Tackling the Challenges in Forming Finance Business Partnering Teams
Constructing a competent finance business partnering team is a multifaceted challenge. The key difficulty lies in finding individuals who not only possess industry-specific expertise but also excel in softer skills like communication and leadership. Often, the recruitment process undervalues these crucial attributes, focusing instead on technical acumen.
Another hurdle is the resistance encountered from business leaders when integrating new systems. Early engagement and involvement of these stakeholders are vital. Their buy-in is essential not just for overcoming resistance but also for ensuring that the systems implemented align with their expectations and requirements.
Cultivating World-Class Finance Business Partnering Skills
Developing outstanding finance business partnering capabilities is an ongoing journey, blending technical knowledge with essential soft skills. Here are some strategies to enhance these competencies:
- Enhanced Communication: The ability to demystify financial data for non-financial colleagues is paramount. This requires active listening, clear and succinct language, and audience-tailored messaging.
- Leadership Acumen: As finance business partners, leading and influencing across various levels is key. This involves building robust relationships, making confident decisions, and exhibiting emotional intelligence.
- Strong Relationship-Building: The strength of a finance business partner often lies in their ability to forge and maintain meaningful relationships with stakeholders. Understanding their perspectives, being proactive in outreach, and showing genuine interest are crucial elements.
- Technical Expertise: A deep understanding of financial analysis, accounting principles, and reporting is fundamental. Keeping abreast of industry trends, engaging in continuous learning, and seeking feedback are ways to sharpen these skills.
Assessing Candidates for Finance Business Partnering Roles
The recruitment process for finance business partners should rigorously evaluate candidates’ abilities to present financial analysis to senior management. This can be achieved through:
- Case Studies: Test candidates’ analytical skills and their ability to convey complex financial data clearly through case studies.
- Behavioral Interviews: Explore their communication, leadership, and relationship-building skills through open-ended questions based on real-life scenarios.
- Presentation Exercises: Assess their presentation skills and confidence in delivering financial information by having them present on a financial topic to a panel.
Conclusion: A Multifaceted Approach for Success
In the quest for excellence in finance business partnering, it is crucial to balance technical proficiency with soft skills. Addressing the challenges in team formation, especially in finding individuals with the right mix of expertise and interpersonal skills, is essential. Moreover, evaluating potential candidates’ abilities to communicate financial analysis effectively is key to building a team that can significantly contribute to an organization's success.
