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o Make sure your position has P&L responsibility. Your mentor might be able to help identify and facilitate this. Create visibility and credibility for yourself in the organization. o Take on high profile projects. Identify your value proposition. What do you bring to the table? o Build and leverage these relationships.
However, a company’s biggest expense doesn’t show on a P&L, at least not directly. It has to be the responsibility of every single department: humanresources, training, marketing, support, sales, IT, finance, operations and, most importantly, leadership.
I've written about the rising significance of soft skills, including in the March 2011 issue of HBR (coauthored with Kevin L. The CIO has to know what's going on in finance and marketing, for instance, and P&L experience is important even for support functions like humanresources.
Two decades ago, organizations were designed around stand-alone business units, so all managers had to understand finance, technology, manufacturing, sales, marketing, strategy, humanresources, and more. At one time general managers were at the center of the action.
To stitch it all together meaningfully, CMOs are increasingly expected to act as general managers with P&L or shared/shadow P&L responsibility that drive revenue growth. Says Abi Comber, Head of Marketing for British Airways: “Having P&L responsibility is incredibly powerful.
For example, when the finance manager of a region has to coordinate intensely with the heads of the country subsidiaries in that region, it may make sense to put the business controller of each subsidiary in a matrixed position, that is, to have each of these report not only to their respective subsidiary head but also the region finance manager.
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