There is often a contribution people want to make, that for whatever reason, they don’t!
As we work our way around lots of organisations, we hear several conversations happening everywhere. Talk of flexibility, agility and speed in decision making. Artificial intelligence and how to thrive in a digital age. Winning with consumers, M&A activity, ‘doing more with less’, the list goes on… It is not that these sentiments and calls to action are wrong, but how do you turn them from words into actions? And more specifically, how can the finance folks really make an impact by helping their organisations to thrive in this climate? To be the business leaders they could be.Finance have a big role to play in enabling and leading organisations to capitalise on the above. But all too often the role they play falls way short of their potential.
Take this situation I experienced recently. My bank manager (yes, they still exist apparently) came to me for the first time in 15 years to talk about what my account could offer me and all things financial. Given I have banked with them for over 30 years I asked him what information he had about me; my spending habits, household outgoings, mortgages and such like. His response was very disappointing; he had no insight apart from my current bank balance and an offer to find out more. Given our bank accounts give huge insight into how we spend our money and live our lives, any finance manager could add real value to us re: products and services they offer and suggested ways we could optimise our money. But instead, they perform a transactional service, well below the permission levels we give them.
I see this same dynamic in most organisations, where the finance people have:
What we see is a control and caution orientated department with a leaning to looking back. With service or offers below the permission levels that finance people could take. We all know how refreshing it is when you get some great analysis and insight that allows you to make bold decisions and see a new pathway to delivering the strategy.
My call to all finance people is to challenge the permission you’re taking and the offers you make. And be bold! Push the boundaries and develop your capabilities to surprise and delight the people you partner and work alongside. The shift is simple; to being business leaders who drive the strategy versus respond to it. In short, to be business leaders first, with finance expertise.
The place to start is creating strong partnerships at all levels. To find out where you are, ask these 4 questions:
Lastly ... if the answer isn’t yes from question 2 through to 4, then the answer to question 1 is ‘they’re being polite’! Politeness is code for; ‘you are not exciting them by what you can offer’.
If you had no limits:
Now, go make those offers and get those capabilities!!