#018 - Balancing Strategic and Operational Roles

Hello everyone,

I’m thrilled to share this edition of our newsletter with you! Today, let's tackle a challenge that can significantly impact your SME’s financial stability and strategic planning: balancing strategic and operational roles.

This issue can lead to burnout, misaligned priorities, and missed opportunities for growth if not handled properly.

The Problem

You’re tasked with overseeing both the strategic financial planning and the day-to-day financial operations of your SME. The constant switch between big-picture thinking and minute details is exhausting.

You find yourself stretched too thin, struggling to excel in either role, and feeling like you’re constantly putting out fires rather than proactively steering the company’s financial direction.

A Story

Let’s talk about Mark, a CFO at a mid-sized SME. Mark was responsible for developing the company’s financial strategy while also managing the daily financial operations. He often found himself overwhelmed by the sheer volume of work and the conflicting demands of these dual roles. The lack of a clear division between strategic and operational tasks left Mark feeling exhausted and unproductive.

Mark realized that to be effective in both roles, he needed a structured approach to balance his responsibilities. Here’s how he managed to navigate this challenging situation.

Ajibola's Tips

When you’re balancing strategic and operational roles, here are some practical steps you can take:

1. Separate Strategic and Operational Tasks

Clearly define and separate your strategic and operational responsibilities to ensure focused attention on each area.

Action Tip:

Create distinct schedules for strategic and operational tasks. For example, dedicate specific days or times of the day solely for strategic planning and others for operational tasks. This helps in maintaining focus and avoiding context switching.

2. Delegate Operational Tasks

Empower your team by delegating routine operational tasks to capable team members.

Action Tip:

Identify reliable team members and train them to handle specific operational duties. This delegation not only eases your workload but also builds team competence and ownership.

3. Implement Efficient Systems and Processes

Use efficient systems and processes to streamline operational tasks, freeing up more time for strategic thinking.

Action Tip:

Adopt financial management software to automate routine tasks like invoicing, payroll, and expense tracking. Standardize processes with clear SOPs to ensure consistency and efficiency.

4. Set Clear Priorities and Goals

Establish clear priorities and goals for both strategic and operational roles to stay focused and productive.

Action Tip:

Use tools like OKRs (Objectives and Key Results) to set and track your strategic and operational goals. Regularly review and adjust these goals to stay aligned with the company’s priorities.

5. Use Data-Driven Decision Making

Leverage data analytics to inform both strategic and operational decisions, ensuring accuracy and efficiency.

Action Tip:

Implement data analytics tools like Power BI or Tableau to monitor financial performance and generate insights. Use these insights to make informed decisions and identify areas for improvement.

6. Schedule Regular Strategic Reviews

Regularly review your strategic plans to ensure they are on track and aligned with the company’s goals.

Action Tip:

Schedule monthly or quarterly strategic review meetings with key stakeholders. Use these sessions to evaluate progress, discuss challenges, and make necessary adjustments to your plans.

Balancing strategic and operational roles is challenging, but with clear separation of tasks, efficient delegation, and regular reviews, you can manage both responsibilities effectively and drive your SME towards success.

Grow With Us

To further your understanding and skills, consider joining our mentorship and coaching programs. This is a great chance to learn from experts and connect with peers who are also navigating the challenges of finance in SMEs.

Conclusion

Thank you for being part of this edition. As you work towards balancing your strategic and operational roles, know that your efforts are crucial to your growth and the success of your SME. Subscribe to our newsletter to stay updated with the latest insights and strategies.

Together, let’s tackle these challenges head-on and create a work environment where both our businesses and careers can thrive.

Cheers,

Ajibola