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Last updated on 2024年7月15日

You're facing team member resistance to a new financial strategy. How can you effectively address it?

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Implementing a new financial strategy within your organization can be a challenging endeavor, especially when you encounter resistance from team members. Such opposition is not uncommon as change can be unsettling, and financial strategies often affect many aspects of a business. To navigate this resistance effectively, it is crucial to understand the underlying concerns of your team, communicate the benefits of the new strategy clearly, and foster an environment that encourages open dialogue and participation in the change process.

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1 Understand Concerns

When you notice resistance to a new financial strategy, the first step is to understand the reasons behind it. Engage with your team members and listen to their concerns. Often, resistance stems from fear of the unknown or a lack of understanding about how the changes will impact their work. By acknowledging their apprehensions and providing reassurance, you can begin to break down barriers. Ensure you're transparent about the reasons for the change and how it aligns with the company's goals.

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Alan Homer
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It’s helpful to explain to the team on why the current financial strategy is not working. Give specific examples on how the current strategy did not Work For example, it didn’t allow for real time financial reporting of metrics. Or it took too long to make quarterly financials. It was negatively impacting cashflow. Explain the research done to arrive at the new financial strategy and how it addresses the current and future problems. Give the implementation timeline by major milestones. Give reasons why these milestones are achievable. Then allow feedback over every single milestone to ensure that all issues have been taken into consideration when creating the strategy & timeline.

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2 Communicate Benefits

It's essential to clearly articulate the benefits of the new financial strategy to your team. Explain how it will improve efficiency, reduce costs, or increase profitability in the long term. When team members understand the positive outcomes, they are more likely to support the initiative. Use examples and scenarios to illustrate the potential benefits, making them as tangible as possible. This can help shift the perspective from seeing change as a threat to viewing it as an opportunity.

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Alan Homer
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Ask both the implementation team and the recipients of using this new financial strategy on any risks or additional requirements needed to achieve these benefits. For example, will this new strategy allow the sales team to track their territorial sales & related commissions/bonuses. Will there need to be additional I.T. Infrastructure (capital & personnel) to manage the data. Will information need to be updated realtime by geo or worldwide? Who will have access to the data?

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3 Foster Dialogue

Creating a space for open dialogue is critical when introducing new strategies. Encourage team members to voice their opinions and concerns without fear of reprisal. This can be achieved through regular meetings, suggestion boxes, or anonymous surveys. By fostering a culture of open communication, you can gain valuable insights into potential obstacles and collaboratively develop solutions that address the concerns of your team.

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Alan Homer
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1) It’s key to have multiple small group mtgs to allow specific functional areas discuss & provide constructive feedback. 2) Keep a running list of all of the issues, concerns, and help needed in order to meet the objectives by the current timeline. 2) Rank the issues by ( Red (showstopper), Yellow (may cause delay/ additional requirements), Green (no issue in reaching timeline). List the action plans/solutions for each issue 2) Have cross sectional teams meet to discuss the help needed from each other to meet the timeline.

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4 Encourage Participation

Involving your team in the implementation process can significantly reduce resistance. Give them a role in shaping the new strategy by soliciting their input and incorporating their feedback. When team members feel they have a stake in the outcome, they are more likely to take ownership of the change and work towards its success. Empower them by assigning responsibilities that align with their strengths and interests.

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5 Offer Training

Resistance often arises from a lack of knowledge or skills required to adapt to new financial strategies. Therefore, offering comprehensive training is vital. Ensure that your team has access to resources and learning opportunities to understand and effectively implement the new strategy. Tailored training sessions that address specific needs can boost confidence and competence among your team members.

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6 Provide Support

Lastly, continuous support is necessary to maintain momentum and ensure the successful adoption of a new financial strategy. Be available to answer questions, provide guidance, and address any issues that arise during the transition. Recognize and reward efforts that contribute to the implementation of the strategy. This not only motivates your team but also reinforces the importance of the strategy and the value of their contribution.

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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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You're facing team member resistance to a new financial strategy. How can you effectively address it?

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1 Understand Concerns

2 Communicate Benefits

3 Foster Dialogue

4 Encourage Participation

5 Offer Training

6 Provide Support

7 Here’s what else to consider

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