The mindset change checklist for Finance professionals
Anders Liu-Lindberg
Leading advisor to senior Finance and FP&A leaders on creating impact through business partnering | Interim | VP Finance | Business Finance
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In this series of articles, we've taken an in-depth look at the shift in mindset associated with the transition towards Finance Function 4.0.
The new operating model for Finance represents a significant change for both Finance professionals and the businesses in which they operate. In this new paradigm, success is judged not according to the number of reports generated or the skill with which technical accounting tasks are completed. Instead, Finance Function 4.0 is about generating insight, collaborating in a cross-functional manner, and enabling every stakeholder across the business to make better decisions and drive better real-world outcomes.
In short, Finance Function 4.0 is not an overhead to be minimized, but rather a value-creator in which we should be investing.
Supporting the shift
Few of us are able to change our mindset on our own, especially when we are embedded within organizations that may not yet be completely sold on this new operating model for the Finance Function.
Instead, most of us need some support to help us on our way. Typically that support will come in four forms; we might call these the pillars of change.
1. Understanding First, we must understand the new way of working and what is expected of us. This understanding might come from self-guided learning and research, but it might (and should) also be supported by leaders within our organizations. In order to succeed, Finance Function 4.0 needs buy-in from the very top of our organizations.
2. Seeing We can't be what we can't see. Role models are absolutely crucial for career development and mindset change, particularly when we find ourselves at the beginning of such a defining transition in our work. Every Finance professional, particularly those in the early stages of their careers, should try to find a role model or mentor from whom they can learn and who can act as a beacon to help them navigate the changing face of Finance.
3. Receiving Finance has traditionally been seen as a function that offers support - but, as we transition from overhead to value creator, we now need some support in turn. The organizations in which we operate need to provide Finance professionals with the tools and organizational structure we need in order to maximize the value we are bringing.
4. Learning Continuous learning should be a prerequisite for any Finance professional, but the importance of up-to-date training has never been greater. Today, many Finance professionals are taking on work that would have fallen outside their remit only a few months ago - work that is primarily based on interpersonal skills, collaboration, and insight generation, as opposed to technical accounting. This has opened up entirely new spheres of activity for the Finance Function, and this is a great thing - but it also requires us to have access to the right training and professional development opportunities.
Building your own checklist
Whether you're just beginning your transition to the new Finance Function operating model or you're an experienced Finance professional looking for new ways to create value within your organization, you should start by creating a checklist or roadmap against which you can assess your progress.
You can start doing this today. Book a meeting with your manager and discuss how to begin making that transition, using the four pillars of change to structure your discussion and your efforts.
Don't forget to subscribe for future series, and let me know in the comments how you're approaching your own shift towards Finance Function 4.0.
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This was the eighth and final article in my latest series "The Mindset For The Future of Finance". You can read previous articles below.
If you want to learn more about one of the key roles of the future "finance business partner" you can check out my recent series "The personality of a business partner" below.
If you want to hear from other business partners talking about their career journey and energize them about business partnering, check out some of the interviews below.
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To learn more about how to become a business partner you can read my ten-article series "Becoming a business partner" below.
If you want to become a better business partner, consider?taking our online course "Business Partnering Explained - Value Creation Unlocked" to get a better handle on the role. It's accredited for 5.5 CPD hours.
You can read a lot more articles about FP&A, Business Partnering, and Finance Transformation below. It all start's with “Introducing The Finance Transformation Nine Box”?where you set the ambition for your transformation. You should join the?Finance Business Partner Forum,?which is part of the Business Partnering Institute's online community.
All Successful Business Partners Are "Leaders"?(the last article in the series about our new capability model)
Should We Keep Talking About Business Partnering??(part of a 17-article series where we deep-dive on the WHY, WHAT, and HOW of business partnering by putting it on a formula)
Everyone Can Adopt A Business Partnering Mindset?(part of a six-article series about FP&A Business Partnering)
From Business Partner To Working Within The Business?(part of an article series where I interview finance professionals about their careers in FP&A and Business Partnering)
Is Your Product Optimized For Value Creation??(part of a toolbox series where we look at what tools FP&A professionals should leverage to drive value creation)
How Business Partners Turn Analysis To Insight?(part of case study series where I interview business partners about how they drive value creation using real cases)
Anders Liu-Lindberg?is the co-founder and a partner at the?Business Partnering Institute?and owner of the largest?group dedicated to Finance Business Partnering?on LinkedIn with close to 10,000 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 60.000+ followers and 130.000+ subscribers to my blog. Recently I became an advisory board member at?Born Capital?to help identify and grow the next big thing in #CFOTech.
Senior Accountant at Mazars
3 年Perfect Anders! Thanks for sharing..want to read more from you
Head of finance/Finance Bussiness Partner / Internal Audit and Internal controls
3 年I feel totally identified with this mindset... it is a pleasure to see how financial view has been changing, and specially how the organizations perceive us ...... I think the change starts with us as a financiers. I definitely want to read "Welcome to Finance Function 4.0". Thank you Anders.
FP&A Leader at Berjé, Inc. - Strategic Finance Business Partner Passionate about Analytical Thinking ?? Understand, Analyze and Solve Challenges | Creative, Insightful Scenario Modeling | Improve Profit Margin ????
3 年As always, a great read and insights. Thank you, Anders...!
#twinztalk | Consultant | Speaker | Instructor | Course Developer | | It's time for BETTER. MBA, CPA (Inactive) #chatgpt #genai #Digital #Data #Analytics #Excel #powerquery #powerbi #powerpivot
3 年Excellent Anders! Thanks for sharing. “Finance professionals are taking on work that would have fallen outside their remit only a few months ago - work that is primarily based on interpersonal skills, collaboration, and insight generation, as opposed to technical accounting.” This is the tide shift that is occurring!