5 Approaches to Make You a Great Finance Business Partner

Five Things is a series of thoughts on the arts and science of finance, analytics, and corporate development, with occasional forays into leadership, communication, and other topics for the well-rounded professional

Being a finance business partner is a high calling and, in my view, one of the most challenging and rewarding roles for a finance professional. Your organization is counting on you to understand, guide, and help manage a business and to provide facts, observations, insights, and recommendations to the leaders of that business.

So, given that you've got the toolbox (financial analysis techniques, business knowledge, accounting) and the skills (communication, analytics, strategic thinking, etc.), how do you make the kind of impact that your company needs from you?

The answer lies in how you attack this important job. So here are 5 approaches that will make you a great finance business partner:

1. Build credibility through competence

Your partners need assurance that you know your stuff. Once they do, they will trust you and they will give you the best opportunities to impact the organization.

So show them your competence. First, show them that you are able to understand their business from many angles. Second, show them that you can bring needed skills, knowledge, and experience to the table.

2. Build credibility through commitment

The second, very necessary, element of building credibility is showing commitment.

This simply means 1) do what you say you are going to do and 2) go the extra mile. Do this over and over again, and don't stop.

3. Be the early warning system

Here's the most valuable and profound lesson I have encountered in a fortune cookie:

"Bad news never gets better with age"

As a key link to things like late-breaking financial data, the current thinking of the CFO and other senior finance leaders, and key financial and strategic process you have a unique ability to keep your business partners prepared for all of the slings and arrows that may make their life miserable - help them manage the slings and arrows by being an early warning system!

4. Agree wholeheartedly, disagree carefully

Your business partners will (hopefully often) have some really great ideas. And, from time-to-time, they will have some real clunkers - ideas that don't make financial sense, aren't yet well thought-out, don't fit with the overall strategy.

So how can we disagree with our partners while also maintaining a great relationship and living to fight another day? I think there are three approaches:

1. The Tin Man Method (also known as "the Dr. No method"). I once knew a finance leader who received a special gift from his business partners - a statue of the Tin Man from the Wizard of Oz. Don't be seen as the finance partner with no heart! (and the business leader - jokingly - stated "at least the Tin Man wanted a heart")!
2. The Cowardly Lion Method - This finance leader shows no courage, and folds his will in the face of tough situations and conversations about less-than-inspired business ideas.
3. Agree wholeheartedly, disagree carefully. This finance leader will celebrate the great ideas and plans of their partners, will add to them, and will be a strong advocate to the rest of the organization. They also will carefully, respectfully disagree with the not-so-good ideas using facts and clear thinking. This finance leader will err on the side of overreaction, possibly being more celebratory and more careful/respectful than the situation may seem to call for, but all in the name of building a great working relationship and future impact.

5. Prepare your business partner for "the big show"

Never underestimate the power of preparing your partner for a great presentation to the senior leaders of your company. This is the chance to make your partner shine. Whether it is a simple monthly results review or a complex multi-year strategic plan, do everything you can to make this presentation sing. The content should be clear and appropriate for the audience, and your partner should be well-prepared and confident that you have done everything possible to make them succeed.

In conclusion

Being a great business partner is about competence, commitment, and a great relationship formed over time. I've found these techniques invaluable in helping drive personal success and in helping my company succeed. What other techniques and approaches are important for you?

[Insert closing catch phrase here] Work hard, work smart, and keep in touch!

With 20+ years of experience helping firms make strategically and financially sound decisions that drive profitable growth, Joe Krekelberg has held finance, corporate development, and actuarial leadership positions in multiple industries. He is located in the greater Minneapolis-St. Paul area and can be reached at [email protected].