The Finance Shared Services Guarantee for the UK CFO
Over the years I have offered 2 main Services to Clients. I can design your optimum Finance function or fix it for you. I enjoy doing both but I find there is a greater sense of satisfaction in leading previously underperforming FSSC Teams to Success. Like most introverts I also derive great energy from interacting with and leading large teams. I have actually been handed several such Finance Shared Service Centres over the years to apply my Turnaround skills to and as such I have refined my approach with each one.
I believe in making an immediate impression and impact on the Teams. They should know they are being led purposely towards solving a Problem. The more you do this, the more you learn and the more impactful you become at pace. Like all good runners I know its the pace not the distance that matters.
This approach is applicable to any type or size of Finance Team not just an FSSC. I have however, successfully applied it to 3 Finance Shared Service Centres ranging from 80 to 250 team members and I am so confident in it, I would guarantee results in 12 weeks.
The 9 Steps in Summary are:
A Professional Interim Leader will make an immediate impact and focus heavily on all 9 areas in less than 12 weeks. The perquisites are you must have Senior Management experience in leading large teams, forensic analysis skills and true leadership skills.
It does not matter whether you know what a Finance Shared Services Centre is. I have transformed multiple Teams across many Sectors and the problem will always be caused by a breakdown in Communication somewhere in the Process, it is nearly always a People issue at its heart, so Analytical, Communication and Leadership skills are essential.
Define the Exam Question
Whether you are an Interim Leader or the Permanent leader running the FSSC you must start off with defining the Problem. What Problem are we aiming to solve? If you have been brought in to Fix the Problem there will always be a catalyst that led to your appointment. Therefore, you must go over the History that led up to this point. You must understand why the FSSC is in its current condition. How did it arrive at this point?
An Event such as Period End Close, Flash Reporting, Cashflow, Suppliers on Stop, Fraud or Audit output, will have triggered a 'debate' somewhere in the Management hierarchy which has then led to your appointment. Be very clear on what that is or you are solving the wrong Problem.
However, in my experience that is the Iceberg above the water, you need to look beneath and satisfy yourself that you know truly what the Problem is. Respectfully, most CFO's see only the symptoms they cannot, and indeed should not, be spending time identifying the Root Cause. That is your job.
Therefore defining the Problem is as important in an underperforming BAU team as it is in any Transformation Program. Be clear on your Why or prepare to waste your focus and effort.
Set the Vision
When dealing with Teams who require a Turnaround in performance and service delivery it is critical you outline to them your understanding of the Problem and your Vision of how it will be fixed. As Leader you have a responsibility to articulate to all levels of staff what is wrong, how we will Fix it and what that looks like.
In 3, 6 or 9 months the Finance Shared Services Centre will the location of choice for all Shared Services Professionals in your catchment area, it will be Award winning, it will be the driving force of your internal Finance function and the one the CFO can rely upon. Choose which ever is appropriate but make it Visionary and Challenging. Do not make it easy.
A Top Class Interim, schooled in these challenges over many years will achieve (1) and (2) in less than 72 hours.
Communicate
Lead by example at all times. Take the field, do not hide in an Office. Be first in and last out. Walk the Floors and make your presence felt and sought after. Communicate your key messages every single day in any format you like but at very minimum speak to your staff directly in person as often as possible. Email is for detail, in person is for impact.
Tell them, tell them and tell them again.
Review the Team
Make sure you are walking around the Office with a One Pager of your Structure within a day of taking up the position, refine it everyday after that until you know your Team inside out from Clerk to Controller. Remember names, talk to the Team about the little things that matter to them, establish rapport and build trust.
You need to look at your Organisation from the point of view of Structure, Performance and Vision delivery. If it is not set up for Success, change it.
Go looking for people with the right attitude and free any talent that can solve your Problem. In contrast where individuals are major contributors to the Problem, identify this early and start mitigating actions. Empower the Team to take action where appropriate, motivate and challenge them daily, support them where required but don't do the job for them.
Review the Team but do not act in haste. Where there are issues you should see that proven to your satisfaction first not based in history. Everybody, when suitably motivated and managed, deserves the chance to prove themselves.
This Step is Critical and will make or break your Success so be prepared for tough decisions.
Dashboard Management
Measure to Manage. Do not think you can define, much less improve, a situation unless you measure it. Anecdotal evidence is insufficient, prove the Problem numerically with hard facts.
Make sure you create a One Page Management Dashboard for every team in the FSSC and manage them to it. Be clear on the standard of Performance you now expect and Communicate it clearly and check it is understood and agreed.
RAG Status each of your Teams and keep a firm eye, daily, of Amber and Red Teams. For the latter have clear short term Plans with additional supports in place. Deploy additional support in targeted ways, measured in weeks, to clearly see if it improves the situation. Do not just throw Contractors at the situation for 6 months because that means it won't be solved for 6 months.
Conversely, make very sure that you Recognise improvement and Reward significant Achievements. Never let improvements go unremarked upon or you throw away the goodwill of the Team. Where awards are won, the Team takes them not the Management.
Any Team operating without a Dashboard is essentially rudderless and you are not Managing them you are just a Cheerleader. Hand in your spurs at reception on your way out.
Probe along the Line
This is Gold dust and akin to Napoleon at his height. Where you have an FSSC with multiple Problems you must lean in to all of them to see where progress can best be accomplished, then exploit the opportunity with the greatest gain and least resistance. It is imperative that you record a Win in the opening weeks. It acts as a beacon and galvanises the 'troops'.
Do not stick slavishly to a 6 month plan, when you start to get results refocus your critical resources immediately to fully deal with the Problem and eliminate it completely. Where you have no additional resources, temporarily redeploy your best Managers to weaker teams. Get a result and put them back again.
Your Team leaders must get onboard with flexibility. If the FSSC has a Problem we all have a Problem and we will all solve it.
Focus in Waves
Your teams can't handle constant change so only focus your efforts in Waves and in my opinion, and direct experience, these should be 4 to 6 week bursts. Then stop, measure and reassess in typical Control Loop fashion. Transformation Programs operate on longer cycles with Phases of several months but that is not how you Fix a BAU team so do not be misled by that. We don't want to break the FSSC we want to fix it so flex your Waves accordingly.
Allow the teams to rest and recuperate, celebrate and learn for 2 weeks before starting again. You lead the first Wave by example everyday, by Wave 2 I expect the Team leads to do this with support from you but they step out in front first. They lead as it is critical part of their personal development.
Lead the People
You will achieve nothing with a Plan, Formula or Roadmap unless you personally step up and walk the talk. Set the standard and lead by example, teaching and motivating every step of the way. No excuses.
Believe it or not this can still be fun and you have a responsibility to approach every Challenge in a manner which excites and motivates. Your personal style and approach is key to how engaged your teams will be, so bring a little more of you to the table.
Deliver
Set the Vision, live and breathe it everyday, lead by example and celebrate Success so that Delivery comes naturally. Remember to get the first win on the Board quickly in the first two weeks and then watch momentum grow as the Teams motivate, challenge and even compete with each other.
I have taken this approach about a half a dozen times and turned around FSSC Teams that were essentially broken and turned them into Award Winners. They say you can't put a Price on Experience, but I think I just did.
Try it or give me a Call and I will do it for you, with results guaranteed in 12 weeks if I lead it.
Best Regards,