10 Reasons Why Every Manager Should take a Finance Course

Great Leadership By Dan

The audience was mostly engineers – program and project managers, the ones in charge of designing and making complex stuff. Caution: when employees feel like owners, no more wasting money on expensive furniture, management boondoggles, or projects with a poor net present value. Yes, you too can speak like a CFO! We just finished a “ Finance and Accounting for the Non-Financial Manager ” program this week for a large client.

Cooperation and Outward Spiraling Success Loops

Mike Cardus

Was struggling with sales representatives and project managers turning in expense and budget reports on-time…They told me “We have tried everything and our CFO is tired to putting out fires for us.”. started by asking: What do you want the people in sales and the project managers to do? On time budget requests and updates from project managers up 48%. We know the Resistance Loop. For that loop to exist the Cooperation Loop must also exist.

Cooper 112

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

6 Important Elements of an Executive IDP Process

Great Leadership By Dan

A support team should consist of the head of HR, a project manager and or administrative support person, and at least one executive "coach" (or more, depending on the number of IDPs). The CEO then manages this portfolio of development plans the same way the CFO manages the company's financial assets. Leaders at the top of the organizational pyramid need ongoing development just as much as newly promoted supervisors.

Why Can't a CIO Be More Like a CFO?

Harvard Business Review

Unlike the world of the CFO, management and staff generally do what they like when it comes to creating and (not) disposing of information, creating a cavernous gap in accountability. Given this failure to establish responsibility and accountability, it is also not surprising that most ECM projects fail, and a large percentage of IT projects generally fail to realize their potential or go well over budget. Information governance is not IT''s job.

CFO 12

To bid or not to bid? That is the question.

Strategy Driven

Especially as it relates to their actual experience and their projected needs. Make an appointment with the CFO. “They get bids for everything and always take the lowest bid.”. They send out an RFP and I can never speak to the decision maker.”. “We’re We’re becoming a commodity. All they do is take the lowest bid.”. “It’s It’s the government. They have to take the lowest bid.”. Many companies have become smart buyers, but many have become too smart.

CFO 62

Complimentary Resource – Communication Tools Your Business Can’t Live Without

Strategy Driven

Relate Articles: Complimentary Resource – Emerging Trends in Project Management. Complimentary Resource – The CFO’s Cheat Sheet to Compensation Risk & Reward. Complimentary Resource – Summer 2013 Mood Tracker Report: Empowering Employees to Improve Performance. Communication Tools Your Business Can’t Live Without. by Compare Business Products. How can you optimize communications for your business?

Why You Should Care About The Revenue Forecast

The Idolbuster

The President and CFO were hungry for revenue growth, and via a process that sounds a lot like groupthink, the executive team convinced themselves that “we should be able to make $10M on this product this year.” As a point of reference, this represented 25% of the company’s projected revenue growth for the year.) Chapter 9: Paint Your Environment: Part 5. As I argued in the last post , if you want the company to do the right thing, make sure you have a set of numbers to back it up.

How CMOs Can Get CFOs on Their Side

Harvard Business Review

Just 36 percent of CMOs, for example, have quantitatively proven the short-term impact of marketing spend, according to the 2013 CMO Survey (and for demonstrating long-term impact, that figure drops to 32 percent). Moreover, the previous year’s survey showed that 63 percent of projects do not use analytics to inform marketing decisions. CMOs do have plenty of data, of course, but it’s often not the data that the CFO is looking for. Ask for the CFO’s help.

CFO 12

Cutting Costs Without Cutting Corners: Lessons from Banner Health

Harvard Business Review

All of Banner’s C-suite leaders served on the leadership team for the G&A project. They also set the ground rules that aligned the project to Banner’s values: cost-cutting would be done by empowered, cross-functional teams, whose recommendations would be respected and accepted whenever possible; changes that could negatively affect care delivery or patient experience would be unacceptable; and a soft landing would be provided for any employee whose job was eliminated.

How One Family Business Found Its Sweet Spot

Harvard Business Review

Launch several management initiatives, including the creation of a high performance culture, the establishment of targets for total customer satisfaction, and a re-vamp of the financial and project management systems. In particular, we looked at which projects the family regards as having been very successful--and which ones were not considered successful. Success was defined as: bids easily won and well executed, satisfied customers, profitable projects, and fun for all.

COO 12

Why Is Resilience So Hard?

Harvard Business Review

Some experienced anger and even rage, projecting the blame outward. In the words of my friend, and former Microsoft CFO, Frank Gaudette: “I reserve the right to wake up smarter every day.”. Resilience has long been touted as an essential capability for bouncing back from leadership setbacks. Earlier this year, Rosabeth Moss Kanter advanced the conversation with an excellent article on the topic.

PR 12

The Bias Undermining Your People Analytics

Harvard Business Review

This bias also explains why a CFO may be perceived as cheap by disposition or why a team might attribute its internal conflicts to incompatible personalities instead of resulting from organizational incentives to compete rather than collaborate with one another. If products are not selling, it may be very appealing to initiate an analytics project to look at salespeople’s attributes instead of getting customer feedback about the company’s products.

How to Have the IT Risk Conversation

Harvard Business Review

As one CFO told me, the phrase "IT Risk" contains two dirty words. But when projects move too slowly or you don''t have a unified view of your customers, you may feel more pain than them. Discussing IT risk does more than help you make better project decisions. I run a course at the MIT Sloan School called Essential IT for Non-IT Executives. Every time my colleagues and I come to the end of the course, we ask people what they considered the most important thing they learned.

What Social Entrepreneurs Can Teach Your Company's Future Leaders

Harvard Business Review

Allianz employees are paired with social entrepreneurs for a five-day intensive workshop following a mandatory training session that prepares employees for their assigned projects. Achieving the project goal within five days requires them to balance results and trust. In the past three years, over 120 Allianz employees have partnered with social entrepreneurs on 45 projects around the globe. At Allianz, the program was initiated and supported by the company CFO.

IT Doesn't Matter (to CEOs)

Harvard Business Review

They resist getting their hands dirty alongside the CIO, even though many of them will readily get down into the mud of a balance sheet with the CFO or strategize the details of global brand issues with the CMO. Even after more than 20 years of implementations, a study by Panorama shows that 53% of ERP projects still run over budget, 61% take longer to complete than anticipated, and more than 27% fail to produce the positive ROI expected.

CIO 12

Case Study: A Short-Seller Crashes the Party

Harvard Business Review

When the well-known hedge fund manager and short-seller Jeremiah Hughes first put Terranola in the spotlight, issuing ominous warnings about unsold products, a looming patent expiration, and flawed growth projections, the considered judgment of the executive team was to do nothing. “I Densmor, Terranola’s CFO, saw those words on Twitter about one minute after Hughes had uttered them. As CFO, A.J.

How to Ace an Internal Interview

Harvard Business Review

Some mistakes really can''t be explained away in an interview room; if you''re coming off a less than stellar project, you might consider getting a few more positive experiences under your belt before applying for a new role. Mary Beth went through ten interviews over two months, first with HR, then with various people she''d be working with, and finally with the CFO.

CFO 12

How to Write the Dreaded Self-Appraisal

Harvard Business Review

and "Which types of projects and activities would you like to see more of in your day-to-day work?" He knows that his immediate boss (the company's COO), the CFO, and the head of HR all review his form and he gears it toward them. In the past, he's used the form to request new responsibilities and exposure to different types of projects. No one likes review time. For many, self-appraisals are a particularly annoying part of the process.

Ryan 12

Go Ahead and Gossip

Harvard Business Review

Hill points out that listening to office banter is a great way to learn what's going on at your company — what group recently landed a big deal, why the CFO was out of the office for a week, or what initiatives the CEO is likely to approve. Randall and Lauren had been working on a project together that had gone poorly.

How Nokia Embraced the Emotional Side of Strategy

Harvard Business

We investigated this topic when we studied how Nokia executives dealt with the company’s severe strategic challenges between 2007 and 2013. Ultimately, Nokia initiated a radical strategic renewal in 2013 by divesting its mobile phone business and focusing on manufacturing network equipment and software, patent licensing, and opportunities in wearable technology and the internet of things. ANTTI AIMO-KOIVISTO/Stringer. Getty Images. How do emotions shape strategy making?

CFO 32

What It Will Take to Fix HR

Harvard Business Review

In the July/August issue of HBR , Ram Charan argues that the Chief Human Resources Officer (CHRO) role should be eliminated, with HR responsibilities funneled in two separate directions — administration , led by traditional HR-types, reporting to the CFO; and talent strategy , led by high-potential line managers, reporting to the corner office. What would the capital markets look like today if a similar tack had been taken when the CFO role was ripe for transformation?

CFO 12

Why and How to Build an In-House Consulting Team

Harvard Business Review

Over the past six years, we have put in place a 30-person consulting team at EMC Information Infrastructure (EMC II) using a model we have found to be successful, winning projects away from external management consulting firms at a fraction of the cost, and with great “client” (that is to say, EMC) satisfaction. billion in 2014 and approximately 70,000 employees worldwide, this number allows us to deliver six to eight projects per quarter. Work on discrete projects.