Embrace Finance as a Strategic Business Partner

As a finance professional, I've always believed in the power of aligning financial strategies with broader organizational goals.?

There was a time in my career when I had the opportunity to take lead in ensuring our the Organization Country Programs understood and embraced the role of finance as a strategic business partner.? What happened is:

1. Identifying the Knowledge Gap: The first step was recognizing that there was a gap in understanding the significance of finance within the country programs. While the finance team was adept at financial management, there was limited awareness of how finance could directly contribute to achieving programmatic objectives.
2. Training and Workshops: To address this gap, we developed training sessions and workshops tailored specifically for our country program staff. These sessions were designed to demystify finance concepts, illustrate the strategic role of finance in decision-making, and showcase examples of how effective financial management could enhance program outcomes.
3. Interactive Learning Modules: Appreciating that traditional training methods might not resonate with all participants, we leveraged interactive learning modules, including case studies, simulations, and group discussions. This approach fostered active engagement and encouraged participants to apply finance principles in practical scenarios relevant to their roles and responsibilities.?
4. Building Collaborative Partnerships: Beyond training sessions, we focused on building collaborative partnerships between the finance team and country program staff. We facilitated open dialogues and knowledge-sharing sessions and encouraged introduction of Senior Management Meetings where finance could provide guidance, support, and insights tailored to the unique needs and challenges of each department .
5. Measuring Impact and Feedback: we continuously monitored progress and sought feedback from participants to ensure that the training was effectively addressing their needs and concerns. We also tracked key performance indicators to assess the impact of enhanced financial literacy on programmatic outcomes and overall organizational performance.
6. Celebrating Success Stories: As finance became popular across different programs, we made it a point to celebrate success stories and achievements resulting from improved collaboration between finance and different departments as stakeholders . Whether it was streamlining budgeting processes, optimizing resource allocation, or achieving financial sustainability, these success stories served as powerful testimonials to the value of finance as a strategic business partner.
7. Sustaining Momentum: Recognizing that building a culture of collaboration and financial acumen is an ongoing process, we implemented measures to sustain the momentum.

In the end, our efforts paid off as we witnessed a tangible shift in mindset among the country program staff, with an increased appreciation for the strategic role of finance in driving organizational success.

Having Finance as a Strategic Business Partner in your organisation is important because:

Alignment with Organizational Goals: When Finance has an understanding of the financial implications of the various business decisions, they are likely to align financial strategies with broader organisation goals.

Data-Driven Decision Making: In the age of big data and analytics, finance has access to vast amounts of financial and operational data. By leveraging this data effectively, finance can provide valuable insights and forecasts that drive informed decision-making across all levels of the organization.

Risk Management: Finance is instrumental in identifying, assessing, and mitigating various risks that the organization may face. By proactively managing risks, finance ensures the organization can navigate uncertainties with resilience.

Strategic Planning and Resource Allocation: Finance plays a critical role in strategic planning and resource allocation.

Stakeholder Communication and Transparency: Finance serves as a bridge between various stakeholders. Through transparent financial reporting and clear communication, finance fosters trust and credibility, both internally and externally.

Why else do you think its important to position finance into a Strategic Business partner in your organisation?