The very definition of financial management might just refer to the productive and efficient organization of funds. However, every successful finance manager is well aware that his/her responsibilities surpass these fundamental expectations, and that this position requires constant self-improvement and constant adjustments. This article will cover some basic grounds but bear in mind that a great leader is always seeking more applicable knowledge and transferable skills.
Learn to listen attentively. All the details that you are missing today are the problems that you will be facing tomorrow. Honesty is crucial. Don’t make promises that you can’t keep and question every word twice before you even start to converse. With that in mind, don’t exclude yourself from your team just to keep the illusion of authority. Always accept good advice!
When it comes to ethical decisions, Harvard professor, and American famous academic, Kenneth R. Andrews insisted on the development of this quality in individuals: “Self-confidence to seek out different points of view and then to decide what is right at a given place and time, in a particular set of relationships and circumstances.” Be adaptable.
Every problem that you encounter has to be broken down into tiny pieces and every piece has to be examined over and over again. This is a skill called Root Cause Analysis, an activity that helps you anticipate potential problems and come up with the right solutions on time. Here, you have to take the weight of the pressure; this is expected of you as a leader. Advise your team members, direct them towards the solution, take time to commit to every person, and make sure that he or she is a productive member of staff. When you micromanage your team and observe and improve every person’s work so that he or she contributes persistently with a high level of performance, success is inevitable.
You have to keep in touch with the development of technology relevant to your profession all the time. Make a monthly base commitment to study and inform yourself about the latest IT improvements in your field of work, and encourage your employees to do the same. The latest programs and applications are not just your time-savers, they are trustworthy assistants to your everyday needs. Take advantage of modern-day smart devices and keep your workplace in your pocket.
Foresee every difficulty that is coming your way. Think long-term, and don’t leave anything for another day. No matter what comes crumbling down you are the one who has to be under it with a safety net and a ready solution at all times. Assume that the worst will happen. Take any part of your job and just play all the roles of failure through the worst-case scenario and think of suitable resolutions. Train your brain to detect problems before they even occur, and you will be able to meet your client’s every need, and your manager’s every request.
Being informed is key when both managing a team of people and diving into a new, challenging finance project. This is probably most obvious in the fields such as trading, where an individual needs to properly understand the target market and keep in touch with relevant information all the time. There are many excellent examples of applying this skill to finance management, one of them being Tim Grittani, a millionaire who learned to track the opportunities through Tim Sykes and applied them in real life. Similarly, as a financial manager, you need to make sure you always have the right information based on which you can build your plans and chase the most competitive opportunities.
In the words of Adam Smith, an eighteenth-century Scottish pioneer of political economy: “Individual Ambition Serves the Common Good.” Your development is the development of the company, the development of the company is your path to the realization of your full potential. Set your goals, visualize your path, and always triumph.