Nothing but (net) profit

Working towards long-term business goals is sort of like competing for the World Cup.

Every pass, every goal, every defensive move is a calculated part of the team's overall strategy. Sure, it's exciting when they win a match—but these players (and their fans) are thinking about how they're going to win the entire tournament.

The same can be said for finance leaders. Stakeholders are rooting for us to bring home the win, which means it's our job to make sure our financial plans help us achieve short-term and long-term business goals.

So, how can you ensure you're setting your company up for success? In this edition of The Finance Fix, I'm sharing a collection of resources and tips to help you do just that.

Happy planning!
Christina

The big idea: developing a strategic mindset

The CFO role is not limited to just traditional financial operations. Instead, today's CFOs play a pivotal role in driving business growth, guiding decision-making, and shaping the overall strategic direction of organizations.

But this transformation isn't exclusive to CFOs—it's a journey that every finance professional should embark on. The shift toward strategic financial leadership is rooted in understanding how financial plans directly impact business objectives. 

Ready to become a stronger strategic leader? Find the expert tips and best practices you need in From number-cruncher to strategic leader: the changing face of the CFO.

Quick tips to align financial plans with strategic objectives:

1. Start with scenario planning.

Scenario planning is a vital tool for finance leaders navigating today's uncertain business environment. By preparing financial plans for a range of scenarios, each aligned with strategic goals, you're equipping your organization to respond swiftly and appropriately to changes.

2. Collaborate across business teams.

Build strong relationships with leaders across departments. This aids in understanding their goals and how financial plans can support them, promoting a holistic strategic vision.

3. Leverage automation.

Financial planning software and analytics tools can help you gain insights, improve forecasting accuracy, and dynamically align financial planning with strategic objectives. They can also automate routine tasks, freeing up time for strategic planning.

Top 3 resources you can't afford to miss:

1. Building a winning strategic finance function from day 1

Through financial modeling, scenario planning, and real-time data analysis, strategic finance helps companies make more informed decisions and better navigate the challenges of an uncertain business environment. This blog has the tips you need to build a winning strategic finance function.

2. The 5 essentials for aligning budget with business strategy

A disconnect between financial plans and business strategy can result in lackluster budgeting and poor strategy implementation, which could spell doom for your business. This article from Entrepreneur walks you through the essentials for achieving strong alignment.