Top 5 qualities of a great Finance leader in aiding business recovery
The impact of both Brexit and the pandemic has changed business exponentially. But as we start to emerge from the after effects of one of the most challenging periods of recent times, many organisations are going beyond simply accepting the new normal. Rather, they are leveraging changes to our economy and workplaces to revamp their strategies; they are implementing new ways of working, setting new targets, and striving to thrive following Brexit and Covid.
85% of finance teams are currently undergoing or planning a business transformation, so finance specialists have an important role to play in helping companies achieve their transformation goals.
Tate helps many companies strengthen their workforces and business recovery plans by providing outstanding finance leaders. Here we share the top five qualities to look for in a finance leader to help your business improve and grow.
1. Sound analytical skills
The ability to generate and analyse the most relevant and valuable financial data is imperative for any business en route to recovery. Ensure your finance team can provide you with figures that allow you to precisely plan and budget for the weeks, months, and years ahead. Data-driven approaches are necessary for analysing industry trends, reducing prices, and increasing profit margins.
Assess if your prospective finance leader understands what needs to be measured to achieve success and whether they are comfortable assessing the impact of different business activities.
2. A wide array of business acumen
Hire a finance leader who is knowledgeable about every aspect of the business. Your financial figures will benefit greatly from having someone who understands how each department operates.
With a holistic view, a finance specialist can pinpoint areas where expenditures can be reduced. In addition to providing advice on specific activities, they can also act as a trusted advisor to individual departments, helping them maximise profits and minimise losses.
If a finance professional can wear many hats, they are in a stronger position for supporting you in achieving your financial goals.
3. The ability to problem-solve
The best finance leaders are those who are innovative in the way they deal with problems. Your business needs someone who can adapt their strategies to meet unpredictable and changing financial needs. You will want them to know how to best respond to complex daily accounting issues, and act ethically, legally and with integrity to find solutions for overcoming any eventuality.
The problems will hopefully not all be on the scale of Brexit or Covid, but an innovative thinker who can deal with any hitch will certainly be an asset when working towards business recovery.
4. Adaptability
When searching for a finance leader to work with you, make sure they are adaptable. We have all had to fine-tune our approaches post-Brexit and post- Covid, and agility is key in business recovery, along with some resilience and the ability to manage setbacks.
As you interview candidates, ask them how they would manage change across your business from a financial perspective, including how they would adapt to challenges. In the event of a crisis, or even if new regulations and/or standards are implemented, you will want to know your financial professional is capable of handling the situation.
5. Foresight and futureproofing expertise
The road to recovery, especially after events as impactful as Brexit and Covid, is not short. Repairing and improving your organisation will not happen overnight, so you need to onboard a finance expert with foresight and the ability to implement a long-term plan.
Schemes for futureproofing may include applications for funding. And, rather than cutting costs, you may find your business would in fact benefit from spending money to aid recovery; expenditure may include things like hiring new team members, training existing staff, or increasing your advertising budget to promote your new and improved offerings.
Having contingency plans has become more and more important for businesses in recent years. Ensure your finance leader can apply financial contingency plans to secure the future of your business.
We are using our extensive network of finance leaders to help businesses to recover from the repercussions of Brexit and Covid19. If you too are ready to navigate the ‘new normal’ and take your business to the next level, we would love to speak with you. Contact us today for a conversation about how an experienced finance leader could assist you in transforming your business.
