Embarking on the role of Chief Financial Officer in a new organisation, I swiftly recognised the pivotal mission of transforming the finance team into strategic Business Partners. This aspiration raised a fundamental question: how can we navigate this transformational journey with precision and strategic foresight? In our rapidly evolving business landscape, finance has transcended its traditional role as a custodian of financial data to emerge as an indispensable ally in the quest for business success.

The current business landscape can be likened to a captivating rollercoaster ride – unpredictable and exhilarating, with soaring highs and occasional dips. Amidst this turbulence, businesses must make fast and well-informed decisions. Equipped with its decision-making expertise, the finance function steps forth as a guiding light, aiding companies in navigating this intricate terrain.

Gone are the days when the Chief Financial Officer focused solely on timely financial reporting. In the present era, CFOs lead teams of financial experts into the strategic core of the business. The true magic unfolds when finance seamlessly integrates with the business, identifying high-value prospects and propelling the enterprise in today's fast-paced environment.

Constructing Value: A Collaborative Odyssey

In this transformative era, Finance Business Partners (FBPs) emerge as the vanguards of the finance realm. Beyond their roles as data analysts, they are strategic collaborators, discerning optimisation opportunities and pursuing high-value objectives in harmony with the overarching business strategy. The ongoing dialogue between FBPs and the business transcends routine monthly financial reports, delving deeper to anticipate how business dynamics will influence the bottom line. This marks a departure from conventional forecasting, heralding a new era of financial partnership.

FBPs personify the unicorns of the finance world, embodying a seamless amalgamation of financial expertise, business acumen, and technological proficiency. Armed with these skills, they do not merely make decisions; they elevate and refine them, placing businesses on a pedestal.

As organisations scale and evolve, Finance Business Partners grow alongside them, becoming seasoned allies who have navigated the mazes of business complexities. Imagine having an experienced confidant in the decision-making room, especially during challenging periods.

Embracing the Experiment, Embracing the Future

Amidst the unique challenges at every juncture, such as technological glitches, cumbersome processes, or skill gaps that may temporarily hinder the progress of Finance Business Partners, waiting for ideal conditions is an impractical strategy. Instead, consider embarking on a small-scale experiment, like what we do at La Tour, using our BI tool. We select a ratio or a KPI and delve into the operations with the team to assess which specific actions could be implemented when looking at the KPI. By doing so, we fine-tune our approach and make success more attainable. Start small, think big, and then make a significant impact.

The secret to success lies in FBPs transcending the confines of the finance realm. They actively partake in broader transformational efforts, infusing financial wisdom into the transformative journey. This is akin to having the finest DJ at a party, sustaining the momentum as the transformational dance floor lights up.

A Glimpse into the Business Realm

In the realm of corporate insights, business leaders articulate their expectations. They envision finance not merely as calculators but as strategic entities actively contributing to the strategic table, challenging norms, and propelling strategic ideation.

For example, consider Jane, a finance professional at Hôpital. She not only handles the financial data with punctuality, precision, and flawless accuracy but also stands out as a strategic dynamo and a catalyst for change. When the company faced a challenge, Jane's curiosity led her to explore innovative efficiency measures; her proactive actions helped implement those changes swiftly. Furthermore, her agility ensured the adaptation of new strategies, and her unwavering confidence in the process instilled faith in her team and leadership. Jane's calculated risk-taking in trying unconventional approaches to financial challenges ultimately turned the tide. She exemplifies the magic blend of skills that encompasses curiosity, proactive action, agility, unwavering confidence, and a bit of calculated risk-taking. This combination forms the essence of a finance luminary.

However, mastering the fundamentals remains paramount. Finance must excel in its traditional roles like Jane before venturing into the strategic arena. Punctuality, precision, and flawless data are their hallmarks. With this solid foundation, finance can construct a towering edifice of financial insights and credibility.

Becoming a Business Detective

To master this game, it's crucial to channel your inner Sherlock Holmes. Acquaint yourself with your business's value chain intricacies. Grasp the pulse of the competition, comprehend industry trends, and gauge the economic ripples. Step away from your desk, engage with diverse departments, and stay attuned to the organisational rhythm. Curiosity and alertness are your allies.

GOYO (get out of your office) is my motto. When implementing ratios or KPIs, go beyond the proper calculation, go deep into the organisation and discuss these new KPIs with people, asking them what action they can take to improve the results. If the ratio is not actionable, perhaps this is not a good KPI for this team. Work with them to find what useful information would help them identify when and how things can improve.

Talk with managers to understand what their biggest struggles are. What would help them make better decisions? Ask questions, try to understand why some costs are rising, and what triggers the increase.

You must also mingle with the trailblazers beyond your corporate boundaries. Share experiences, gather intelligence, and keep up with the latest technological trends. After all, being a finance achiever is a collaborative dance.

Mastering the Art of Expression and Persuasion

Last but not least, work on your skills as a wordsmith. Effective communication is your megaphone, and compelling presentations are your stage. Practice until you can command any boardroom like a seasoned performer.

For instance, dedicate time to master the art of expression and persuasion. Ensure your presentations are nothing short of captivating narratives. In one key meeting, use storytelling techniques to illustrate the company's journey, highlighting challenges to overcome. Incorporate your data in a compelling storyline to convey your ideas eloquently and confidently. Use key data points and strong visuals to support your story. Keep it focused, crisp, and avoid too much information and crowded slides.

Conclusion

In essence, Finance Business Partnering offers a backstage pass to business triumph. Transitioning from a supporting role to a prominent spotlight, finance is all set to steer businesses towards a future powered by collaboration. Embrace this shift, gear up, and prepare for a new era of business dynamics. Let us chart a course towards a future fuelled by finance.