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Elevating Financial Decision-Making: The Strategic Role of FP&A in Modern Business
April 23, 2024

By Mario Jiménez, Group CFO at Alamar Foods

FP&A Tags
FP&A Storytelling
FP&A Skills

Financial Planning and Analysis (FP&A) goes beyond being a department or a role within companies; it serves as the foundation for making informed decisions and setting strategic goals. In today’s changing business environment, FP&A professionals are assets who can navigate challenges and guide their organisations towards success.

This article aims to explore the role of FP&A in facilitating decision-making processes, overcoming communication obstacles, and using FP&A Storytelling to enhance business performance.


Ensuring Organisational Resilience by Translating Numbers into Strategic Insights

At its core, FP&A entails analysing data, interpreting trends, and deriving insights crucial for shaping strategic plans. FP&A professionals act as advisors to management, offering valuable insights and conducting Scenario Analyses to support decision-making. In a volatile setting where rapid changes and unexpected disruptions occur, FP&A plays a key role in assessing risks, identifying opportunities and devising strategies that promote organisational resilience and adaptability.

Despite the importance of their responsibilities, FP&A specialists often face the challenge of conveying financial information to various stakeholders. Whether communicating with C-suite executives, board members, operational teams or external Business Partners, FP&A professionals must tailor their communication strategies to resonate with audiences.

It requires not only the ability to present data accurately but also the skill to communicate the broader story behind the numbers.


The Art of FP&A Storytelling

Engaging in the art of storytelling is a technique within the realm of FP&A for connecting with stakeholders, simplifying insights, and motivating further actions. Storytelling intertwines narrative, visuals, and data necessary to create a compelling story. By adding a touch to data and placing it within the context of broader business goals, FP&A experts can bridge the divide between analysis and implementation, fostering better comprehension and support from stakeholders.

To fully leverage the potential of storytelling, FP&A professionals need to excel in three areas: narrative, visuals and data.

The narrative acts as the foundation of any captivating tale, offering a framework for interpreting insights and conveying essential messages. Crafting succinct stories embellished with real-world instances can captivate audiences by bringing ideas to life.

Visual elements enhance the narrative by providing representations of more accessible and engaging data sets for stakeholders. FP&A experts have different tools for visually communicating insights, from charts and graphs to dashboards and infographics.

Finance professionals can improve understanding and retention of important messages by choosing and creating visual aids that match the overall story.

Undoubtedly, data serves as the foundation of any finance narrative, supporting the accuracy and trustworthiness of the insights shared. Finance professionals should verify the quality, dependability and relevance of the data utilised in their analyses, openly revealing any assumptions or constraints that could impact the conclusions. Establishing confidence in data and analytical methods can help FP&A professionals inspire trust in their recommendations.

Apart from aiding decision-making processes, the finance team can foster innovation and drive business expansion. Finance professionals can predict trends, identify emerging opportunities, and proactively shape the strategic paths of their organisations by utilising analytics, predictive modelling, and Scenario Planning techniques. In an environment where agility and adaptability are essential qualities, finance acts as a guiding force that can help organisations navigate uncertainties and seize new growth opportunities.


What Is Essential in FP&A Storytelling?

Three vital elements come into play when conveying a message: the message itself, the sender delivering it and how it is communicated. Each of these factors is equally important in ensuring good communication.

If someone without trustworthiness sends a message, it might not have the desired impact regardless of its content. Similarly, if the message isn't delivered appropriately to suit the audience’s needs and preferences, it may not reach its intended recipients effectively.

In the context of FP&A discussions, effective communication is crucial due to the importance of the information being shared with different stakeholders. Whether conveying insights to peers with expertise or senior executives responsible for quick decision-making, FP&A experts must carefully tailor how they communicate their messages.

For example, when interacting with other finance colleagues, FP&A professionals might concentrate on presenting thorough analyses and data-backed insights. On the other hand, this will not do when dealing with time-pressed managers who require concise information for rapid decisions. In this case, FP&A specialists may need to simplify complex financial details into easily understandable summaries.

Additionally, the trustworthiness of the sender significantly impacts how well a message is received. FP&A professionals must establish themselves as advisors by providing precise and dependable insights. This trust enhances the chances that their messages will be positively received and acted upon by stakeholders. When starting a new role, during the first 100 days within a company, I focused on the basics, promoting teamwork and gaining stakeholder trust. Based on my experience, these are the key factors in earning trust.

Clear communication is vital to keeping stakeholders up to date on progress, the obstacles faced, and the accomplished achievements to establish credibility and trust. Being reliable by following through on commitments and meeting deadlines helps build trust with stakeholders. Actively listening shows an interest in understanding other viewpoints.

Taking responsibility for mistakes and finding solutions is essential for strengthening integrity and dependability. Consistently delivering results that align with what stakeholders value demonstrates dedication and contributes positively to the organisation. Developing connections beyond transactions by understanding stakeholder preferences and adapting approaches fosters mutual respect.

Being transparent in decision-making by involving stakeholders and explaining the thought process behind decisions promotes inclusivity and respect. These elements are essential in establishing trust and crucial for successful collaboration and achievement in any position.

Furthermore, how a message is communicated can significantly affect how it is perceived.

Whether in presentations, written reports, or casual conversations, FP&A professionals need to adjust how they communicate their messages to connect with their audience. This might mean using language, including visuals for clarity, and actively seeking feedback to ensure understanding. When I present to stakeholders, I organise my presentations in a narrative structure. I begin with an introduction that outlines the issue, then delve into the core analysis and finally offer solutions in the ending part. However, the order of presentation may vary depending on the audience. For instance, I prioritise presenting solutions first and may skip intricate technical details due to time constraints when speaking to senior stakeholders already familiar with the issues. Contrary to this, I explore technical nuances with colleagues versed in finance. This adaptability allows me to communicate effectively by tailoring my approach to meet the needs of my audience. Adapting to the requirements of my audience ensures that my communication is efficient and impactful.

By considering these three aspects - the message itself, the sender, and the way it is delivered - FP&A professionals can improve their communication effectiveness. Whether they're sharing insights, strategic advice or risk evaluations, being aware of these factors can support decision-making and contribute to the success of the company.


Conclusion

FP&A professionals are crucial players in steering organisational success by offering strategic perspectives, guiding decision-making processes, and promoting a culture centred on data-driven choices. By honing their storytelling skills, FP&A experts can enhance how they engage stakeholders effectively and boost business performance within the changing business environment. As custodians of acumen, FP&A professionals have the ability to influence the direction of their organisations and drive sustainable growth in an ever-changing global economy.

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