As your business grows so too will your finance team. In fact the latest data from the Australian Bureau of Statistics shows that there has been an increase in financial services roles across the last quarter of 2016 and the first quarter of 2017, with a steady hiring pace expected throughout the rest of the year.
So how do you ensure that you are putting the right people in the right roles and set a framework for a successful and productive team? Here are the top things you need to focus on to guarantee a high performing team.
1. Strong Leadership
The strength of a team is determined by the quality of the leader and a finance team is no exception. Ensuring that you recruit a strong CFO with the right skills is important. However, often when we think about the skills that a CFO needs we think of their technical and financial skills. As a leader the CFO needs to have exceptional people skills to build a cohesive team that shares the same values and visions. The leadership of the CFO will determine the level of commitment and dedication from the team and their ability to provide good customer service to the rest of the business that they support.
2. Automation is your friend
Technology advancements provide huge benefits to finance teams. They provide the ability to have basic and repetitive tasks automated. This can be far more cost effective, particularly if you have a large number of these, but it also provides greater job satisfaction to employees as it frees them up to do more interesting and challenging work. These can include tasks such as ledger entries, and chasing unpaid invoices.
3. Get the basics right
While there is an increased expectation of finance teams to provide more strategic guidance to the business and help them to make more informed business decisions and plans for the future, the core function is still finances. Which means that it is important that the fundamental part of the role is fulfilled accurately and timely. The team needs to be able to provide monthly reporting to the business and ensure that there is strong financial control.
The CFO in particular needs to keep the business informed of the current financial position and be involved in decisions that are made that may impact on the financial health of the business.
4. Create a cohesive team
It can take time to develop a cohesive team that works well together. The important thing is to create an environment that attracts the right people. Using automation to reduce or remove repetitive tasks can ensure that the tasks being completed by the finance team are more interesting which can lead to more engaged and committed team members.
Ensuring that your recruitment processes and performance management processes are updated is essential in hiring people with the right skill set that matches your requirements, and then provides a framework for managing their performance. A strong performance management system should be focused on giving your team a framework in which they need to operate. It ensures that feedback is given regularly and consistently and any off track performance or behaviour is dealt with swiftly. This can empower employees and provide reassurance, helping you to develop a high performing team.
The tasks that finance teams complete is changing and the role that they play in the business is expanding. We see this as an exciting time for finance teams to recreate their position within their organisation and give them a stronger voice to drive strategy.
What are your thoughts?
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