The Golden Age of the Finance Business Partner

Derived from the CFO Talk, The Golden Age of the Finance Business Partner with Aliyyah Abdullah
Welcome to the gilded age of the finance business partner, where spreadsheets are our treasure maps and forecasting models are our crystal balls. Today, FBPs are the alchemists of the finance world. If you’re tuning in, you’re probably on the hunt for the kind of wisdom that transforms mundane balance sheets into sparkling nuggets of gold. Lucky for you, we’ve got Aliyyah Abdullah, a leading voice on finance and FP&A and Steve Rosvold, Founder of CFO.University, armed and ready to spin some financial sorcery.
The Becoming of Business Partners: More Than Just Number Crunchers
Let’s start with Aliyyah Abdullah’s definition of a finance business partner. If you’re imagining a finance professional hunched over, calculator in hand, think again. According to Aliyyah, a finance business partner is more of a financial diplomat, armed with insights that can avert business catastrophe or guide it to triumph. “It’s more of a mindset,” she says, focusing on value creation rather than merely cost minimization. Yes, being good with numbers is obligatory, but these modern alchemists also need relationship-building prowess. It’s like being fluent in both arithmetic and empathy.
Perfectly timed, entering from stage left, Andy Burrows, CFO thought leader and Founder of Supercharged Finance to weigh in with Why Finance Business Partner is the new best route to a CFO role
Tools of the Trade: Best Practices for Modern Alchemists
So, how do you sharpen your business-acumen wand and forecast like a financial Gandalf? Aliyyah divulges her secret ingredients: deep knowledge of business drivers, accurate strategic direction, and killer forecasting skills. And because finance isn’t just about sipping from the fountain of past data, it’s more about creating a crystal-clear vision of the future. Think of Aliyyah as a soothsayer with a spreadsheet.
For those wondering, Steve chimes in with a golden nugget of his own: “The more time spent analyzing the past, the less time spent preparing for the future.” Ah, truer words were never spoken.
Tales from the Trenches: Success Stories of Finance Business Partners
Aliyyah is not just a finance philosopher; she walks her talk. With tales straight out of the financial battlefield, she regales us with stories of turning dusty, overlooked reports into decision-making gold. For example, she took reports that were gathering virtual cobwebs and turned them into something meaningful, like a financial Indiana Jones rescuing forgotten artifacts.
Moreover, when it came to finding the best use of financing or solving budget variances with robust models, Aliyyah shows us that finance business partnering isn’t just theory—it’s money in the bank.
Challenges: The Dragons to Slay
Even golden ages have their fair share of dragons. For finance business partners, communication and influence often feel like the fire-breathing nuisances that never quite stay subdued. Aliyyah touches on how improving the brand of the finance department, and not just being seen as the company’s financial police, can make a world of difference. When was the last time you saw an army of accountants being hailed as the life of the corporate party? Well, maybe it’s time to change that narrative.
Key Performance Indicators: Are We Striking Gold?
When it comes to KPIs, Aliyyah and Steve bring us back to basics. They use SMART metrics based on business results, value creation, and customer (or stakeholder) satisfaction. And for those finance business partners thinking it’s all about the revenue charts and profit margins, think again. Employee turnover in the finance department could be a KPI worth its weight in gold.
The Future: Will the Sun Set on this Golden Age?
Finally, we can’t talk about golden ages without contemplating the twilight. As Aliyyah foresees, the future is paved with analytics and predictive modeling. But with AI developments like Chat GPT stirring the pot, the landscape is anyone’s guess. Yet one thing is clear: the tools for a finance business partner’s toolkit are becoming more versatile and powerful. The evolution of the Finance Business Partner could take the path of the Analytics Business Partner as described by Jesper Hybholt Sorensen in this CFO Talk - The Analytics Business Partner.
So, if you want to thrive in this golden age, remember to whip out your persuasion wand and your forecasting crystal ball. The finance department is no longer just the fortress of numbers; it’s a realm of strategic insights and invaluable relationships.
The takeaway? In this golden era of finance business partnering, we’re not just bean counters; we’re the alchemists adding extraordinary value to businesses everywhere. And remember, stay curious, keep learning, and may your spreadsheets always sparkle. Take a look into the future starting with Part I of From Average to World Class – Next Generation Finance
And with that, dear readers, here’s to turning those numbers into nuggets of gold. Until next time, keep that finance magic alive!
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