Transforming the role of Finance to become strategic business partners is a change journey that takes time and requires improvements across several dimensions.
Your starting point should always be to understand where you honestly stand today, in the eyes of your business leaders. Which role does Finance play today?
What is the role of Finance in your business? Start with an open and honest conversation about which role your business leaders think Finance plays today?
Very often Finance teams think they are playing a more strategic role than their business leaders think.
In our experience, all too often the business leaders see Finance as playing the role of information provider instead of truly influencing business decisions or business strategy.
Having established where you stand today, you then need to work explicitly with your business colleagues to agree which role the business really needs you to play.
Where does Finance add the most value?
Some businesses warrant a Strategic Partner role from Finance, but not all companies need this.
The most important thing is to explicitly agree with your business colleagues which role Finance should play, and where the biggest gaps are today.
This sets the ambition and agenda for the change journey for your finance organisation to add more value to your business.
So Ask Yourself:
We often conduct diagnostic assessments for Finance Directors to clarify the role of Finance with the business and to set a roadmap of what needs to change in your Finance organisation, and how.
If you’d like an informal conversation about the role of Finance in your organisation please get in touch.
Managing Director, Arcus Consulting
t: +44 (0) 207 608 5096