Finance Business Partnering is becoming increasingly popular. Due to the rising number of quantifiable data and new business models, there is a stronger demand for Finance Business Partnering and the involvement of finance professionals in strategy development and decision-making is essential.
According to Deloitte, the objective of Finance Business Partnering is “to act as one aiming to create the highest financial value at an acceptable level of risk throughout the organization.” Many organizations are already developing Finance Business Partnering, considering it vital for achieving profitable growth in difficult markets. However, it is a great challenge to be able to transform its capabilities into strategic benefits for the organization.
Here are some tips on how to select the right finance partner for your business:
- Find someone with complementary skills
The first step is to select a finance partner with complementary skills. Finance is a huge field and people are often specialized in particular sections of the finance study. Therefore, if you are a pro in financial statement analysis and valuation, but you are not adept with capital budgeting, it makes business sense to select a finance partner who is a pro in capital budgeting. In doing so, you strengthen your business in all aspects.
- Find someone who is supportive
Running a business requires you to have different roles or tasks to perform. Therefore, you should find someone who can share the load and be supportive. Make sure that your finance partner can openly provide support through brainstorming of ideas and suggestions; a hard-worker who can anticipate difficult moments at work without giving up; someone you can depend on.
- Determine who does what
Often, tasks and responsibilities are unclear. Managers have no defined roles and responsibilities and the business goes down the drain. To avoid such an unfortunate event, you need to clearly define who does what and why. Don’t assume your finance partner is on the same page as you. You are the one to set the business objectives for the year, to write down the responsibilities of each person to achieve those goals and to establish benchmarks for assessing the outcome.
- Go on a business trip together
Going on a business trip with your prospect partner will enable you to realize if you really get along with this person. Like it happens in real life, with friends who stop being friends after having taken a trip together, a business trip can be very revealing about your partner’s personality, consistency and devotion to your business. If you realize there is no real connection, there’s no need to engage in a partnership with this person.
- General stuff to consider
Do you share the same business values? Are you equally motivated? Have you worked on a shared project? Is your finance partner qualified for the responsibilities you are looking for? Have you run a background check on this person? All these are questions you should definitely ask yourself before entering into a partnership with another person. Your business is significant to you and it should be equally important to your finance partner.
Selecting the right finance partner can dramatically change the dynamics of your business. Find someone who share the same vision and who is ready to take it to the end. Someone who can equally give and take and who is fun to be around. Someone to can help your business grow.
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