How Do We Create Value Through Finance Business Partnering

Share on facebook
Share on google
Share on twitter
Share on linkedin

Here is the transcript of the video: 

In this video – let us look at how do we create value through finance business partnering.

Hi Steve,

Hi Steve,

Just remind me what’s your name?

Its Steve

No way no way

So Steve you’ve got a few questions on finance business partnering, so first one really for me is:

What is Finance Business Partnering?

I think there’s quite a few definitions of what a good finance business partner is – I’ve got a very simple strap line which then explains the complexity of it. Its somebody who makes an impact. Its somebody who makes an impact on the business. So, a good business partner is somebody who makes an impact. that’s a simple definition.

What do you mean by impact? Can you give a couple of examples?

I’ve got a good example, that’s a great question Steve… So impact for me, you can split it into many different dimensions now. So the first thing is the need to understand the operating business model what they’re working with.

Secondly Engaging with the stakeholders that they deal with – that could be either people in the organization or outside the organization, I think it’s somebody who obviously technically understand the finance of a business but there for me now that’s table stakes almost you’ve got to have those skill sets so the business partner has to add things beyond that so what else could the change and create value with so for me a good business partner would understand change management.

I have been lecturing around the world, globally and there’s not one business which is not going through some sort of transformation process sort of transformational skill set is quite key and critical for what a good business partner has done.

For me a lot of finance people are being trained in technical skills and they’re great skills and I’m not decrying that for one moment however where they lack is actually the emotional intelligence and people skills.

so a good business partner will have good emotional and intelligence skills as well as technical skills. All that eclectic mix and a lot, lot more key features would enable a good business partner to make a fantastic impact on a business.

Interesting.

I suppose my other question would be – How would you measure the value? That’s a good question

I don’t think it’s about hard measures, I think there’s got to be some soft measures in the search. so for me I look at business partner it’s like impacts and the way I would look at it is ultimately is what are the outcomes they are delivering and it’s the outcomes basically and what the team needs to deliver and on what the organization needs to deliver and if a business partner can actually explain what they have done for the team and what they have done for the organization that’s a key measure rather than a KPI of every invoice that has been passed.

No that’s transactional stuff. A good business partner should be able to articulate and explain what they’ve done on transformational basis for their teams and businesses.

So that’s where i would measure it – which is actually more qualitative than quantitative. If you are part of a team and there, I mean its big managing is bit like a football player.

You know you might be the striker trying to get the ball on the net but there’s still the players around you, it’s a team win. and that is how you would measure.

It’s a team win and an organization win as opposed to an individual has done one aspect of that.

That’s great and thanks for giving me some really good insights.

All right thank you – we’ll see you again.