The finance team is arguably one of the most important teams of any business. Not only do they manage all the cash flow and finances, but they also are a driving force of business growth and transformation. A successful finance team will be able to make proactive decisions to keep up with the market and improve budgets and cost inefficiencies. With the market constantly evolving and changing, finance teams have the pressure to make decisions that either help their companies get ahead or cause them to stay behind the competition. So, what are some key qualities of a successful finance team?
Important Characteristics of a Successful Finance Team
Here are some key factors that every successful finance team possesses and what managers should keep in mind when hiring new team members.
1. Focus on efficiency
A successful business is efficient and effective. Teams that focus on efficiency save time and money and get the job done successfully. Therefore, having a team that consistently looks to improve efficiency will give your business a competitive edge.
For example, team members might look for innovative ways to improve workflow, cut expenses, or invest in new technology that expedites certain processes.
Finance employees that possess leadership skills have the natural ability to take charge when it’s needed the most. There might be a time when a challenge arises or someone senior to them may be unavailable. To be able to step up and step in is a great skill that can help the team stay on track.
A good leader also possesses soft skills like communication, problem-solving and time management which help in making decisions and contributing to the growth of the team in the long run.
3. Emotional intelligence (EQ)
Emotional intelligence can go hand in hand with having good interpersonal and people skills. This trait is important as individuals who have high EQ are able to use their skills to understand people – what motivates them and how to work in synergy with them. Additionally, they have the self-awareness to manage their time, are good communicators and handle conflict resolution well. They also have empathy which makes them easy to work with in a team.
No wonder this trait ranked sixth in the World Economic Forum’s list of the top 10 skills that employees will need to thrive in workplaces of the future.
4. Diverse backgrounds
A team comprised of individuals from diverse backgrounds will bring innovative ideas, unique knowledge and different ways of managing challenges. These different perspectives bring new and creative ways of thinking, and also put forth solutions that not everyone who thinks and acts similarly may be able to do.
Diversity helps businesses to grow and work better by broadening perspectives and problem-solving abilities.
Collaborators are key members of a finance team. Other teams in the business lean on the finance department for budget estimates, cash flow projections, new project evaluations and more. Collaboration between departments is also important because, for example, the marketing team will need to work with finance teams for their budgets and allowances to promote the company.
One survey found that 46% of companies said an isolated finance function prevents them from achieving their business goals. Individuals need to be able to work with other teams and collaborate on projects for the business to be aligned with goals and objectives.
You want to have a high-performing finance team that works in synergy with all departments. These highlighted traits are just a few important qualities that enable the finance team to work efficiently and work smarter together. As mentioned, the finance team handles some of the most vital aspects of a company and finance employees need to be prepared to make tough and risky decisions to keep their firm competitive in the industry.
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