanced financial software and analytics tools, we can gain real-time insights into key financial metrics, improve forecasting accuracy, and automate routine tasks. I also encourage the use of data-driven dashboards to track performance and identify trends, which allows for more informed and timely decision-making.

What are the most significant challenges you foresee for CFOs in 2024, and how do you plan to address them?

Navigating economic uncertainty, managing inflationary pressures, and adapting to rapid technological changes. Additionally, evolving regulatory requirements and the need for sustainable financial practices will demand greater attention.

To address these challenges, To navigate these challenges, I plan to focus on scenario-based planning to stay ahead of potential market shifts, invest in technology to improve efficiency, and reinforce our risk management processes. By staying flexible, leveraging data analytics, and promoting innovation, I believe we’ll be well-positioned to tackle these challenges head-on.

How do you balance short-term financial goals with long-term strategic objectives?

Balancing short-term financial goals with long-term strategic objectives requires a thoughtful and disciplined approach. I prioritize maintaining a strong financial foundation by closely managing cash flow, optimizing costs, and meeting immediate performance targets.

At the same time, I ensure that we are investing in areas that drive long-term growth, such as innovation, technology, and talent development. Regularly reviewing and adjusting our financial strategies allows us to stay agile, meet short-term needs, and stay aligned with our broader vision for sustainable success over time.

What role does sustainability play in your financial strategy, and how do you integrate ESG principles into your operations?

Sustainability plays a crucial role in my financial strategy, as it aligns with our long-term goals and enhances our brand reputation. I integrate ESG principles by assessing their impact on our financial performance and risk management.

This includes investing in energy-efficient technologies, promoting diversity and inclusion within the workforce, and ensuring ethical governance practices. By incorporating ESG metrics into our decision-making processes and reporting, we not only fulfill our corporate responsibility but also position the company for sustainable growth.

Can you share an example of how you’ve furthered innovation within your finance team or organization?

One example of how I’ve fostered innovation within my finance team is by implementing a cloud-based financial management system. This transition allowed for real-time data access and streamlined reporting processes, enabling our team to focus more on strategic analysis rather than manual tasks.

Additionally, I encouraged a culture of continuous improvement by organizing regular brainstorming sessions where team members could propose new ideas and solutions.

What strategies do you take on to attract, retain, and develop talent within your finance team?

Attracting and retaining talent starts with creating an environment where people feel valued and empowered. We focus on career development. I believe in providing opportunities for professional growth through training, mentorship, and challenging assignments.

Open communication and recognition of achievements are also key to keeping morale high. By fostering a culture that promotes collaboration, innovation, and personal development, we ensure that our team members are both motivated and committed to the organization.

How do you view the advancing role of the CFO in today’s business era, particularly in relation to digital transformation?

CFOs are not just financial stewards anymore; they are strategic partners who drive innovation and help shape the company’s direction. With digital tools and analytics, CFOs can provide deeper insights into financial performance, enhance decision-making, and identify new growth opportunities.

What advice would you give to aspiring CFOs looking to make their mark in the finance industry?

For those aspiring to be CFOs, my advice is to focus on building a well-rounded skill set. Finance is about much more than just numbers; you need to understand how technology, strategy, and leadership all play a part. Be curious, learn about digital tools, and gain experience in data analytics. Equally important are communication and leadership skills, as a CFO must be able to collaborate with a wide range of stakeholders and guide the organization through change. Finally, be adaptable. Finance is constantly evolving, and those who can navigate that change will stand out.

Looking ahead, what are your personal goals for the next year as a CFO, and how do they align with your organization’s vision?

My personal goals for the next year include enhancing our financial forecasting capabilities and driving strategic initiatives that support our company’s growth. I aim to implement advanced analytics tools to improve decision-making and increase operational efficiency.

These goals align with our company’s vision of innovation and sustainability. Additionally, I want to foster a culture of collaboration within the finance team to ensure we all contribute to achieving our broader objectives.