Whether you’ve invested in a business and inherited a Financial Director, or you are looking to hire one from a major corporation, the skills a finance specialist need to succeed, remains the same. And although the finer details of the role and responsibilities may vary from one organisation to another, the core requirements are often easily transferable.
Yet there are a few things that your finance professional will need after your investment?
- Good commercial and business awareness - having a holistic view of the business is crucial. Being on top of the latest industry influences and understanding how this affects customers; applying long-term planning to achieve business goals; being able to assess and analyse your organisation and understand how it operates in the wider industry- all critical skills that will enable you to take your role to the next level. Being fully informed on all aspects of the business and its internal processes will provide you with the financial insight that’s vital for success.
- Confidence- being unafraid to take a stand and challenge potential flaws or financial issues that arise is a vital skill for any financial director. There’s a good chance the role could put them in some testing situations, but being resilient and forging ahead with a clear plan is essential. They will need to draw on the strong relationships they have with other team members to ensure that your strategy is communicated clearly. They will need to remain focused and undeterred, even when faced with potentially serious financial difficulties. They will need to be the person who others rely on when potential chaos ensues. If confidence is an issue for them, they will need support to address this. Get them to practice fine-tuning their posture and body language in general, but remember that the key really is to rise above being concerned with what others think. They have a job to do, you have a goal in mind, and you need to feel confident that they are the right person to get it done.
- Business strategy - this needs to be iron-proof. Knowing how to put together a good business strategy is without a doubt one of the most important skills a financial director needs to succeed. Being able to think strategically will help you plan for the business as a whole, and will help you to set long-term goal for its future. Strategic thinking skills enable the finance director to accurately analyse and evaluate operations every step of the way; it means that you’re able to take on a broader perspective when it really matters. It means that your overall goals are more attainable. Applying this key skill ensures efficiency and effectiveness.
- Future proofing- taking steps to ensure that the business is protected, keeping the long-term goals in mind at all times. Having a solid plan in place to ensure that they can make a significant impact and guarantee your organisation’s longevity overall. Stay in the loop with industry trends and use their knowledge to anticipate the impact of evolving technology. Make sure they are ahead of the latest laws, regulations and compliance standards. Make it their business to know all there is to know about how they can protect your organisation.
- High levels of numeracy to understand financial data- no doubt this is a skill they already have, but its worth adding to the list. The role of financial director involves working with numbers, understanding those numbers, and delivering complex financial reports as standard.
- Analytical ability to make sense of a wide range of information relevant to investments- being able to analyse and evaluate information is crucial and being able to efficiently use technology to gather the data equally so. They will need to collaborate to ensure the information is delivered to you quickly and accurately, so that you can use it to propel your business plans in the right direction.
- Ability to work effectively under pressure- again, building resilience in the workplace is imperative for success. The role of financial director is highly pressured, and they need to be able to approach this with confidence to remain focused on the end goal.
- Team Building skills- they will need to work closely with others, so developing good working relationships can be a deciding factor for success. You want them to build a strong team of capable workers who can deliver your plans effectively. You want a team that feels supported and motivated. You want a team who are clear on your expectations for them and who are committed to the long-term plan.
- Excellent communication skills- they’ll be required to explain complex information on a daily basis, so how they get that knowledge across is important. Check that all forms of communication is both clear and concise- written, oral and non-verbal. Listening is also important, so ensure they can take feedback on. Building good, strong relationships with the rest of the organisation is imperative to build a high-performing team who are focused on their tasks.
Finding these specialist people can be a challenge, but partnering with Fidarsi will allow you to have access to a network of candidates who will work well within your company.