Finance Business Partnering: The Most Promising Career Path in Finance

Finance business partners are accountants who work closely with a particular business unit creating a real and active partnership with both operations and management. Their role is to provide 'real time' support and analysis, to be a trusted adviser and to add value that will assist in decision making. Critical to their success is an ability to communicate their message, to understand their audience and deliver the information in a clear and user friendly manner. It is this mix of analytical, commercial and communication skills which are at the heart of successful finance business partnering.

Understanding the business – The Foundation of business partnering.

Understanding the business includes understanding strategy, the competitive environment, commercial drivers, processes, systems, culture, who has influence and how to get things done.

A Finance Business Partnering is the Personality not a job description

Successful FBP are seen as leaders that can influence the decisions a business makes beyond the numbers. Traditionally Finance development programs have focused on honing technical proficiency and not on commercial, leadership and influencing behavior. The combination of the top competencies identified suggests that FBP should be business leaders and strategy advisors. This is a move towards a more commercial skill set than has traditionally existed in Finance.

The priority competencies required in a Finance business partner.

Finance Business Partner Skills

How to Transition to Finance Business Partner?

Talking with Internal and External stakeholders

Use formal and informal opportunities to talk with stakeholders.

Prepare for discussions – gather background knowledge and formulate good questions.

Pro Tips:

• Set out to listen well.
• Meet at your colleague’s place of work to learn by observing the business in action.
• Cover a broad range of stakeholders.

What kind of training do Finance Business Partners need?

Organizations need to invest in training for FBPs to be effective. Creating an ‘Academy’, augmented by personalized programs for individuals, is a robust solution, and can accommodate both soft and technical skills development.

Conclusion

CFO’s and finance leaders must take action now to ensure that they and their teams are able to effectively step into the role of Strategic Finance Business Partner, and become a catalyst for change. While the journey to effective Finance Business Partner is one of continuous improvement and learning, there are some practical actions which can set the right course of this journey.