Nurturing Relevance: The Power of Personal Power in Finance

In finance, the ability to adapt and evolve is paramount. It’s not just about numbers and spreadsheets; it’s about fostering meaningful connections and understanding the intricacies of collaboration. A recent reflection on feedback within the finance sector has revealed some intriguing insights that beg the question: How do finance professionals respond to feedback from their non-finance counterparts?

In the face of feedback, the reactions can be categorised into three distinctive approaches:

1️⃣ Do Nothing:

A surprising 10% of finance professionals opt for inaction when confronted with feedback. Perhaps, a passive response that may inadvertently hinder the potential for growth and improvement.

2️⃣ Blame the Business:

Another segment, albeit a minority, tends to shift responsibility onto the broader business environment. By attributing challenges solely to external factors, this group misses an opportunity for introspection and self-improvement.

3️⃣ Self-Reflection and Change:

Strikingly, less than 10% of finance individuals engage in self-reflection. They acknowledge that change begins from within the finance department and take proactive measures to address any shortcomings.

However, a significant majority, over 80%, resort to attempting control and, more often than not, blame the business for the perceived lack of engagement or understanding. This tendency, though common, may contribute to the struggles many finance functions and professionals face in maintaining relevance in 2023.

So, what is the key to transcending these challenges and propelling your finance function or career to new heights? The answer lies in cultivating personal power, a skill set that goes beyond technical expertise.

✅ Developing Personal Power:

At the heart of personal power lies the ability to build and nurture relationships. Consider it the most potent plug-in for Excel, a tool that amplifies your influence and impact. Before diving into the complexities of Power-BI, invest in the relationship module.

✅ Finance as a Service:

Embrace the fundamental truth that finance exists to serve. The mantra is simple: When we serve, we lead. Transform your perspective and approach by integrating these principles into your professional ethos.

To harness personal power effectively:

✅ Get to Know People:

Beyond the numbers, take the time to understand the individuals you collaborate with. Uncover their motivations, challenges, and aspirations. This human-centric approach lays the foundation for meaningful connections.

✅ Discover Wants and Needs:

Actively seek to understand the needs and desires of your colleagues. By aligning your efforts with their goals, you create a collaborative environment that fosters mutual success.

✅ Help Achieve Goals:

Elevate your role beyond transactional tasks. Act as a strategic partner by actively contributing to the achievement of shared objectives. When your focus extends beyond the financial statements to the success of the entire team, you become an indispensable asset.

In conclusion, the path to relevance in the ever-evolving landscape of finance is paved with personal power, cultivated through meaningful relationships and a service-oriented mindset. As the financial landscape continues to transform, those who embrace these principles will not only navigate the challenges but emerge as true leaders in the field.