Finance teams nowadays are doing so much more than crunching numbers and creating reports. The ability to partner effectively with other departments has become a vital skill for finance pros, driving strategic decision-making and adding real value across the organisation.
Iâve spent the last 12 years working with startups and scaleups on their growth journeys, and Iâve learnt a lot about how Finance professionals can add value to an organisation.
People working in accounting and finance generally have access to the most minute details of the business, and can use that knowledge to build a robust picture of a companyâs strengths, weaknesses and opportunities. Finance professionals who can marry the details with commercial objectives can be invaluable business partners.
However, it isnât always that easy to be (or to have!) an effective business partnerâŚ
Breaking down the office walls
Human relationships are the foundation for great business partnering. Making sure you nurture those relationships is criticalâbuilding mutual trust means that challenging each other in a respectful and calm way is much easier.
In my early days as a Finance leader, I had a fractious relationship with one particular CEO. I didn't have the confidence to really speak my mind, and back up what I was saying with data. More than once, I shied away from difficult conversations because I was terrified of saying the wrong thing.
However, I had great relationships with other colleagues in the business, and we were able to share information and ideas and they helped me build the confidence to have more difficult conversations with the CEO.
Gaining that confidence to have difficult conversations would not have happened had I stayed in my Finance silo. Itâs easy for Finance teams to focus on âFinance stuffâ without looking to help other areas - for example, Finance teams can add lots of value when debating volume vs value trade-offs with Marketing teams.
My advice is to nurture relationships with all your colleagues - go for lunch or coffee away from the office - and get to understand their problems and issues, and share your views and concerns. Youâre all responsible for your own area, but youâre also all part of a wider company that would benefit from collaboration.
Bridging the department divide
We often talk about finance aligning with other teams, but I prefer to see the whole company as one big team, where everyone has a role to play. When you adopt that mindset, communication becomes so much easier. My advice is to approach conversations with curiosityâremember, youâre all in the same boat, rowing in the same direction. Go into meetings with an open mindâlearn whatâs happening in other departments, what they need from finance, and what insights finance can gather from them to help the business thrive. Iâd highly recommend Mindset by Carol Dweck, which highlights why curiosity can be your superpower.
In my experience, 9 times out of 10, conflict arises from not taking the time to understand someone elseâs perspective or data. If you push an agenda without fully grasping the other sideâs view or having all the necessary information, you risk eroding trust and sparking unnecessary conflict.
Overcoming number phobia in non-finance teams
Getting non-finance departments to engage with the numbers can be tricky. Finance people are generally very comfortable with numbers and sometimes forget that others might not be. Itâs even trickier because those who struggle with numbers often donât admit itâtheyâll smile and nod, but ultimately they donât find their interactions with finance all that helpful.
Presenting information graphically and telling a story can be a great tool for sharing your perspective. Focus on getting three main points acrossâdonât overload people with data. Theyâre not looking for spreadsheets or figures; they want insights that help them do their jobs better.
Sometimes, though, youâll encounter people who just wonât engage with numbers, no matter how you present them. I once worked with someone in marketing who didnât want to see any stories, graphs, charts, or tablesânothing. I really struggled to get them to engage with data and insights. In the end, I found someone else in the marketing team who was able to understand, but it wasnât an effective strategy. Some people just wonât engage with numbers in any format. In those cases, itâs key to find others who do understand the data and work with them to surface actionable insights.
Trust isnât just about the numbers
When it comes to building trust, nothing beats face-to-face, non-work conversations. I try to remember the little details about my colleagues, like their kidsâ names or what hobbies theyâre into. Your colleagues are people. They have lives outside of work.
I also assume that my colleagues are competent and have the best intentions for the business. If I find evidence to the contrary, Iâll call it out, but I try to give everyone the benefit of the doubt. Being open and vulnerable helps build trust too. If Iâm struggling at home or feeling anxious about something at work, Iâm not afraid to share that with my team.
I always try to speak my mind in a professional wayâitâs not easy to give constructive feedback or call out substandard behaviour, but I make the effort. When I do, I focus less on what went wrong and more on the impact those actions had and how they affected stakeholders. This shifts the feedback from criticising the actions to emphasising the consequences. The goal is that next time, theyâll be more mindful of how their actions affect others.
Stepping out of the finance bubble (it's not so scary)
Effective business partnering is key for todayâs finance teams. By breaking down silos, fostering open communication, and building trust, finance teams can evolve into strategic partners.
Itâs about approaching interactions with curiosity, presenting data in simple ways, and understanding other teamsâ perspectives. While technology can enhance collaboration, itâs the human connectionsâthose face-to-face conversations and shared problem-solvingâthat really matter.
When finance teams step out of their traditional roles and engage proactively, everyone benefits. Yes, the journey to becoming an indispensable business partner can be challenging, but the rewardsâfor both you as a professional and the business overallâare definitely worth it.
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