According to FP&A Trends Survey 2022, only 16% of FP&A teams feel they are performing well Larysa Melnychuk

But fear not, as I'm here to unveil three game-changing steps that can launch your FP&A / business control prowess to new heights, step by step:

The most basic and important task for FP&A / business control is to understand the company’s financial health and how it will evolve in the future. Surprise-free financial situation allows leaders to focus on running the business optimally.

The answer is to be curious and interact with people who run business operations. Stay inquisitive and network with the engine room of your business. Going the extra mile, dive into industry-specific reads (e.g. GTM (Go-to-market) leaned FP&A professional should read a few books about sales and marketing processes from one’s own industry, like sales funnel & demand generation).

A good understanding of financials and forecast accuracy is a table stake for a more influential role in strategy execution support.

High-performing FP&A team’s core asset is to support data & insight-driven decision-making by providing different scenarios and giving crisp recommendations to leaders

Amp up your insights by marrying financials with operational data, uncovering those hidden gems that propel your business forward. Sharpen your communication skills. Take an active role in company-wide data and reporting development initiatives

Make no mistake, Data is your superpower!

Imagine stepping into an "Operating Officer" role, where you become a driving force behind structured workflows and effective communication. Armed with skills in data analysis, strategic thinking, and understanding how leading indicators translate to financials, you're set to be the glue that binds functions and divisions

Follow through on action points, keeping a vigilant eye on functional KPIs. Play the connector card, ushering in cross-functional harmony that fuels the company's value creation

I am a true believer that FP&A / business control needs to take quite an active role in supporting business operations and business partner. A Passive role behind plain financial reporting is an old world, in which value creation is limited.

Embrace these three pillars. Don't be content with passive financial reporting; it's time to redefine your role and spearhead value creation!