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You’ve been promoted to a finance role. How can you make the most of your strategic background?

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Congratulations on your promotion to a finance role! You might be wondering how to leverage your strategic background in your new position. After all, finance and strategy are not exactly the same thing, but they are closely related. In this article, we will give you some tips on how to use your strategic skills to excel in finance and add value to your organization.

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Sylvia Cebanu

Strategic Finance Executive | Fractional CFO | FinTech
Rohit Agarwal

CFO at Hive | SoF Podcast Host | Former SaaS founder and investment banker
Aakankasha Vajpayee

Strategic Talent & Organization Development Leader | IIM-I Alumnus | Top 100 HR Future Leaders under 40 | LinkedIn Top…

1 Understand the big picture

One of the advantages of having a strategic background is that you can see the big picture of the business and how it relates to its environment. This can help you in finance, as you need to understand the goals, challenges, and opportunities of the organization and how they affect its financial performance and decisions. You can use your strategic skills to analyze the market, the competitors, the customers, and the trends, and to identify the key drivers and risks of the business. This will help you to provide relevant and accurate financial information, forecasts, and recommendations.

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Sylvia Cebanu

Strategic Finance Executive | Fractional CFO | FinTech
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Having a strategic background in finance empowers professionals to understand the broader context of financial decisions, drive sustainable growth, manage risks effectively, and create long-term value for the organization. Key benefits of a strategic mindset in finance include aligning financial goals with the business strategy, proactively managing and mitigating risks, making informed capital allocation and investment decisions, developing comprehensive performance measurement frameworks, and contributing to strategic planning and forecasting efforts.

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Rohit Agarwal

CFO at Hive | SoF Podcast Host | Former SaaS founder and investment banker
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Strategy stems from Insights, which come from Analytics. It's a golden era to have a Strategic background in Finance. Today's CFOs and, by extension, Finance teams are the purveyors of data-driven decision-making in modern organizations. Arguably, every team should be strategic but Finance has the advantage of having the broadest purview of the business and can be unbiased in terms of driving the analytics across the organization. They are already working in collaboration with other functions and the strategic bent can help in enhancing this collaboration by enhancing the impact these other functions are having on the business.

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2 Communicate effectively

Another skill that you can bring from your strategic background is effective communication. You know how to present complex ideas and data in a clear and concise way, using visual aids, storytelling, and persuasion techniques. This is very useful in finance, as you need to communicate with different stakeholders, such as senior management, investors, auditors, regulators, and other departments. You can use your communication skills to explain the financial results, the assumptions, the implications, and the actions needed, and to align them with the strategic vision and objectives of the organization.

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Rohit Agarwal

CFO at Hive | SoF Podcast Host | Former SaaS founder and investment banker
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Performing analysis is one thing, but creating impact out of the analytics is another art altogether. Historically, finance function was thought of as just a bean counter, but that perception is changing fast. Now, CFOs have a seat at the table and needless to say, you need to contribute when you are at the table. The strategic background enables you to dissect the conversation and get to the heart of the issue. Constantly driving clarity and aligning the discussion to company objectives is a great way to use your skills.

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3 Collaborate with others

A third skill that you can leverage from your strategic background is collaboration. You know how to work with others, across functions and levels, to achieve a common goal. You can listen, empathize, negotiate, and influence, and you can adapt to different situations and personalities. This is very important in finance, as you need to collaborate with various teams and individuals, both internally and externally, to collect, analyze, and report financial information, and to support decision making and problem solving. You can use your collaboration skills to build trust, rapport, and feedback loops, and to foster a culture of learning and improvement.

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4 Learn new tools and concepts

A fourth skill that you can apply from your strategic background is learning. You have a curious and open mind, and you are willing to learn new tools and concepts that can help you in your finance role. You are not afraid of challenges and changes, and you can embrace uncertainty and ambiguity. This is very valuable in finance, as you need to keep up with the evolving financial regulations, standards, and technologies, and to acquire new technical and analytical skills. You can use your learning skills to seek feedback, guidance, and training, and to explore new sources of information and insights.

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5 Think creatively and critically

A fifth skill that you can transfer from your strategic background is thinking. You have a creative and critical mind, and you can think outside the box and challenge the status quo. You can generate new ideas and solutions, and you can evaluate them objectively and rigorously. This is very beneficial in finance, as you need to think creatively and critically about the financial issues and opportunities that the organization faces, and to propose innovative and feasible alternatives. You can use your thinking skills to ask the right questions, to test the assumptions, to measure the outcomes, and to optimize the processes.

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6 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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Rohit Agarwal

CFO at Hive | SoF Podcast Host | Former SaaS founder and investment banker
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A large part of Strategy is thinking through first principles and driving clarity. One can literally apply this to every single area of Finance and Business broadly to create impact for the company and yourself.

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Aakankasha Vajpayee

Strategic Talent & Organization Development Leader | IIM-I Alumnus | Top 100 HR Future Leaders under 40 | LinkedIn Top Voice in HR Consulting, Training, & Organizational Culture | Author | Learner
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Utilize your strategic mindset to develop comprehensive budgets and forecasts that support strategic initiatives and business objectives. Consider various scenarios and potential outcomes to create robust financial plans that adapt to changing market conditions and organizational priorities. Apply the strategic acumen to optimize resource allocation and investment decisions. Evaluate the return on investment (ROI) of different projects and initiatives, considering both financial and strategic implications.

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You’ve been promoted to a finance role. How can you make the most of your strategic background?

1

2

3

4

5

6

1 Understand the big picture

2 Communicate effectively

3 Collaborate with others

4 Learn new tools and concepts

5 Think creatively and critically

6 Here’s what else to consider

Strategy

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You’ve been promoted to a finance role. How can you make the most of your strategic background?

1

2

3

4

5

6

1 Understand the big picture

2 Communicate effectively

3 Collaborate with others

4 Learn new tools and concepts

5 Think creatively and critically

6 Here’s what else to consider

Strategy

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