New leadership role in FP&A?

These are 5 books that I read during the last 12 months. Summaries were made with the aid of ChatGPT. Most of the books are available at Sydney libraries.

1."The First 90 Days" by Michael Watkins

offers guidance for professionals who are transitioning into new roles or positions. It provides a framework and practical strategies to navigate the critical early phase of leadership transitions effectively. Here are five key action points from the book:

1. Accelerate your learning: The first action point is to prioritize learning and understanding the new organization, its culture, structure, and key stakeholders. Actively seek information, ask questions, and listen attentively to gain insights and build relationships.
2. Diagnose the situation: Assess the current state of the organization and identify challenges, opportunities, and potential risks. Analyze the business strategy, performance metrics, and organizational dynamics to identify areas for improvement and develop a clear understanding of what needs to be addressed.
3. Build your team: Recognize the importance of assembling a capable and aligned team. Evaluate the existing team members, assess their skills, and determine if any changes are needed. Recruit, develop, and align talent to ensure the team is capable of achieving the organization's goals.
4. Secure early wins: Identify opportunities to achieve visible and impactful results in the initial phase. Prioritize initiatives that can deliver quick wins and build credibility. By demonstrating early successes, you establish momentum and gain support from key stakeholders.
5. Create your vision and execute: Develop a compelling vision for the future and communicate it effectively to align the organization. Formulate a clear strategy, set goals, and establish a plan of action. Drive the execution of the strategy, monitor progress, and make necessary adjustments along the way.

2. "Principles" is a book written by Ray Dalio,

a renowned investor and entrepreneur. It outlines his principles for successful decision-making and achieving personal and professional goals.

Summary of "Principles" by Ray Dalio:

1. Radical Truth and Transparency: Dalio emphasizes the importance of fostering an environment where open and honest communication is encouraged. This allows for effective problem-solving and the development of trust among team members.
2. Embrace Reality and Deal with It: Rather than denying or avoiding problems, Dalio encourages individuals and organizations to confront reality head-on. By acknowledging and addressing challenges, one can find the most effective solutions.
3. Maintain a Systematic Approach: Dalio advocates for a systematic and logical decision-making process. This involves creating clear principles, collecting data, analyzing it objectively, and making decisions based on evidence rather than emotions or biases.
4. Learn from Mistakes: According to Dalio, failures and mistakes should be viewed as valuable learning opportunities. By understanding and analyzing one's mistakes, it is possible to improve decision-making processes and achieve better outcomes in the future.
5. Evolve and Adapt: In a rapidly changing world, Dalio suggests that individuals and organizations must be adaptable. By continuously learning, evolving, and refining one's approach, it becomes easier to navigate uncertainty and succeed in dynamic environments.

3. "High Output Management" by Andrew Grove is a management guidebook that provides valuable insights and strategies for improving productivity and effectiveness in organizations. The book focuses on practical techniques and principles that can be applied by managers to enhance their leadership skills and optimize their teams' performance.

Key Action Points from "High Output Management":

1. Task Prioritization: Grove emphasizes the importance of identifying and focusing on high-leverage activities that have a significant impact on the overall output of the organization. Managers should prioritize tasks that align with the company's goals and contribute to its success.
2. Leveraging Time: Time management plays a crucial role in achieving high output. Grove suggests that managers should carefully allocate their time and devote it to activities that generate the most value. By delegating non-essential tasks and avoiding excessive meetings, managers can optimize their productivity.
3. Performance Metrics: Grove emphasizes the need for managers to establish clear performance metrics that align with the organization's objectives. Setting measurable goals and tracking progress against these metrics helps identify areas for improvement and enables effective performance management.
4. Meetings and Communication: The book highlights the significance of well-structured and purposeful meetings. Grove encourages managers to ensure that meetings are productive by setting clear agendas, involving only relevant individuals, and establishing desired outcomes. Additionally, effective communication within the organization is vital for coordinating efforts and fostering collaboration.
5. Developing People: Grove emphasizes the importance of investing in the development of employees. Managers should provide regular feedback, identify areas for improvement, and offer training and mentoring opportunities. By nurturing their team members' growth and cultivating their skills, managers can enhance overall output and create a positive work environment.

4. "What Got You Here Won't Get You There" by Marshall Goldsmith

is a book that explores the challenges professionals face when trying to advance in their careers and offers practical advice for overcoming those obstacles. (Michael Watkins refers to Goldsmith in the book The First 90 Days). The book emphasizes the idea that the skills and behaviors that lead to success at one level may not be sufficient to achieve success at higher levels.

Key Action Points:

1. Identify and overcome self-limiting behaviors: The book encourages individuals to identify any behaviors that may be holding them back, such as being overly critical, not listening effectively, or failing to acknowledge the contributions of others. By becoming aware of these behaviors and actively working to change them, individuals can enhance their chances of success.
2. Seek feedback from others: Goldsmith emphasizes the importance of seeking feedback from colleagues, superiors, and subordinates. Constructive feedback can provide valuable insights into blind spots and areas for improvement. Actively listening to feedback and taking steps to address it can help individuals develop the skills necessary to reach higher levels of success.
3. Take ownership of your own development: Instead of relying solely on others to guide their professional growth, individuals should take proactive steps to develop themselves. This involves setting clear goals, seeking out learning opportunities, and investing time and effort into acquiring new skills and knowledge.
4. Build and nurture relationships: The book stresses the significance of building strong relationships with others. Developing positive and supportive relationships with colleagues, mentors, and stakeholders can help create opportunities, gain support, and facilitate career advancement. Taking the time to understand others, demonstrating empathy, and building trust are essential aspects of relationship building.
5. Let go of past successes and focus on the future: Goldsmith highlights the importance of not becoming complacent with past achievements. Instead, individuals should focus on continually evolving and adapting to new challenges. This requires letting go of any attitudes or behaviors that may have contributed to past successes but are no longer beneficial in the current context.

5. "Atomic Habits" by James Clear

is a book that focuses on the power of small, incremental changes to create remarkable results in our lives. Clear provides a framework for understanding how habits are formed and offers practical strategies to build good habits and break bad ones. Here are five key action points from the book:

1. Focus on the power of tiny habits: Clear emphasizes the idea that significant changes come from small actions repeated consistently over time. By breaking down your goals into small, manageable steps, you can create a system of atomic habits that build upon each other.
2. Implement the 4 Laws of Behavior Change: Clear introduces four laws that can help you establish and reinforce good habits. These laws are: make it obvious (cue), make it attractive (craving), make it easy (response), and make it satisfying (reward). By understanding and applying these laws, you can design an environment that supports positive habit formation.
3. Use habit stacking and implementation intentions: Habit stacking involves attaching a new habit to an existing one, making it easier to adopt. Clear also encourages the use of implementation intentions, which involves specifying a time and location for performing a desired behavior. This increases the likelihood of following through with the habit.
4. Focus on identity-based habits: Clear emphasizes the importance of aligning your habits with your desired identity. By focusing on who you want to become, you can develop habits that reinforce that identity and lead to long-term change. The key is to shift from "I want to do this" to "I am the type of person who does this."
5. Continuously optimize and refine your habits: Clear stresses the importance of ongoing improvement and adjustment. Habits should be viewed as a process rather than a one-time achievement. Regularly evaluate your habits, experiment with new approaches, and make adjustments as needed to maintain progress and avoid stagnation.

Maximize personal growth by focusing on small, consistent actions.