We’ve all heard the phrase, “Culture Eats Strategy”. This quote often attributed to Peter Drucker is seared into the minds of many as the reason why Strategy often fails. But for some reason, I’ve never been able to fully buy into this statement. Am I alone in this thinking?
Similar to a conductor of an orchestra, the finance team looks at all different functions, allowing some to grow faster at times but never taking eyes off other functions so that every function in the company always performs as one to achieve the best results possible.
Suppose you were asked to distill down your entire business strategy into a single graph or visualization, how would you choose to show it?
Every FP&A professional has an active role to play in business partnering, supporting the leadership team to aid decision making. To enable this, the FP&A team must be positioned to inform the future impact of decisions that are being made now. This requires understanding what the company’s strategy is, where the company is heading, what part your business unit/function play to get there and what are the KPIs on which they are being measured.
Although there have been a large number of publications on the topic of strategy, only a small number of business leaders are confident that they can achieve 80% or more of their strategic goals. Why is this the case and how do we tackle this gap?
FP&A Trends Group held another global webinar with over 430 participants joining from around the globe to discuss zero-based budgeting’s next evolution, zero-based financial planning & analysis (FP&A).