Stephen Fitzgerald: Finance teams need resilience and strength in trying times
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The recent section 114 notice has highlighted the pressures faced by finance departments. Stephen Fitzgerald argues that teams emerging from transformation need the right prorities: from putting objectives before process to building staff competencies and ethos.
The need for finance teams to deliver optimum performance against a theme of diminishing resources is greater than ever. Northamptonshire County Council, the first such action in 20 years, demonstrates the pressure local councils and their finance teams face.
It is against this background that I was recently involved in some team development with the finance hub of a London local authority. As part of that work we identified the key themes that would be key to deliver customer satisfaction in local government.
I want to share that work and encourage discussion about the activities that a high performing finance team should focus upon. Here are our themes:
Communicate across the team and to the customer
If you are to gain maximum impact you need to ensure that all members of your tem know what the business objectives are. Internally within finance hubs, management must make consistent efforts to unleash the power of digital communication and use more traditional interactive methods of communication. Similarly, the internal and external customer should be engaged using the range of media available so they know, understand and appreciate the finance team offering. Messaging is great but communication is better.
Implement and develop the business partner role
In the post transformational period the role of the strategic business partner is key to providing high-level support that service providers need. On the one hand the internal customer must take responsibility for the finance agenda and on the other the business partner must fully understand the operations that they support so that the can provide the highest quality of advice at the strategic level. It is important not just to know the business but fully understand it.
Develop and streamline process
In the delivery of a finance service due process is important. However, it is important that process is not seen as a goal in itself, but a tool to achieve strategic objectives. Too often, finance teams perceive that there can be a process solution to cultural or leadership issues.
What finance teams need to focus on is the streamlining and automation of process to provide the maximum level of support to the customer. The constant review of processes and assessing the continued benefits of a given area of business activity is a must.
The understanding of people and systems is essential to the delivery of an excellent finance service, the systems are there to support the people— not the other way round.
Build team ethos and staff competences
This is an area where often managers do not commit enough time and effort. A strong team ethos is essential to the effective operation of any finance team. As one colleague once said: “We are high achievers because we love what we do.”
If people, walk into the workplace with a positive attitude and team spirit anything can be achieved. This is one of the most important areas that the manager and leader should focus on. if you make efforts in this area your return will be tenfold.
In support of this, invest in your staff to build their competences from the technical, through the interpersonal, to the strategic. Managers, your staff really are your most valuable asset — help them to be the best that they can.
Do the basic essentials really well
This is perhaps unglamorous but as important as the other four areas. Where failure occurs in public sector organisations it is often not because of any complicated event that leads to a breakdown in service delivery.
It is often simple things that lead to failure. Reliable and simple systems that all understand, staff that take responsibility rather than shirk it and communications that can be universally understood are all examples of the basics in action.
Preparation in work, building good relationships and a strong work ethos are also essential. None of these are complicated but are essential in ensuring that the team are doing the simple things correctly will reduce the risk profile and protect against service failure.
Five key things then; communication, partnering, process improvement, team ethos and getting the basics right every time.
The post transformational world is a challenging one for finance teams, but the finance function is key to the effective working of the spine of the organisation. These five areas of development will improve strength and resilience.
Stephen Fitzgerald is an interim finance director in local government.
@SHJFitzgerald
This article was writter with thanks to the London Borough of Enfield Finance Hub
