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Saturday, January 2, 2010

Finance Professional - Move Business to the Next Level!

In organizations the finance community has the ability to lead to the next level. The key to moving an organization forward, understanding the key drivers, and value of delivery from the customer back to the production. Finance professionals must engage in all activities with passion and understand fully the company in order to be a business partner along with ensuring diligent oversight of the financial reporting (U.S. GAAP vs. IFRS). The following are a few key thoughts:

  • Review all areas of the business. Get in the field, partner with sales, operations and understand drivers of profitability.
“Fiscal responsibility includes planning for contingencies--planning that goes well beyond backup and recovery--into the fabric of people, governance and the ability to change direction with great speed, ... Boards need to hold management accountable for building a strong bench of leaders who know the business, understand the interplay between sustainable futures for our businesses and our communities, and can function under times of great stress, including personal losses.” ~ Phil Harris
  • Learn the key communication channels of the company – actively participate and deliver profitability opportunities.
Communication works for those who work at it.” ~ John Powell
  • Empower employees. You are a leader. Your technical ability developed through trade school and experience is best utilized when transferred to your employees. A fully engaged team will carry your message further.
“As we look ahead into the next century, leaders will be those who empower others.” ~ Bill Gates
  • Mentors – identify mentors in your career. Mentors are formal and informal and a key to growing personally and professionally.
“Successful people turn everyone who can help them into sometime mentors!” ~ John Crosby
  • Ensure direction makes sense. Managers execute orders, leaders set direction.
“Smart people instinctively understand the dangers of entrusting our future to self-serving leaders who use our institutions… whether in the corporate or social sectors… to advance their own interests.” ~ Jim Collins
  • Listen to learn and understand. You can learn from every individual. We have 2 ears and 1 mouth – listen twice as much as speaking.
“A good listener tries to understand what the other person is saying. In the end he may disagree sharply, but because he disagrees, he wants to know exactly what it is he is disagreeing with.” ~ Kenneth A. Wells
  • Solicit Feedback. Ask for feed back in interactions and participate in 360 reviews.
“Checking the results of a decision against its expectations shows executives what their strengths are, where they need to improve, and where they lack knowledge or information.” ~ Peter Drucker
Move organization to the next level while keeping diligent oversight of the financial reporting (U.S. GAAP and/or IFRS).  The accomplishments from your efforts are exhilarating, enjoy!