Setting Goals for the Finance Team - 7 Areas with Examples
Setting goals for the finance team that support the business growth, strength and performance can be a challenge, even for experienced finance professionals. In “Setting Goals for the Finance Team” I provide examples of 7 different areas for goal setting and provide plenty of example finance team objectives. And WITHOUT using lots of financial or accounting terms.
Setting finance team goals, like setting any goals, helps create focus for the team and improve the financial management of a business. What you expect from your finance team and its capabilities are a great starting point. Do you need basic financial reporting? Or are you in a more complex business that needs its finance team to help run the business, provide financial information, manage systems, all the way through to provide financial strategy? What are your expectations of the finance team?
One of the key tasks of any finance team is managing and improving the financial health of a business – both its profitability and its cash generation. Creating both require strong business management skills among many others.
What plans should you have in place for team development? How will you measure finance team performance? These and other questions are answered in “Setting Goals for the Finance Team” along with many example of the type of objectives and goals you could set a finance team.
Financial reporting and visibility of performance at all levels: the company, department, function, team and even down to the individual drive improved business performance. We give you suggestions on the types of goals you might want to include to improve your financial reporting.
Systems and the tools the finance team use the help manage the business are vital for the speed and accuracy of information to support decision making, the control of spending, and the efficiency of many parts of the business. Do you have enough focus on what the finance team is doing to improve the systems and process used in the business?
And finally, what have you tasked the finance team on with regard to financial strategy? How should the company be funded? What improvements can be made to the business model? What levels of cash should be help to mitigate business and financial risk?
Set objectives and goals for the finance team that reflect the business needs, the business complexity and the capabilities of the finance team.
00:00 Intro
01:14 Your Expectations
03:00 The Team’s Purpose
05:18 Financial Reporting
06:47 Compliance
07:34 Team Development
08:37 Systems
09:30 Financial Strategy
10.26 In Summary
Other videos that you will find useful:
How to Set Objectives for the Team • How to Set Objectives for the Team
How to Develop Your Best Team Members • How to Develop Your Best Team Members
Pricing Strategy - 4 reasons to have one • Pricing Strategy - 4 reasons to have one
8 Ways to Manage Teams Through Change • 8 Ways to Manage Teams Through Change
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