Congratulations, you got the top job. But how will you make your mark? Take these three important steps to create a positive impact as Financial Director.
You’ve risen up through the ranks, not just because of your numerical skills, but because of your way with people. You want your department to know that you are still in touch with their needs. As a Financial Director you are not only responsible for operating costs and ROI, you are also responsible for staff satisfaction and establishing good relationships, both internally and externally.
Your first action as director could be to conduct a general satisfaction survey. Chances are, you are one of the large proportion of senior finance professionals who feels that their company needs better technology, and your questions will establish what needs to change, as well as what works. A survey will give you an idea of the culture and moral of the department and company at large, and by conducting the survey you are reinforcing a positive culture, as you show you are willing to listen.
2. Seek opportunities for growth
Yes, business development is your responsibility too. A strong financial director who sets oneself apart is one who is commercially minded. Not only should you understand the money that is already in the company, you should have some ideas on how to create more of it!
As companies continue to navigate through a much-changed economic landscape, new strategies may be the difference between a business that thrives and a business that dies. Do not be afraid to use your communication skills to present your ideas in meetings with your CEO and board members, even if they challenge the status quo.
A Directorbank Group study of 350 views of board directors showed, aside from substandard technical ability, they consider lack of engagement and visibility as key characteristics of an ineffective Financial Director. Your role is to connect the needs and expectations of both the board and the customer with budget realities to produce real results. If you are not already close to both the executive board and customers in your company, now is the time to make that change. Give the attention to these relationships that you would to the details and figures in your financial reports.
If you are looking to make a big splash in your new role as Financial Director then automatic account reconciliation software could be the silver bullet you are looking for. After all, a Gartner Survey show that Reconciliation Management is one of the top 3 areas of focus for financial management.
Why not take a look at how it works or book yourself an online demo for a more in depth look. If you still have any lingering questions then you can always ask us directly on Twitter, LinkedIn and Facebook.