The bMighty Blog -- Business & E-Business

IT managers do all sorts of things to get their key projects approved from hiring consultants to spending hours preparing charts and spreadsheets. I'm willing to bet not many do what Ian Campbell, CEO of Nucleus Research, suggests: Take their CFO out for lunch.

Following a blog I wrote on how IT managers need to tighten their belts in anticipation of lean economic times ahead, Campbell got in touch with me and offered his take on budget planning and getting IT projects approved in a more cost-conscious environment.

"The most important thing a CIO could do is take their CFO out to lunch and find out what the CFO looks for when considering a project," he said.

The biggest mistakes an IT manager can make in trying to get a project approved, according to Campbell? Using consultants and developing their own metrics.

"The IT department usually comes up with their own metrics for measuring a business case or they will hire a consultant but it won't match what the CFO wants," he said. "Ask the CFO what metrics he uses. What does he want to see in a business case?"

Campbell emphasizes that "finance is not trendy. They've been doing it for the last 100 years. Use their metrics."

Over a nice lunch, (but not too nice — you don't want the CFO to see you wasting money) an IT manager can try to gauge whether a CFO leans more towards high returns or short payback periods in the type of projects they like. "Some CFOs might be more inclined towards less risky projects," said Campbell. "Figure out what their temperament is."

That's for this year. Next year, when you take your CFO out for lunch, said Campbell, talk to him about the IT portfolio and its mix of risky and risk-averse projects. "The right strategy is a combination of both," he said.

"Your CFO is a wonderful resource," he added. "They'll tell you what they need and they write the checks. Go right to the source. CIOs should be doing this more and more often."

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