What are the key factors for building a high-performing corporate FP&A team?

1 Clear vision and alignment

A high-performing FP&A team needs to have a clear vision of its purpose, scope, and value proposition. It also needs to align its objectives, processes, and deliverables with the expectations and needs of its stakeholders, such as senior management, business units, and external parties. A clear vision and alignment can help the FP&A team communicate effectively, prioritize its activities, and demonstrate its impact.

2 Skilled and diverse talent

A high-performing FP&A team requires skilled and diverse talent that can handle complex and dynamic financial data, models, and reports. The team should have a mix of technical, analytical, and business skills, as well as soft skills such as communication, collaboration, and problem-solving. The team should also have a diverse background, perspective, and experience that can enhance its creativity, innovation, and adaptability.

3 Robust and flexible tools

A high-performing FP&A team relies on robust and flexible tools that can support its data collection, analysis, reporting, and visualization. The team should leverage the latest technologies, such as cloud-based platforms, artificial intelligence, and automation, to streamline its workflows, improve its accuracy, and generate actionable insights. The team should also be able to customize and adjust its tools to suit different scenarios, requirements, and preferences.

4 Continuous learning and improvement

A high-performing FP&A team embraces continuous learning and improvement as part of its culture and practice. The team should seek feedback, measure its performance, and identify its strengths and weaknesses. The team should also invest in its professional development, update its knowledge and skills, and adopt best practices and standards. The team should also be open to change, experimentation, and innovation.

5 Collaboration and integration

A high-performing FP&A team fosters collaboration and integration with its internal and external partners. The team should build trust, rapport, and mutual understanding with its stakeholders, and involve them in its planning, analysis, and reporting processes. The team should also leverage the expertise, data, and insights of other functions, such as accounting, operations, marketing, and sales, to enrich its perspective and output. The team should also seek opportunities to share its findings and recommendations with the wider organization and beyond.

6 Strategic thinking and influence

A high-performing FP&A team applies strategic thinking and influence to its work and outcomes. The team should not only produce reliable and timely financial information, but also interpret it in the context of the business strategy, goals, and challenges. The team should also provide relevant and meaningful recommendations, scenarios, and alternatives that can help the business make informed and optimal decisions. The team should also use its communication, presentation, and persuasion skills to influence and impact the decision makers and stakeholders.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?