Impact mindset is the number one priority for every Finance professional

Teaser: 62% of finance professionals say it's their mindset that's preventing them from embracing the future of finance. So let's talk about the mindset you need. We call it the "Impact Mindset".

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With the dawn of Finance Function 4.0 it is becoming increasingly clear that simply having strong analytical skills and technical expertise is no longer enough to succeed. Today, Finance professionals are judged not solely by their qualifications but by the impact they create - and to do this, they need to adopt an impact-driven mindset.

To understand the importance of an impact mindset, it's important to first recognize the limitations of technical expertise alone. You can be the most insightful or likable professional ever, but if you cannot do both well, your impact will be severely limited. Reporting alone is certainly not enough, and neither is generating insight.

Instead, we need to be able to think clearly and deeply and also communicate our insight in a compelling and narrative-driven way, bringing stakeholders along with us. Analysis and modeling are still crucial, but it is increasingly meaningless if we can't also 'zoom out' and consider the bigger picture.

Ask the simple questions

Finance professionals who prioritize creating an impact for their customers and business stakeholders can escape this trap and make more meaningful contributions to their organizations. To do this, we need to ask ourselves some basic but important questions. For example:

• Who are my main stakeholders? We might refer to these as 'customers', but remember that those customers are just as likely to be internal as external.
• What are my stakeholders' key priorities? Do I understand their role and responsibilities enough to make a useful contribution?
• Do I have real-world experience with my stakeholders' priorities, in a 'live' working environment? If not, how do I go about gaining that experience?
• What is the simplest, most effective way of solving the given problems presented by my stakeholders?
• How do I communicate that solution most effectively?

Communication, communication, communication

It's crucial to talk to your customers and stakeholders to get buy-in and acceptance for your understanding of their needs and proposed solutions. Over the course of this series, we've been looking at some tools and frameworks that can help us achieve this. For example, we might use the NASA tool, which stands for Needs, Assets, Stakeholders, and Actions. By using this tool, finance professionals can ensure that their decisions are aligned with the needs and priorities of their stakeholders in a 'real' way, rather than forcing them to adhere to their existing skills or preconceptions.

We also need to think about how we structure information, remembering that most of our stakeholders are likely to be non-specialists. Narrative-based presentation techniques are extremely useful here; for more information on compellingly structuring information, read these previous articles in this series.

From cost center to profit driver

Ultimately, developing an impact mindset is about transforming the Finance Function from a cost center to a profit driver. As more and more of the 'grunt work' of the Finance Function is automated, we become free to move up the value chain and produce work that has a measurable impact. As the power of software grows, this is the most important change that Finance professionals can make if we are to thrive in a modern business environment.

I hope you've found this series useful. If you've missed the previous articles you can read them (HERE) - check them out for practical and specific tips and techniques to maximize success in the modern Finance Function. And for further inspiration on this topic, make sure you read my essay From Cost Center to Profit Driver.

This was the seventh and final article in our new series "Future-proofing the finance professional". You can the previous article below.

What you need to learn to become an impactful finance professional

12 tools every finance professional needs in their toolbox

Here are the Finance tools they don't teach you in school

Want a seat at the table? Learn these business skills

We need more leadership in the finance function

Finance professionals aren't numbers people anymore - we're "people people"

Also, check out our latest series "The Finance Function of the Future". You can read all the articles below.

Building a finance function fit for the future

The cultural revolution in the finance function

Let's create the Agile Finance Function, shall we?

The touchless Finance Function - is it really possible?

The heart and mind of the finance professional of the future

Are your processes fit for automation?

The finance function keeps the score

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Anders Liu-Lindberg?is the co-founder and a partner at?Business Partnering Institute?and the owner of the largest?group dedicated to Finance Business Partnering?on LinkedIn with more than 11,000 members. I have ten years of experience as a business partner at the global transport and logistics company?Maersk. I am the co-author of the book “Create Value as a Finance Business Partner” and a?long-time Finance Blogger?on LinkedIn with 150,000+ followers and more than 230,000 subscribers to my blog. I am also an advisory board member at?Born Capital?where I help identify and grow the next big thing in?#CFOTech. Finally, I'm a member of the board of directors at?PACE - Profitability Analytics Center of Excellence?where I support the development of new analytics frameworks that can improve profitability in companies around the world.