Most people I talk to want to change over to Finance Business Partner (FBP) roles. It's a sexy new title in finance, that usually moves Management Accountants away from the routine of month end responsibilities and allows them to focus on value-adding tasks.
They can work closely with a business unit to provide a link between operations and management, providing more commercial advice. Whether it be a cost-saving exercise, identifying new revenue streams or talking finance to non-finance people, FBPs draw out key information and deliver a clear and concise message. It's not just talking about previous numbers and what has happened previously, it's looking forward and providing strategic insights and clear recommendations.
Ability to influence
To become an FBP, you will need to be able to talk finance with non-finance staff. Sounds simple right? Well, it isn’t always! An FBP will use the analysis to deliver insights to stakeholders across the business, to be used in key decision making. It's essentially looking at key data and painting a picture of what it means and the impact it has on the wider business.
Presentation skills are essential for the modern day FBP and I'm not just talking about how good you are with PowerPoint! When analysing data, it needs to be presented in a more readable format so all teams -not just finance - can understand what the numbers are saying. Remember, not everyone's an Excel guru like you!
Stakeholder management is essential. You will need to speak up, challenge stakeholders and, when necessary, push back. You'll need to have the confidence to challenge the thoughts or beliefs of stakeholders when you feel it is necessary. You need to communicate effectively, and this doesn't mean you have to be salesy or have the "gift of the gab". It means you can create a clear message to non-finance staff and build relationships and trust with them.
FBP’s need to be commercially minded - just because you've identified a cost reduction, that doesn't necessarily mean it will benefit the wider business. If you're providing valuable insights from a finance perspective, it doesn't necessarily mean it will be valuable to operations, HR, sales or - most importantly - the customer.
If you're a qualified accountant or studying towards a professional qualification, it stands to reason that you've already built good analytical skills. I’m not talking about your traditional analytical skills though, you need to be able to analyse trends and identify anomalies to be a good FBP.
In my opinion, you can’t be a good FBP if you're purely in it for the money. The role must be purpose driven and you should really want to add value to the business. Adding value doesn't just mean saving money, it can be anything from process or efficiency improvement, service level enhancement or identifying a new revenue stream.
Not your typical accountant
You need to be able to operate strategically, be commercially aware, understand how to align people strategies with business strategies and be fully aware of the impact of changing employment legislation with have on the business.
Taking a step up into a Business Partner role
Most FBP roles are aimed at qualified accountants, but that doesn't mean you can't work towards it if you're still studying. There are plenty of part-qual FBP jobs around, but be aware when applying that most recruiters now see FBP as a ‘buzz word’ and use it in titles to attract people to apply.
Think about the above skills and see where your strengths lie, and what your areas for development are. You won't become an FBP overnight, but if you're thinking of the move then most of the above you can improve yourself.
About the author: Sam Perry is the leader of personal profile shared executive search team at https://refind.co.uk. You can follow him on twitter @refindsearch.
The team at Social Hire won't just do social media management. Our team work with you to ensure your business sees great value from the service and that your team gets tangible results.
Our digital marketing managers are the wizards that can give you the insight you need to grow your business. Have you had enough of making difficult personnel choices that don't work well for your online marketing?
Is it important to you to increase the digital footprint of your business by utilising digital marketing, but can't work out how to begin?With the professional understanding of our digital experts working in your business, you can begin to see interaction, brand loyalty and enquiries get better without having to take your team out to spend time on ineffective marketing strategies, or spend money on a internal marketing manager with a view to get results that may not deliver!
Our team are a company that assists our customers further their digital footprint by giving digital marketing on a regular basis.
You might like these blog posts Five Business Investments that are Worth the Price, How Will the Internet of Things Affect Social Media?, How to Reshape Your Workplace Culture, and 5 Ways to Kickstart Collaboration in the Workplace.