The anatomy of the perfect finance business partner
The role of a finance business partner (FBP) is crucial in bridging the gap between financial management, business operations and strategy.
Commerciality needs to be on the agenda of any accountant these days, but it’s these things that ultimately drive the financial performance of a business, so the role of a commercial accountant, analyst or FBP is more important than it ever has been.
Gone are the days when finance professionals were confined to the back office, crunching numbers and generating reports – AI will look after this now. The modern FBP is a strategic partner, integral to driving business success and facilitating informed decision-making.
But what makes someone excel in this role? Here are my top traits of a super-star FBP:
Trace Recruitment
1. Be a strategic visionary
A top-dog FBP is not just a financial analyst but a strategic thinker. You should be aware of the business's long-term goals and how financial decisions impact these objectives.
- Understanding business strategy: Knowing the company’s strategic priorities and aligning financial plans to support these goals.
- Forecasting and planning: Provide insight and projections that will genuinely help steer the business.
- Scenario analysis: Assess multiple financial scenarios to prepare for potential future challenges / opportunities.
2. Exceptional communication skills
Effective communication is crucial. You must be able to convey complex financial information in a simple way. Otherwise, you will ‘lose the room’.
- Storytelling: Presenting financial data in a way that tells a story and highlights key insights.
- Stakeholder engagement: Tailoring communication to different stakeholders. You need to be a chameleon and adjust how you communicate to different people.
- Negotiation tact: Articulating the financial impact of proposed decisions and understanding how they impact your audience. Choose your battles wisely.
3. Analytical curiosity
You should be a blackbelt at questioning assumptions, but also diving deeper into the narrative behind the numbers.
- Data analysis: Interpreting complex data sets to uncover trends and insights that inform business decisions.
- Problem-solving: Identifying financial issues and develop strategies to address them.
- Attention to detail: Be accurate in everything you produce. You need people to trust you.
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4. Know your business
Beyond financial expertise, an effective FBP needs an expert view on what drives your business and the surrounding industry.
- Industry knowledge: Understanding the industry landscape, market trends, and competitive pressures.
- Operational insight: Understand how different cogs of the wheel contribute to overall financial performance.
- Customer perspective: Appreciating how financial decisions impact customers.
5. Relationship building and collaboration
You need to be good at getting people together, very often asking people to do things they don’t really have the time or inclination to do.
- Cross-functional teamwork: Collaborate across departments to understand their needs and prove your worth.
- Trust building: Establishing credibility and fostering trust – you only get one chance at this.
- Influence: Being able to persuade and influence others to make decisions.
6. Adaptability and resilience
You need to be comfortable with change and ambiguity, and be a champion at finding solutions before problems arise.
- Embracing change: Adapting to new technologies, market conditions, and business strategies.
- Handling pressure: Managing multiple deadlines and high-pressure situations while maintaining accuracy and effectiveness.
- Be comfortable with change: You will not enjoy commercial finance if you cannot cope with the goalposts moving on a daily basis.
7. Love the tech
These days, you must be tech-savvy and seek out new skills – AI is here to stay, so you might as well get ahead of the game.
- MI and BI: Making sense of complex trends in a minefield of information is key. You need to be proficient in at least one recognised dashboarding system.
- Building models: Go beyond Excel if you can – SQL and Python skills will be more in demand, so learn more if you can.
- Data visualisation: Experience in tools like Tableau or Power BI to create compelling visual representations of financial data.
There’s nothing (much) to it
The perfect FBP is a blend of strategic thinker, effective communicator, analytical expert, business enabler, collaborative team player, adaptable ‘chameleon’ and tech-savvy guru.
Get these things right and you can significantly contribute to a company’s success, driving both financial performance and strategic growth and change.
A demanding role but one of the most exciting and commercial positions a qualified accountant can have. It will open doors and give you exposure to stakeholders far beyond the finance team.
Author: Gareth Cowan is the founder of Trace Recruitment, a London-based specialist in finance and accountancy recruitment. A big music fan, if Gareth could only take one thing to a dessert island it would be Spotify.
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