Anyone working on finance transformation knows how difficult progress can be. If you are stuck and struggling to move forward, take a deep breath, and ask yourself the following questions. Most importantly of all – Be honest!
1. How clear and appealing is the finance transformation vision?
What score would you give your vision out of 10, in terms of clarity, ease of communication/understanding and ability to inspire action?
In our experience, most FDs and CFOs “buy-into” their own vision.
But the acid test is can you actually share the vision with people easily in a simple summary or picture?
- When you test the vision with your team and wider organisation, does it resonate with them, stir their emotions, and give them a sense of purpose and hope.
- Does everyone agree with it – is it a common and shared vision of the future?
One of the most common problems we see with finance transformation is that the vision is simply unclear or just not shared. Perhaps the lustre that was there at the start has worn off over time.
Maybe it’s time to get out there and talk to people about the future and refresh the vision?
2. Who is leading finance transformation, maintaining momentum, instilling a sense of urgency?
Often, we find this ‘champion’ is just not visible or perhaps they’re unclear what they need to do. The leader’s role is to create the energy, the momentum, and sense of urgency, to inspire people to engage with the transformation.
To do this, you need to actively champion the vision, telling people throughout the organisation about it at every opportunity. Talking about the vision for the future of the finance team and listening to what people say.
If this visionary leader is not visible, you need to identify one and encourage them to stand up, visit sites, talk to people and groups. True leaders rarely need to be encouraged but transformation without one is difficult.
Could this be you?
3. What are the benefits of your finance transformation project?
If the finance team are not going out of their way to drive change, or just aren’t inspired, look at whether the benefits (for all people – customer, colleagues, and suppliers) are fit for purpose. Read what has been written down and communicated already and ask yourself:
- Is it clear how this will benefit different stakeholders?
- Are the benefits engaging?
- Who else would have a view and help fine tune the benefits?
If the benefits are not energising people, you need to work on them.
How can you articulate the benefits to get people to understand ‘what’s it in for them,’ so that they will go the extra mile and get transformation moving again?
How clear is the team on what needs to be done to deliver the vision?
We spend a lot of time working with clients to break down the vision into smaller steps, and specify the goals and objectives to deliver outcomes. When transformation stalls, test whether people are clear on the key milestones to be achieved and their objectives. Without a clear direction, people can be focusing effort on the wrong things. They are doing a lot, but not heading anywhere – the wheels are spinning. You will not make progress if people aren’t clear on their goals.
We find a workshop to align milestones to outcomes (a transformation map) helps test whether people can articulate the key milestones and their objectives. We like simple plans that people understand, with some stretching, but achievable milestones to aim for.
5. How much active support does the project have across the Leadership team?
Support is demonstrated by active engagement – when leaders are part of the transformation, supporting on issues and removing any Business As Usual (BAU) blocks.
This might be:
- freeing up critical resources,
- speaking at events to champion the change,
- at the very least it’s being present and asking what they can do to help.
If you don’t have active support from the leadership team, you need it.
Who are the key leaders in the organisation who can help you, what do you need their help with and how do you engage them?
What expert external support do you need?
3 Dimensional Projects runs a short transformation diagnostic using our “Principles of leading change” to deliver an honest evaluation of the state of your finance transformation programme and a set of clear recommendations for tangible things you can do to accelerate change.
Shall we book a time to talk?
