How to Build a Great Finance Team

A truly great team is comprised of individuals working together to achieve a common goal. Here’s how to build a great finance team.

Whether it’s winning the Stanley Cup or the World Series, success happens when each person strives to deliver on individual expectations, while still prioritizing team objectives and standards. Building a great finance team is no different. Each person needs to understand their role, while buying into the overall vision of the organization. The team must possess the individual talent required for achievement and the commitment to working synergistically to get there. Ultimately, if you want to build a great finance team, consider doing these five things.

Define Your Vision

Everyone must understand what the final destination is on your company’s roadmap for success. As a finance leader, define your vision carefully so that others can understand what they are striving to achieve. While formulating your vision, consider educating yourself by tapping different sources to inform your thinking. Together, you can recognize the complexities of the business, establish a direction and set priorities.

Conduct a Needs Assessment

One of the integral steps in building a great finance team is to complete a comprehensive talent assessment. Put another way, what type of talent do you need on your finance team to attain your vision? Consider not only your current needs, but also the future needs of the business.

Understand The Team’s Strengths

Perhaps one of the most important steps in building a great finance team is to critically assess each team member’s strengths and weaknesses. Ask yourself how each person can be used to greatest effect and then empower that individual by establishing personal milestones that speak to their abilities. Now let them work. If you trust your own judgment, then trust that you’ve assessed their abilities accurately and let them do what you hired them to do: excel and deliver value. If you find that there is a gap in the skills, knowledge and abilities of the team, then don’t be afraid to hire somebody to fill the void. The team is only as strong as its individual parts.

Collaborate

Once you know what your needs are and what the team can deliver, ensure that you establish a culture of collaboration. The more accessible you are, the more comfortable your team will be in coming to you with key concerns that need your attention. An inclusive approach to problem-solving builds trust and makes people feel like they can take calculated risks, often resulting in more creative, innovative solutions.

When Possible, Promote From Within

As well, when building a great finance team consider promoting from within. When you promote from within, it sends a powerful message to the organization that hard work and ingenuity will be rewarded. The result: the team is more likely to buy into your vision and more readily support it if they feel they can be a part of it.

Building a great finance team takes time and a certain degree of patience. Create a vision that is clear and founded on input from a variety of sources. Ask yourself what the company might need now and in the future. Conduct a comprehensive team assessment and put people in positions to succeed by capitalizing on their strengths. Create a culture of collaboration and reward achievement through promotion. If you do these five things, you might find that your good finance team has become great, exceeding your expectations and delivering exceptional value.

Let us know what you think! At Clarity Recruitment, we’re always interested in hearing from accounting and finance professionals like yourselves, who are ready for new, exciting opportunities that can take their careers to the next level. And be sure to follow us on Twitter (@clarityrecruits) and connect with us on LinkedIn and Facebook for more great tips and advice.