10 tips to become a Finance Leader
A modern finance leader is expected to offer strategies to grow a business and face challenges head-on!
Even though knowledge about the accounting and finance industry is a must for finance leaders, that is not all, says ACCA!
Read on to find out the skills required reach senior leadership positions in your career, according to ACCA and IMA.
Tip 1: Sort your nitty gritties
Finance professionals must have a good understanding of the fundamentals of various points in the finance value chain, especially financial and management accounting. They must be able to ask the right questions across the organisation.
Tip 2: Formulate a strategy
Strategy formulation and execution are skills by themselves. Deep business experience is highly valued in a constantly changing business environment.
Tip 3: Are you watching closely?
Financial professionals must seek experience in data analytics. This will enable them to aid the business in making the right decisions from the sea of information available.
Tip 4: Be ready for risks
Investments are always subject to risks. To counter this, finance professionals must have skills and experience in Risk Management. This would help them make calculated decisions.
Tip 5: It's a big deal!
Ability to work in Mergers and Acquisitions is helpful to structure potential deals and help in the overall growth of project management skills.
Knowledge about accounting and finance industry is a must but there are more skills that a Finance Leader should develop, says ACCA!
Tip 6: Know your customer
To cultivate brand loyalty and develop a culture which is customer-centric, finance professionals must have knowledge about customers – both current and prospect – and work towards forming good relationships with them.
Tip 7: Create meaning together
Good communication skills go a long way in making a good leader. That means not just having the right words for every occasion, but also the willingness to listen.
Tip 8: Prepare for big things
Finance professionals should be able to operate in highly regulated environments and manage associated tasks efficiently. They also should be able to identify different methods of reporting performances.
Tip 9: Beyond MS Excel
Staying up-to-date with the latest technologies is important as it can cut costs of the finance function and help in simplifying day-to-day activities.
Tip 10: Be willing to cross boundaries
Finance professionals should be able to work in a global business environment and lead diverse teams.
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