Whether you find yourself thriving or in need of a swift and effective change, this article is for you. The role of a finance executive is fraught with challenges and can be particularly stressful as the end of the year approaches and results must be delivered. To help you navigate this critical time, we’ve compiled a list of strategies recommended by two leading consulting firms in the US. These strategies are designed to enhance your performance and effectiveness as a finance executive. So, grab your notepad, and let’s dive in!
BE READY TO TAKE ACTION
The role of a finance executive has evolved significantly, expanding beyond numbers and metrics to encompass a more strategic perspective. This evolution requires finance executives to be prepared to tackle a wide range of challenges, demonstrating not only their ability to manage their own department but also their capacity to support other departments and executives. Whether it’s Accounting, Customer Success, Operations, or Marketing, finance executives must be ready to take action, understand what’s happening across the company, and build strong partnerships with closely related departments.
Consider this: “more than 40% of finance leaders say establishing finance as a partner to the business is one of the top three priorities for the finance function in the next 12 months”
ESTABLISH A FINANCE PLAN
This may seem obvious, but it’s more of a fundamental rule than just a strategy. As a finance executive, having a comprehensive plan A, B, and C is essential for helping your company achieve its goals. A capable finance executive is prepared to handle both the known and the unknown, the ups and downs. Having a solid primary plan and multiple backup plans demonstrates your ability to manage the unexpected and your forward-thinking approach to the company’s future.
Consider this: “Truly excellent Financial Executives are always looking to the future, envisioning how they want the company’s financial performance and structure to evolve in the coming months and years based on current trends and the desired growth of the business.”
BE OPEN-MINDED
In today’s economy, being open-minded is crucial. While traditional practices and strategies are reliable, it’s also important to explore new approaches. Start with minor changes to show that you’re staying updated with industry advancements. Embrace new ideas and implement some of them. This demonstrates that you’re not afraid to take calculated risks and highlights your commitment to continuous improvement.
Here’s a telling statistic: “In the next year more than 50% In of Finance Executives plan to hire in specific areas to drive growth.”
RELYING ON DATA
While it’s essential not to focus solely on numbers and metrics, their importance to a finance executive is undeniable. Data is invaluable; with accurate data, you can establish a robust financial plan and be prepared to act decisively. It’s crucial to stay on top of the data within your department and across the company. From cash flows and market trends to revenues, costs, portfolios, inventory, and even social media metrics, leveraging this data effectively will benefit your department. Thorough data analysis leads to informed decision-making, and a well-informed decision can determine whether your company has a successful year or needs a rapid and effective change.
Consider this: “36% of global finance and tech leaders reported costs of $1 million or more for their worst data breach in the past three years.”
BE A COMMUNICATOR
Effective communication is vital, not just for finance executives but for any C-level position. Whether delivering a major presentation to dozens of people or engaging in casual conversation by the coffee machine, it’s important to articulate your thoughts clearly and ensure you are understood. Being a skilled communicator means you can convey your expertise and insights effectively. Combined with the other strategies mentioned above, this skill is key to defining the type of finance executive you are and can become.
Here’s an insight: “Finance Executives should make sure that they openly, accurately, and optimistically communicate specific financial information to all parties entitled to it.”
Those are only a few strategies that you can use to be a better Finance Executive in 2024, there’s still time to improve yourself and help your company to achieve their goals. Here at My Personal Recruiter we have a stellar team of career coaches that can also help you with being a better professional in your field.
