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How can you balance your operational and strategic responsibilities as a Financial Management Manager?

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As a Financial Management Manager, you have to juggle both operational and strategic tasks on a daily basis. Operational tasks are the routine activities that keep your department running smoothly, such as budgeting, reporting, forecasting, and compliance. Strategic tasks are the long-term initiatives that align your financial goals with the organization's vision, such as planning, analysis, innovation, and decision making. How can you balance these two types of responsibilities without compromising your performance or your career growth? Here are some tips to help you achieve this balance.

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Clint Engler

CEO/Principal: CERAC Inc. FL USA..... ?? ????????Consortium…

1 Prioritize your tasks

One of the first steps to balancing your operational and strategic responsibilities is to prioritize your tasks according to their urgency and importance. A simple way to do this is to use the Eisenhower matrix, which divides your tasks into four categories: do, decide, delegate, and delete. Do the tasks that are urgent and important first, such as meeting deadlines, resolving issues, or communicating with stakeholders. Decide when to do the tasks that are important but not urgent, such as researching new opportunities, developing strategies, or learning new skills. Delegate the tasks that are urgent but not important, such as routine reports, administrative work, or minor requests. Delete the tasks that are neither urgent nor important, such as distractions, interruptions, or low-value activities.

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Clint Engler

CEO/Principal: CERAC Inc. FL USA..... ?? ????????Consortium for Empowered Research, Analysis & Communication
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Master the juggling act of financial management with these key combos: Prioritize: Urgent + Important (Do First) vs. Important + Not Urgent (Schedule later). Automate: Free your mind for strategic thinking with tech tools. Communicate: Align stakeholders with clear operational and strategic goals. Plan: Chart your course with budgets and factor in strategic objectives. Measure & Adapt: Track progress and adjust your approach as needed. Remember, it's a balancing act, so find your rhythm and lead your team to financial victory!

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José Emmanuel Mora Cuevas

Controller Financiero | Plant controller | Director Financiero | Gerente de Finanzas | FP&A | Maestría en Finanzas | Contador Público | Socio de Manufactura | Modelos financieros | Automatización | SAP FI-CO | Estratega
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Here some examples . In managing my financial tasks, I recognized the importance of staying updated on the latest market trends. Though not urgent, it was crucial for skill enhancement. I decided to allocate an hour daily for professional research and development, scheduling these time blocks in my calendar. - DECIDE Additionally, when faced with an urgent yet non-crucial request from a non-financial department to prepare some data for an internal presentation, I opted to delegate the task. Recognizing its lack of direct relevance to my core responsibilities, I assigned it to a team member capable of handling it effectively. This delegation allowed me to focus on central financial responsibilities. - DELEGATE

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Lindsay Ramirez, CPA

Integrated Finance Partner Engaging Business Leaders to Create More with Less through Optimization and Transformation from Start-up to Exit.
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I use a quadrant approach for urgency and impact High to Low. I focus my efforts on the high impact areas and delegate or eliminate the lower impact tasks. The tasks involve numerous departments so collaborative and frequent leadership communication and efforts are necessary to align and get buy-in on what’s priority.

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2 Allocate your time

Another step to balancing your operational and strategic responsibilities is to allocate your time wisely. A common mistake that many Financial Management Managers make is to spend too much time on operational tasks and neglect strategic tasks. This can lead to a lack of vision, innovation, and competitive advantage. To avoid this, you need to set aside some time for strategic thinking and planning, preferably during your peak hours of productivity and creativity. You can use tools such as calendars, timers, or apps to schedule and track your time for different types of tasks. You can also use techniques such as batching, blocking, or pomodoro to focus on one task at a time and avoid multitasking.

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José Emmanuel Mora Cuevas

Controller Financiero | Plant controller | Director Financiero | Gerente de Finanzas | FP&A | Maestría en Finanzas | Contador Público | Socio de Manufactura | Modelos financieros | Automatización | SAP FI-CO | Estratega
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In my role as a Financial Analyst at a multinational corporation, I found myself immersed in daily operational tasks such as budget tracking, expense reports, and routine financial analyses. While these were essential for the day-to-day operations, I realized that I was dedicating an overwhelming amount of time to these operational aspects, leaving little room for strategic planning.I decided to allocate specific time slots for strategic thinking and planning. Recognizing that my peak hours of productivity were in the morning, I blocked off the first two hours of each workday for strategic tasks. During this,I delved into market research, identified potential investment opportunities, and devised strategies for optimizing financial tasks.

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Lindsay Ramirez, CPA

Integrated Finance Partner Engaging Business Leaders to Create More with Less through Optimization and Transformation from Start-up to Exit.
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Block scheduling time helps me be intentional about working on the business (strategic) as well in the business (operational).

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3 Delegate and empower

A third step to balancing your operational and strategic responsibilities is to delegate and empower your team members. As a Financial Management Manager, you don't have to do everything yourself. You can leverage the skills, talents, and potential of your team members by assigning them some of the operational tasks that you don't have time for or that they can do better than you. This will free up some of your time for strategic tasks and also motivate and develop your team members. However, delegating is not enough. You also need to empower your team members by giving them the authority, resources, and feedback they need to complete their tasks effectively and independently.

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4 Communicate and collaborate

A fourth step to balancing your operational and strategic responsibilities is to communicate and collaborate with your stakeholders. Stakeholders are the people who have an interest or influence in your financial management activities, such as senior management, other departments, clients, suppliers, or regulators. You need to communicate and collaborate with them regularly to align your operational and strategic goals, share information and insights, solve problems and conflicts, and seek support and feedback. You can use tools such as emails, meetings, presentations, or dashboards to communicate and collaborate with your stakeholders effectively and efficiently.

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José Emmanuel Mora Cuevas

Controller Financiero | Plant controller | Director Financiero | Gerente de Finanzas | FP&A | Maestría en Finanzas | Contador Público | Socio de Manufactura | Modelos financieros | Automatización | SAP FI-CO | Estratega
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In my role as a Finance Manager, I encountered a period of increased workload due to the implementation of a new financial reporting system. Recognizing the need to balance operational and strategic responsibilities, I decided to delegate some of the routine tasks associated with the system transition to capable members of my team. One specific task was the data migration process, a time-consuming but essential operational aspect of the transition. I identified a team member with strong data analysis skills and experience in similar transitions. After explaining the importance of the task and providing clear guidelines, I delegated the responsibility to them.

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5 Learn and improve

A fifth step to balancing your operational and strategic responsibilities is to learn and improve continuously. As a Financial Management Manager, you need to keep up with the changing trends, technologies, and regulations in your field and industry. You also need to evaluate your own performance and identify your strengths and weaknesses. You can learn and improve by reading books, articles, or blogs, taking courses, webinars, or workshops, joining professional networks or communities, or seeking mentorship or coaching. You can also learn and improve by asking for feedback, conducting surveys, or analyzing data.

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José Emmanuel Mora Cuevas

Controller Financiero | Plant controller | Director Financiero | Gerente de Finanzas | FP&A | Maestría en Finanzas | Contador Público | Socio de Manufactura | Modelos financieros | Automatización | SAP FI-CO | Estratega
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Recognizing the value of networking, I actively participate in financial forums and discussion groups, both online and offline. Engaging with peers and industry experts provided diverse perspectives and real-world insights that complemented my formal education.

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6 Balance your operational and strategic responsibilities as a Financial Management Manager

Balancing your operational and strategic responsibilities as a Financial Management Manager is not easy, but it is possible and rewarding. By following these tips, you can optimize your productivity, efficiency, and effectiveness, as well as your career satisfaction and growth. Remember that balance is not a static state, but a dynamic process that requires constant adjustment and adaptation.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you balance your operational and strategic responsibilities as a Financial Management Manager?

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1 Prioritize your tasks

2 Allocate your time

3 Delegate and empower

4 Communicate and collaborate

5 Learn and improve

6 Balance your operational and strategic responsibilities as a Financial Management Manager

7 Here’s what else to consider

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