The Forbes Finance Council recognizes financial leaders for their pivotal role in driving organizational success. The piece delves into the challenges faced by these leaders in providing effective financial guidance and support across diverse teams and management. Forbes Finance Council members share 20 essential strategies. They focus on enhancing the advisory role of financial leaders, emphasizing transparency, communication, and strategic collaboration. Some key points include:

#1 – Financial Literacy Collaboration with HR:

Try partnering with HR to promote financial literacy throughout the company. Ensure employees understand the full value of their compensation. – Crissi Cole, Penny Finance

#2 – Transparency in Financial Goals:

Financial leaders should prioritize transparency when working with colleagues. Allow departments to understand and collectively work toward common financial goals. – Monique Johnson, Beneficial State Bank

#3 – Monthly Reporting Tools:

Establishing formal monthly reporting tools facilitates ongoing communication. Focus on communication between financial leaders and departments, connecting financial decisions to strategic goals. – Sonya Thadhani Mughal, Bailard, Inc.

#4 – Avoiding Jargon:

Using plain language and avoiding finance jargon enhances accessibility. This makes financial leaders more approachable for guidance and support. – Ryan Carroll, Wealth Assistants

#5 – Overabundance of Communication:

Regular and diverse communication, including financial reporting, ensures that the finance team is well-informed. Focus on business developments, fostering a collaborative decision-making environment. – Andrew Collis, Moneypenny

#6 – Clear and Timely Financial Reports:

Deliver clear and concise financial reports on a timely basis. This enables better financial guidance and support to department heads and management. – Peter Goldstein, Exchange Listing LLC

#7 – Explanation of Fundamentals:

Explain the “why” behind the fundamentals of finance. This increases financial competency for non-financial teams. – Edita Baranauskaitė, STATICUS

#8 – Information Sharing Across the Company:

Share information and goals across departments. This fosters unity and resource-sharing, breaking down departmental silos. – Mark Troyer, Troyer Retirement

#9 – Data Visualization Tools:

Using data visualization tools to represent complex financial data can make it more accessible to non-finance professionals. – Jeffrey Bartel, Hamptons Group, LLC

#10 – Relevant Metrics for Each Department:

Delivering only relevant metrics to each department and manager. This contextualizes their significance, and allows for discussing actionable improvements. – Julie DeLong, Backyard Bookkeeper

#11 – Tailored Training and Education:

Offering tailored financial training and education programs. This empowers non-finance teams to make more informed decisions. – Jared Weitz, United Capital Source Inc.

#12 – Embedding Finance Partners:

Finance business partners should embed themselves in other aspects of the business. They need to provide analysis and reports based on the needs of the business. – Geetanjali Tandon, Ceridian

#13 – Short-Term Metrics and Leading Indicators:

Assisting in the creation of short-term core metrics and leading indicators helps departments understand the story behind the numbers. – Marjorie Adams, Fourlane

#14 – Patience and Encouraging Questions:

Financial leaders should exhibit patience, encourage questions, and provide different perspectives to facilitate learning. – Dave Sackett, AIOne, Inc.

#15 – Helping Departments Create Realistic Budgets:

Ensuring that all departments are knowledgeable in creating realistic budgets and forecasts is essential for better financial guidance. – Xan Myburgh, Backd Business Funding

#16 – Tailoring Guidance to Company Goals:

Financial leaders should tailor their guidance to the goals of the company, understanding the needs of the groups they support. – Aaron Spool, Eventus Advisory Group, LLC

#17 – Clarity in Measurement of Success:

Providing clarity around financial success metrics helps everyone keep their focus on the target. – Christopher Foder, CExP, First Financial Group – Meridian Financial Associates

#18 – Understanding Non-Finance Departments:

Spending time understanding how non-finance departments work allows financial leaders to present information in a format that suits their needs. – Karla Dennis, Karla Dennis and Associates Inc.

#19 – Easy-to-Understand KPIs:

Financial leaders should develop easy-to-understand key performance indicators (KPIs) for each department, linking them to overall company success. – Raghavkumar Parmar, MMA Pan Asia Fund Management

#20 – Storytelling and Relationship Building:

Adopting a storytelling approach helps break down complex financial jargon, build relationships, and explain how actions impact the bottom line. – Oluwatoyin Aralepo, Mastercard Foundation

These strategies collectively aim to empower financial leaders to provide effective guidance and support across departments, fostering a financially informed and collaborative organizational cultur